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Egypt's HDB sees 30 per cent dip in first half of 2010 Bank's net income falls to LE94.5 million on trading losses, lower income from housing projects and higher taxes
Egypt's Housing and Development Bank (HDB) has reported a 30 per cent dip in net income for the first half of 2011. HBD said its standalone net income stood at LE94.5 million in 1H2011, nearly a third down on the LE134.5 million it reported in 1H2010. The plunge was driven by a larger decline in 2Q2011 net income, which recorded a 45 per cent drop year-on-year. A slightly lower decline in the first quarter cushioned the 1H2011 from a greater overall loss. Income dropped on the back of trading losses, lower income from housing projects, higher administrative expenses and higher income taxes, according to a note from Beltone Financial. HDB's balance sheet remained stagnant, with net loans shrinking 0.8 per cent in the year to date to reach LE6.5 billion. Customer deposits grew 1 per cent in the same period, reaching LE7.6m in June 2011.