Housing & Development Bank Targets Achieving 325.9 Mln Net Profit In 2013

The Housing & Development Bank is expected to achieve net profit of EGP 325.9 million at the end of 2013, registering a year-over-year increase of 22%, said Fathy El-Sebaei, chairman and managing director of the bank.

The bank has finalized the planning budget of 2013 which targets increasing assets by 14% to reach EGP 15.8 billion and deposits by 16% to reach EGP 9.3 billion, he noted.

HDB also plans to increase the value of loans and advances by 7% to reach EGP 6.9 billion, El-Sebaei added in a meeting at the bank’s headquarters in Mohandseen which was attended by deputy chairman Essam Abu Hamed, managing director for engineering and investment affairs Mohamed Saeed El-Alfy and a number of shareholders.