Latest news with #HousingandDevelopmentBank
Daily News Egypt
17-05-2025
- Business
- Daily News Egypt
HDB reports EGP 4.82bn net profit in Q1 2025, launching new strategy with strong momentum
The Housing and Development Bank (HDB) has kicked off its 2025–2030 strategic plan with a strong financial performance in the first quarter of 2025, posting substantial growth across all key metrics and delivering its highest-ever quarterly net profit. The bank's standalone financial results for Q1 2025 show a remarkable rise in pre-tax profits and provisions to EGP 6.484bn, up from EGP 3.631bn in the same period last year. This reflects an increase of EGP 2.853bn and a growth rate of 79%. Net profit after income taxes reached EGP 4.821bn, nearly doubling from EGP 2.426bn in Q1 2024—an increase of EGP 2.395bn or 98.7%. Strategic Vision and Operational Excellence Commenting on the results, Hassan Ghanem, CEO and Managing Director of HDB, emphasized that the performance is a direct outcome of the bank's new strategy, launched in early 2025. 'Our 2025–2030 strategy aims to position HDB among the top banking choices in Egypt's financial sector. These strong results signal we are on the right path,' he said. He explained that the bank has focused heavily on improving operational efficiency, managing funding costs, and optimizing resource allocation to enhance long-term profitability. These efforts led to a 79% increase in net operating income, which reached EGP 7.573bn by the end of March 2025, up from EGP 4.231bn a year earlier. The strategy also places significant emphasis on customer satisfaction, with the bank striving to offer tailored solutions for current and prospective clients. This customer-centric approach has contributed to expanding HDB's customer base, strengthening trust, and increasing its market share across a variety of financial products. Customer deposits stood at EGP 135bn at the end of the first quarter. Of this, corporate deposits totaled EGP 67.134bn, while individual deposits reached EGP 67.88bn, reflecting strong confidence in the bank's financial offerings. Steady Asset Growth and Diversified Lending Ghanem confirmed that HDB's continued efforts to reinforce its position in the Egyptian banking sector have translated into sustainable asset growth. Total assets reached EGP 176.806bn by the end of March 2025, supported by notable increases in the bank's loan portfolios. Total loans stood at EGP 58.701bn, reflecting a 4.9% growth rate. The corporate loan portfolio increased by EGP 1.694bn, or 6%, to reach EGP 30.055bn, while retail loans rose by EGP 1.033bn, or 3.7%, to EGP 28.645bn. This balanced growth demonstrates the bank's commitment to supporting a wide range of economic sectors while ensuring high credit standards. The bank's asset quality also saw improvements, with the coverage ratio rising to 151.8% by the end of March 2025, compared to 137.1% at the close of 2024. This indicates enhanced risk management and credit discipline. The loan-to-deposit ratio climbed to 43.5%, up from 38.6% at the end of 2024, reflecting stronger credit expansion. Simultaneously, the bank recorded a 77.4% rise in revenue from loans and similar income streams, while the cost of deposits and similar obligations rose by 59.6%. This contributed to an 86.4% surge in net interest income, which reached EGP 6.932bn in Q1 2025, up from EGP 3.720bn. Profitability and Capital Strength HDB's profitability ratios improved significantly in Q1 2025. The return on average equity rose to 78.04%, compared to 49.01% in Q1 2024, while the return on average assets reached 10.83%, up from 6.37%. These figures underscore the bank's ability to maximize shareholder returns while efficiently utilizing its asset base. The capital adequacy ratio (CAR) stood at 30.77%, comfortably exceeding the Central Bank of Egypt's minimum regulatory requirements. This highlights the bank's robust capital position and its ability to absorb potential shocks while pursuing growth. Consolidated net profits, including the bank's subsidiaries and affiliated companies, also showed strong performance. Net consolidated profit reached EGP 4.959bn after taxes by the end of March 2025, up from EGP 2.808bn in the same period in 2024—an increase of EGP 2.151bn or 77%. Ghanem noted that this confirms the bank's effective strategy in expanding its group-wide operations and boosting investments. Digital Transformation and Innovation In line with its strategic priorities, HDB has accelerated its digital transformation initiatives to meet evolving customer expectations and improve service delivery. 'We have launched a comprehensive digital expansion strategy designed to build an integrated, innovative, and flexible digital banking ecosystem,' Ghanem said. The bank is working closely with leading fintech companies to develop new solutions and enhance customer experience, including upgrades to its technological infrastructure. As a result, the number of internet and mobile banking users rose by 5% in Q1 2025 compared to the end of 2024. Meanwhile, mobile and online transactions increased by 8%, signaling growing adoption of digital channels among HDB clients. These investments in digital platforms are intended not only to improve convenience but also to enable data-driven insights and personalized banking, in line with the bank's vision for future-ready financial services. Commitment to Sustainability and Community Impact Ghanem also underscored the bank's commitment to environmental, social, and governance (ESG) standards. HDB has actively financed a range of sustainable projects, aligning with Egypt's broader goals for green economic development. The bank allocated EGP 7.791bn in financing across various sustainable finance segments, including corporate lending, syndicated loans, and SME financing. These investments support projects that comply with environmental sustainability criteria and contribute to long-term economic resilience. 'Our goal is not just profitability, but responsible growth that supports national priorities and adds long-term value to society,' Ghanem said. He added that the bank's 2025–2030 strategy places significant emphasis on developing human capital. 'People are our greatest asset. We are investing in training, leadership development, and inclusive talent policies to maintain a high-performing, agile workforce.' Social Responsibility at the Core Beyond its financial ambitions, HDB continues to invest in corporate social responsibility (CSR) programs, particularly in education and healthcare—two pillars that Ghanem described as vital for sustainable societal development. The bank has intensified its community engagement efforts under the new strategy, expanding partnerships and initiatives that contribute to inclusive growth and social well-being. 'Our CSR efforts are an integral part of our strategic identity. Supporting health and education is not just a duty—it's a long-term investment in the future of our society,' Ghanem concluded.
