Beltone Financial expects net profits of the Housing and Development Bank (HDB) to exceed EGP 800m by the end of this year. HDB achieved growth in its profits during the first quarter of 2017 by 60.2%, reaching EGP 349.4m, compared to EGP 218.1m during the first quarter of last year. This explains that the bank’s net profit will probably exceed EGP 800m, with a 30% increase from the current EGP 611m expectation of the company. Total loan portfolio and credit facilitations in the bank increased to EGP 10bn during the first quarter of this year. According to El Sebaie, the bank aims to increase deposits to EGP 19.4bn by the end of 2017 and to increase the value of the loan portfolio to EGP 10.6bn.

Source: Daily News Egypt June 04, 2017 07:18 UTC