Cairo – Mubasher: Housing and Development Bank (HD Bank) approved increasing the bank’s authorised capital to EGP 10 billion from EGP 3 billion.

The EGX-listed lender further approved raising its issued and paid-up capital by EGP 3.79 billion to EGP 5.31 billion from EGP 1.51 billion, according to a stock exchange statement on Wednesday.

The capital hike will be distributed on 379.50 million bonus shares at a nominal value of EGP 10 per share. The capital raise will be financed from general reserves and retained earnings.

Earlier this year, the bank’s board approved higher funding sources for the EGP 3.79 billion capital raise.

Noteworthy to mention, in the first half (H1) of 2022, HD Bank reported higher consolidated net profits by 29.9% annually to EGP 1.30 billion, compared to EGP 1 billion, including minority shareholders’ rights.

Interest income rose to EGP 4.37 billion in the six-month period ended 30 June 2022, a jump of 32.1% when compared to EGP 3.31 billion in the year-ago period.