Arab Finance: Housing and Development Bank (HDB) reported a 110.9% year-on-year (YoY) increase in consolidated net profits after tax in the first quarter (Q1) of 2024, hitting EGP 2.808 billion, compared to EGP 1.332 billion, as per the bank’s financial indicators.

Net interest income climbed 56.4% YoY during the January-March period of this year, hitting EGP 5.577 billion, versus EGP 3.566 billion in the first three months of 2023.

Loans rose 6.7% YoY to EGP 47.89 billion in Q1 2024 from EGP 44.874 billion.

Customers’ deposits saw a 5.3% yearly increase during the three-month period to EGP 106.34 billion from EGP 101.005 billion during the same period a year ago.

As per the bank’s standalone financial statement, net profits after tax soared 83.1% YoY to EGP 2.426 billion in Q1 2024, up from EGP 1.325 billion in Q1 2023.

Meanwhile, standalone net interest income grew 56.1% to 5.584 billion from EGP 3.578 billion.

Established in 1979, Housing and Development Bank is an Egyptian joint stock company, operating across the governorates of Egypt through more than 100 branches and 400 ATMs. The bank provides banking, housing, and real estate services.

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