Egypt’s Housing Bank attains $51mn net profits in nine months

Egypt’s Housing and Development Bank (HDB) achieved nine-month net profits after taxes estimated at 400.2 million Egyptian pounds (US$51 million) versus 234.4 million pounds a year earlier, making 70.7 percent growth.

Bank’s audited consolidated financial statements showed Thursday that the volume of profits before taxes reached 556.8 million pounds at the end of September 2015 opposed to 310.5 million at the end of September 2014.

The clients’ deposits portfolio of HDB has recorded around 11.378 billion pounds at the end of September 2015 compared to 9.626 billion pounds at the end of December 2014, making 18.2 percent growth.

The statements also stated that bank’s loan portfolio has been jumped 10.4 percent to hit 7.845 billion pounds at the end of September 2015 from 7.108 billion pounds at the end of December 2014.

The capital of Housing and Development Bank is estimated at around 1.265 billion pounds.