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The Housing & Development Bank is expected to achieve net profit of EGP 325.9 million at the end of 2013, registering a year-over-year increase of 22%, said Fathy El-Sebaei, chairman and managing director of the bank.
The bank has finalized the planning budget of 2013 which targets increasing assets by 14% to reach EGP 15.8 billion and deposits by 16% to reach EGP 9.3 billion, he noted.
HDB also plans to increase the value of loans and advances by 7% to reach EGP 6.9 billion, El-Sebaei added in a meeting at the bank’s headquarters in Mohandseen which was attended by deputy chairman Essam Abu Hamed, managing director for engineering and investment affairs Mohamed Saeed El-Alfy and a number of shareholders.
