Housing and Development Bank posts 644 mln pounds net profit by end-2016

Egypt’s state-run Housing and Development Bank (HDB) said Thursday net profit rose to 644.161 million Egyptian pounds ($36.2 million) at the end of 2016.

The Egyptian lender posted a net profit of 491.183 million pounds at the end of 2015.

Total deposits climbed 16.3 percent to 13.642 billion pounds in 2016, compared with 11.733 billion pounds the year earlier.

The loans surged 27.4 percent to 10.461 billion pounds in 2016, compared to 8.211 billion pounds in 2015, HDB’s financial statements showed.

The Egyptian bank’s board members have agreed to open several new branches in Port Said and Badr cities.