Egypt’s housing bank pumps EGP 1.26bn into mortgage finance during 2019

Egyptian state-owned Housing and Development Bank’s (HDB) has posted mortgage finance portfolio of 1.26 Egyptian pounds ($80 million) to 11.294 beneficiaries during 2019.

According to a source with knowledge the finances are divided into 95.062 million pounds for 865 low-income customers with an interest rate of 5 percent and 475.278 million pounds for 4.707 thousands low-income customers with an interest rate of 7 percent.

The source added that the bank pumped funds for 9.065 million pounds for  27 middle-income customers with an interest of 8 percent, in addition to finances  of 12.9 million pounds for about 24 above-middle income customers.

The bank also has funded 5.671 thousand distinguished customers with a value of 666.6 million pounds at the end of 2019.

The profits of the bank recorded 1.9 billion pounds at the end of 2019, compared to 1.6 billion pounds at the end of 2018, an increase of 20 percent.

Total customer deposits amounted to 41.2 billion pounds 2019, compared to 34.1 billion pounds at the end of 2018, a growth of 21 percent.

Bank loans reached 19.7 billion pounds at the end of 2019, compared to 15.6 billion pounds at the end of 2018, with a growth of 25.8 percent.