Daily News Egypt

HDB records EGP 1.9bn in profit before tax during 9M 2020 - Daily News Egypt

Advertising Area

Advertising Area

HDB records EGP 1.9bn in profit before tax during 9M 2020

Positive results recorded despite economic challenges, exceptional circumstances this year: Chairperson


Hassan Ghanem, Chairperson and Managing Director of the Housing and Development Bank (HDB), said that despite the exceptional circumstances caused by the novel coronavirus (COVID-19) pandemic, both locally and internationally, the bank was able to achieve good results during the first nine months (9M) of this year. The bank recorded EGP 1.9bn in profit before tax in September 2020.

HDB Chairperson and Managing Director Hassan Ghanem
HDB Chairperson and Managing Director Hassan Ghanem

Ghanem said that the bank achieved a remarkable growth in total assets that supported the growth of operating revenues, as total assets increased to EGP 56.7bn at the end of September 2020.

He added that the portfolio of customer loans and facilities reached EGP 20.8bn, reflecting a growth rate of 5.6%, with an increase in the retail loan portfolio by EGP 2.5bn, an increase of 24%. At the same time, customer deposits recorded EGP 45.2bn, reflecting a growth rate of 6.9%.

According to Ghanem, the net income from fees and commissions amounted to EGP 33m, an increase of 15%, compared to the same period last year, while the return on property rights, including the net profit for the year, reached 20.5%.

He also said that the bank has achieved a capital adequacy ratio, in accordance with Basel 2 requirements, at 22.06%. This reflects the strength of the bank’s financial position, and gives it the necessary capabilities for future expansion.

Ghanem said that these positive indicators clearly express the efficiency and flexibility of the operational policies and procedures that helped the bank to develop its operations, overcome crises, and address strong market competition. They have also allowed the bank to take advantage of the opportunities available, and has occurred through its network of branches with the best geographical coverage. They meet the needs of a large segment of clients.

He added that the bank continues to support real estate financing activity as a pioneer in the field of housing projects. The bank also aims to provide integrated solutions, through its subsidiary and sister companies, that integrate its various activities with the bank’s in the banking and real estate fields.

Ghanem stressed that the bank is closely monitoring its credit portfolio and conducting periodic reviews of customer creditworthiness. This ensures that there is an accurate view of the credit parameters and financial solvency at the bank, and measures the size of the increase in credit risk, especially for the sectors most affected by the global health crisis.

According to Ghanem, the HDB continues to take the proactive measures that it started from the first quarter (Q1) of 2020, with the possibility of taking other precautionary measures if the need arises, in light of the continuous follow-up on the effects of the crisis that the country is going through.

He pledged that the bank will continue its strong performance on all its indicators during the coming period. The efforts of its professional banking management will make this possible, according to Ghanem, alongside its employees’ efficiency, all with the aim to enhance the HDB’s position in the banking market, through expansion and increasing its spread across the country.

Advertising Area

https://dailyfeed.dailynewsegypt.com/2020/11/14/hdb-records-egp-1-9bn-in-profit-before-tax-during-9m-2020/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe