Masress : HDB extends Hassan Ghanem's tenure as Chairperson, Managing Director for 3 years

Egypt to begin second phase of universal health insurance in Minya Madrid trade talks focus on TikTok as US and China seek agreement Egypt hosts 4th African Trade Ministers' Retreat to accelerate AfCFTA implementation Egypt's Investment Minister, World Bank discuss strengthening partnership El Hamra Port emerges as regional energy hub attracting foreign investment: Petroleum Minister Power of Proximity: How Egyptian University Students Fall in Love with Their Schools Via Social Media Influencers Egypt wins Aga Khan Award for Architecture for Esna revival project Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire Egypt's gold prices hold steady on Sep. 15th EHA launches national telemedicine platform with support from Egyptian doctors abroad Egypt's Foreign Minister, Pakistani counterpart meet in Doha Egypt condemns terrorist attack in northwest Pakistan Emergency summit in Doha as Gaza toll rises, Israel targets Qatar Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects Egyptian pound ends week lower against US dollar – CBE Egypt hosts G20 meeting for 1st time outside member states Lebanese Prime Minister visits Egypt's Grand Egyptian Museum Egypt to tighten waste rules, cut rice straw fees to curb pollution Egypt seeks Indian expertise to boost pharmaceutical industry Egypt prepares unified stance ahead of COP30 in Brazil Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures Egyptian, Ugandan Presidents open business forum to boost trade Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken' Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance Egypt's Sisi, Uganda's Museveni discuss boosting ties Egypt, Huawei explore healthcare digital transformation cooperation Greco-Roman rock-cut tombs unearthed in Egypt's Aswan Egypt reveals heritage e-training portal Sisi launches new support initiative for families of war, terrorism victims Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary Germany among EU's priciest labour markets – official data Paris Olympic gold '24 medals hit record value A minute of silence for Egyptian sports Russia says it's in sync with US, China, Pakistan on Taliban It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights Sudan says countries must cooperate on vaccines Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19 Egypt to tax bloggers, YouTubers Egypt's FM asserts importance of stability in Libya, holding elections as scheduled We mustn't lose touch: Muller after Bayern win in Bundesliga Egypt records 36 new deaths from Covid-19, highest since mid June Egypt sells $3 bln US-dollar dominated eurobonds Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform

Thank you for reporting!

This image will be automatically disabled when it gets reported by several people.

HDB extends Hassan Ghanem's tenure as Chairperson, Managing Director for 3 years
Bank's consolidated net after-tax profits reach record high of EGP 2.2bn in 2019

Hossam Mounir Published in Daily News Egypt on 04 - 04 - 2020

The general assembly of the Housing and Development Bank (HDB) agreed to renew Hassan Ghanem's tenure as Chairperson and Managing Director for three years, until 30 March 2023.
Ghanem, who brings with him 33 years experience in the banking sector, including several leadership positions, took over as HDB Chairperson in December 2019, succeeding Fathy El Sebaey. He had previously held the position of the bank's Vice Chairperson and Managing Director in January 2018.
Since his appointment, Ghanem has worked to improve the bank's image from a one specialised in real estate activities to a commercial bank providing all banking services. Under his leadership, he has progressed the bank to a top-10 position in the Egyptian banking market.
The HDB's ordinary and extraordinary general assembly was held virtually as scheduled on 30 March, in view of the current circumstances of coronavirus outbreak.
Ghanem said the bank's 2019 financial statements showed profit before tax of EGP 2.548bn, up by 16% from 2018.
The Bank's standalone net profits reached EGP 1.951bn at the end of the last year, rising 20% from 2018, while the consolidated net after-tax profits grew by 13% year-over-year to EGP 2.224bn.
Ghanem added that the bank has worked to improve its services for customers and increased the effectiveness of distribution and communication channels. It has done so by increasing the number of branches to 92, as well as raising its efficiency with Internet banking services, and improving employee performance through training. The HDB has also adopted flowcharts which contributed to the launch and growth of activities in 2019.
He explained that the bank's assets increased by about EGP 8.2bn to EGP 51.5bn in 2019, with a growth rate of 19%, compared to 2018.
The bank's loan and credit facilities portfolio increased to EGP 19.7bn, a 26% (EGP 4bn) growth, while customer deposits increased to EGP 41.3bn, marking a 21% increase of EGP 7.2bn.
The capital adequacy ratio according to Basel II requirements was about 20.85%, said Ghanem. This is in light of the optimal application of credit policies, with the bank's investment portfolio free of any risk assets.
The HDB's performance indicators also revealed that the return on loans and similar revenues reached about EGP 6.6bn by the end of 2019, an increase of 8.1%. This compares to 2018, where the loan return reached EGP 2.4bn, an increase of 28.7%, and the return from the balances at banks reached EGP 1.4bn, down by 16.4%, due to the 4.5% interest rate decline in 2019.
Meanwhile, the return on investment in government treasury bills and bonds amounted to EGP 2.8bn, an increase of 8.4% compared to 2018, which is an optimal operation of the bank's liquidity.
The HDB's net fee and commission income increased by 8.2% or EGP 25m. Dividends from the companies to which the bank contributes reached EGP 127.8m, an increase of 55%, and revenue increased by about EGP 900m to reach EGP 8bn, an 11% growth compared to 2018.
The cost of deposits and similar costs amounted to EGP 3.7bn, an increase of 23.7% compared to 2018, due to an increase in the deposit portfolio by 21% over 2018.
Ghanem stressed that the bank's positive results clearly express the efficiency and flexibility of its policies and executive procedures. These have helped the bank develop its operations, overcome crises, address strong competition in the markets, and take advantage of opportunities, through its 92 branches. The bank plans to further expand its network to 106 branches in the coming period.
Ghanem said the bank continues to support mortgage finance activity, as the housing sector pioneer. He added that the bank aims to provide integrated solutions through its subsidiary and sister companies, which integrate its various activities with the bank's main activity in the banking and real estate sectors.
The bank is looking forward to achieving the goals outlined in its future strategy, Ghanem said, which allow it to continue on the path of sustainable growth in all its indicators. The achievement of those goals will depend on the increase in the bank's market share in the banking and housing sectors.

Clic here to read the story from its source.