Egypt’s Housing Bank posts a slight increase in profits during Q1

Housing and Development Bank (HDB) reported a slight increase year-on-year (YoY) in its net during the first quarter of 2020 according to its standalone financial results.

The lender’s net profits amounted to 614.5 million Egyptian pounds in the first three months of 2020, compared to 612 million in the year-ago period.

However, the bank’s profits before tax has decreased to 758.3 million pounds during the first quarter of 2020 compared to 773.9 million pounds in the comparable period.

On the other hand, the bank’s interest income fell by 2.4 percent YoY to 1.49 billion pounds in Q1-20 from EGP 1.53 billion in Q1-19.

Lowering lending rates by the Central Bank of Egypt (CBE) by 3 percent have weighed on the bank’s interest income.