Cairo – Mubasher: The consolidated financial statements of Housing and Development Bank (HDB) showed a 16.3% year-on-year surge in profits for the second quarter of 2017 due to the increase in loans’ income.
The bank achieved profits of EGP 259.07 million in the three months ended June 2017, versus profits of EGP 222.7 million in the prior-year period, a statement to the Egyptian Exchange (EGX) on Monday showed.
Loan income increased to EGP 857.102 million in Q2-17 from EGP 647.8 million in Q2-16.
In the first half of 2017, consolidated profits hiked 100.7% to EGP 815.9 million from EGP 406.44 million in H1-16.
Standalone profits reached EGP 599.3 million in the six months ended June 2017 from EGP 394.7 million in the corresponding period of 2016.
HDB previously reported achieving profits of EGP 556.8 million in the three months ended March 2017, compared to EGP 183.7 million in the same period last year, including shareholders’ minority rights.
