Egypt’s Housing and Development Bank Q1 standalone profits fall to $35.9mn

Egyptian state-owned Housing and Development Bank’s (HDB) standalone profits dropped 612.15 million Egyptian pounds ($35.9 million) during the first quarter of the year from 612.91 million last year, according to  financial statements on Wednesday.

Net income from interest registered 720.38 million pounds in the three-month period ended 31 March, compared with 949.74 million pounds in the same period a year earlier.

In 2018, HDB logged standalone profits of 1.6 billion pounds against 1.07 billion in the previous year.