Cairo – Mubasher: Housing and Development Bank (HDB) achieved a growth of 74% in its consolidated profits of fiscal year 2017 compared to the prior year due to a higher return.
Earnings increased to EGP 1.31 billion in FY17 from EGP 754.8 million in FY16, according to a bourse statement on Wednesday.
Meanwhile, HDB’s standalone and unaudited income statements, after calculating taxes, reported a surge of 67.7% in profits to EGP 1.08 billion in FY17 from EGP 644 million in FY16.
The surge in FY17 profits is attributed to a higher return to EGP 2.62 billion compared to EGP 1.7 billion in FY16.
HDB has recommended a cash dividend of EGP 2.5 per share or 25% of capital for FY17.
