Egypt’s Housing and Development Bank seen a 7% lower net profit in 2020 initial results

Egypt’s Housing and Development Bank (HDB) achieved a consolidated net profit of 2.06 billion Egyptian pounds ($127.6 million) in 2020, down by 7.37 percent year-on-year (YoY) from  2.22 billion pounds, the unaudited financial results showed on Thursday.

The bank’s interest income retreated to 6.04 billion pounds last year, compared to 6.62 billion pounds in 2019, according to a bourse disclosure.

Standalone net profits declined to 1.8 billion pounds in 2020 from  1.95 billion pounds a year earlier.

The board of directors approved the planned budget for 2021, targeting 2 billion pounds in net profit in the current year, an increase of 11.1 percent from estimated net profits in 2020.

The bank also aims to generate 9.8 percent higher revenue to 4.37 billion pounds in 2021.

The asset balance growth is seen at 19.4 percent, while the customer deposit and loan portfolios are expected to increase by 16 percent and 26 percent, respectively.