The Housing and Development Bank (HDB) recorded a 60.4% increase in gross profits from EGP 306.2m reported in 2014 to EGP 491.2m in 2015, according to chairman and managing director of HDB Fathy El-Sebai.
In a statement issued on Thursday, El-Sebai said the bank managed to achieve a positive metrics in various indicators despite the political and economic challenges faced by the state.
The bank achieved a 19.1% growth in total assets during 2015, compared to 2014, he said.
The HDB’s loans portfolio increased by 15.5% to record EGP 8.2bn, while deposits increased by 21.8% recording EGP 11.7bn.
El-Sebai said the return on equity increased by 24.8% by the end of 2015, compared to 15.8% in 2014. The return on assets also increased by 1.9% in 2015, compared to 1.4% in 2014.
He added that the capital adequacy ratio of the bank reached 16.5% by the end of 2015, with an increase of about 6.5% over the 10% benchmark designated by the Central Bank of Egypt (CBE).