Arab Finance: Housing and Development Bank (HD Bank) posted a 112% year-on-year jump in consolidated net profit after tax for the first quarter (Q1) of 2023, according to the bank’s financial indicators filed to the Egyptian Exchange (EGX) on May 30^th.

Consolidated net profit after tax amounted to EGP 1.332 billion in Q1 2023, compared to a profit of EGP 628 million in Q1 2022.

Customers’ deposits rose 7.6% YoY, hitting EGP 96.173 billion during the January-March period, compared to EGP 89.358 billion in the same period a year earlier.

Meanwhile, loans edged up by 2.5% YoY to 38.547 billion during the first three months of this year, compared to EGP 37.598 billion in the January-March period of 2022.

Moreover, the bank’s standalone net profit after tax rose by 107% YoY to EGP 1.325 billion in Q1 2023 from EGP 640 million.

HD Bank is an Egypt-based commercial and investment bank that operates in the housing and development sector. HD Bank also contributes to alleviating the housing problem through the establishment of an integrated group of housing projects across Egypt.

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