HD Bank’s consolidated profit falls 3.5% YoY in Q1

Updated 5/25/2022 12:11:00 PM

Arab Finance: Housing and Development Bank (HD Bank) (HDBK) posted a 3.5% year-on-year decrease in consolidated net profit after tax for the first quarter (Q1) of 2022, according to the bank’s preliminary indicators filed to the Egyptian Exchange (EGX) on May 25th.

Consolidated net profit after tax amounted to EGP 628 million in Q1 2022, compared to a profit of EGP 651 million in Q1 2021.

Moreover, the bank’s standalone net profit after tax rose by 3.2% YoY to EGP 640 million in Q1 2022 from EGP 620 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.