The net volume of loans portfolio at Housing and Development Bank (HDB) recorded 8.7 billion Egyptian pounds (US$979.8 million), marking a 15.5 percent compared to 31 December 2015. Chairman Fathy El-Sebai stated Sunday that the size of its deposits recorded EGP 12.1bn as of the end of June, which represents an increase of 13% year-on-year (y-o-y). He added that financial results of the bank showed a net profit of EGP 394.7—22.6% more than the same period last year. The chairman noted that those results reflect the enlightened vision of the bank's management, which focuses on sustainable development across the bank's sectors and indicators. HDB's financial results showed that the total size of assets in the first half of 2016 amounted to EGP 36.2bn, a 43% increase from 31 December 2015. Moreover, net income on returns registered EGP 638.6m, an increase of 60.5% y-o-y, while the return from loans rose by 4.3% y-o-y recording EGP 1.1bn at the end of June. The increase came as a result of increasing assets which lead net profits to blossom, marking a 60.5% increase. El-Sebai said that the bank's profits from housing projects in the first half of 2016 amounted to EGP 145.9m, which is an increase of 46.4% from the same period last year. In terms of the bank's contribution in the Central Bank of Egypt (CBE) mortgage finance initiative, El-Sebai said that the bank granted EGP 1.3bn of loans over the first half of 2016, compared to EGP 648m y-o-y: an increase of 100%. He noted that the bank is working to diversify its banking products by offering new savings vessels to meet the needs of its customers and cope with economic fluctuations and by expanding geographically, opening new branches to increase the bank's client-base. HDB currently has 65 branches with plans to increase the number to an even 100. The plan also includes developing the electronic systems of the bank to support the plan. Source: Daily News Egypt
