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HD Bank registers 141% YoY higher consolidated profit in 2023

HD Bank registers 141% YoY higher consolidated profit in 2023
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Housing & Development Bank
HDBK
-2.24% 45.00 -1.03

Cairo – Mubasher: Housing and Development Bank (HD Bank) logged a 140.60% year-on-year (YoY) surge in consolidated income after tax to EGP 6.56 billion in 2023 from EGP 2.72 billion.

Interest income jumped 69.70% YoY to EGP 17.01 billion last year from EGP 10.02 billion in 2022, according to unaudited financial indicators.

The basic earnings per share (EPS) reached EGP 12.31 in the 12-month period that ended on 31 December 2023, a 141.40% YoY jump from EGP 5.10.

Total deposits grew 13% to EGP 101 billion last year from EGP 89.35 the year before.

Standalone Results

The banks’ standalone net income after tax leapt 167.20% YoY to EGP 6.03 billion in 2023 from EGP 2.25 billion.

Interest income recorded EGP 17.04 billion last year, a 69.80% YoY surge from EGP 10.03 billion.

It is worth noting that HD Bank reported a net income after tax of EGP 4.75 billion during the first nine months (9M) of 2023, a 137.60% YoY jump from EGP 1.99 billion.