33.47% deposit growth at HDB, registering highest rate among banks on EGX in 2021

Hossam Mounir
3 Min Read

The Housing and Development Bank (HDB) achieved total profits exceeding EGP 2bn in 2021 for the second year in a row despite the exceptional circumstances that the Egyptian and global economy experienced as a result of the coronavirus pandemic.

According to a statement by the bank, its asset portfolio witnessed an exceptional boom, rising by 30.80%. It also achieved the highest growth rate of the corporate loan portfolio (36.7%) among the banks listed on the Egyptian Exchange (EGX), and a growth of 19.5% in retail loans.

The bank pointed out that this boom in the loan portfolio reflects the increase in customers’ confidence in the bank. Additionally, the total loan portfolio achieved a growth rate of 25.6%, which reflects the success of the bank’s policy to provide competitive banking services and products that suit the needs of customers.

In the same context, the bank achieved the highest deposit growth rate among the banks listed on the EGX at 33.47%, which reflects the success of the bank’s policy in enhancing the confidence of depositors.

In terms of equity, the HDB indicated that it achieved an increase of 25.10%, and this percentage is one of the highest among the banks listed on the EGX. These results enhanced the efficiency of managing the capital structure and the growth of the capital base, as the capital adequacy ratio increased to 23.58%.

In the same context, the HDB has sought to develop its services to be among the top banks that provide all new banking services and products, which are compatible with the needs of all segments of customers and offer them in a competitive manner. The bank is also keen on staying updated in terms of banking services to maintain the confidence of its customers.

Furthermore, the bank aims to expand geographically and enhance its digital banking services to achieve the state’s trend to reduce cash transactions out of the belief in the importance of expanding the use of electronic payments as per the Central Bank of Egypt’s (CBE) policy.

The bank also pointed out that these positive results have been achieved thanks to the management’s success in developing and implementing a strict action plan over the past period as well as the procedures and policies approved by the CBE for the banking sector to mitigate the severity of the crisis.

Additionally, the professionalism of the bank’s executive management, its Board of Directors, and employees has played a major role in maintaining stable financial levels and a strong financial position.

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