Cairo - Mubasher: The consolidated financial statements of Housing and Development Bank (HDB) showed a growth in profits by 203% year-on-year during the first quarter of 2017, due to the higher loan interest rate.
The bank said in a statement to the Egyptian Exchange (EGX) on Monday that profits reached EGP 556.8 million during the three-month period that ended 31 March, compared to profits of EGP 183.7 million for the same period last year.
According to the statement, the bank’s share in the profits of sister companies surged to EGP 161.4 million in Q1-17 from EGP 93,900 in the same period last year.
The bank’s income from housing projects also increased to EGP 157.6 million from EGP 107.6 million for the first quarter of 2016, while revenues from loans recorded EGP 902 million compared to EGP 492.4 million in Q1-16.
Financing costs increased to EGP 350.5 million in Q1-17 up from EGP 222.7 million in Q1-16.