Zawya
19-03-2025
- Business
- Zawya
HDP signs contract with Consolidated Contractors Company to develop SQ1 in New Cairo
Egypt - Housing and Development Properties (HDP), the real estate arm of the Housing and Development Bank, has signed a construction contract with Consolidated Contractors Company (CCC) to carry out the construction work for the residential units of the Square One Exclusive Residences (SQ1) project. The development promises a premium residential experience in a prime location in El Choueifat, New Cairo. With a total investment of EGP 1.7bn, HDP is committed to delivering all residential units within 30 months, reflecting the company's strong financial standing and dedication to meeting client expectations. The move also strengthens its position as one of the leading real estate investment firms in Egypt and the Middle East. The contract signing was attended by Amgad Hassanein, Vice Chairperson of HDP; Mohamed Tarek, Regional Director of CCC Africa; Hossam Issa, CEO of HDP; and Mahmoud Abdin, CCC Egypt Manager. Amgad Hassanein expressed his pride in partnering with CCC, a leading global construction company with over 70 years of experience, operating in Egypt for more than 30 years and present in 54 countries worldwide. He emphasized that this collaboration will ensure a high-quality residential experience with a modern lifestyle in a prime location, while enabling HDP to meet its scheduled delivery timeline for the SQ1 project. HDP consistently collaborates with top-tier contractors to ensure superior residential developments, supported by Housing and Development Bank services, which has been a key player in Egypt's urban development for over 45 years. Hassanein also highlighted the role of MAK Architects (Mona Hussein, Karim El Assal, Ahmed Hussein) in designing SQ1. Their expertise brings modern, luxurious architecture to the project, aligning with global urban development trends while incorporating advanced technologies and high-quality construction standards. This approach ensures a future-ready residential community that is both attractive for living and investment. HDP has achieved remarkable success, launching eight real estate projects within just two years of its establishment. The company is now planning further expansion in East and West Cairo, as part of a strategic vision to introduce new large-scale projects in key locations. These developments aim to deliver premium, sustainable housing solutions while adhering to the highest quality and efficiency standards, positioning HDP as a leading real estate developer in Egypt and the Middle East. Mohamed Tarek, CCC's Regional Director for Africa, expressed his pride in collaborating with HDP and being entrusted with the residential phase of SQ1. He highlighted SQ1's strategic location, spanning 10 acres in the heart of New Cairo's El Choueifat district, near Square One Mall. Tarek reaffirmed CCC's commitment to completing all construction work on schedule, adhering to global occupational safety standards, and delivering a distinctive living experience aligned with Egypt's current urban expansion plans to boost investor and buyer confidence.
Daily News Egypt
18-03-2025
- Business
- Daily News Egypt
HDP Signs Contract with Consolidated Contractors Company (CCC) to Develop SQ1 in New Cairo with EGP 1.7bn Investment
Housing and Development Properties (HDP), the real estate arm of the Housing and Development Bank, has signed a construction contract with Consolidated Contractors Company (CCC) to carry out the construction work for the residential units of the Square One Exclusive Residences (SQ1) project. The development promises a premium residential experience in a prime location in El Choueifat, New Cairo. With a total investment of EGP 1.7bn, HDP is committed to delivering all residential units within 30 months, reflecting the company's strong financial standing and dedication to meeting client expectations. The move also strengthens its position as one of the leading real estate investment firms in Egypt and the Middle East. The contract signing was attended by Amgad Hassanein, Vice Chairperson of HDP; Mohamed Tarek, Regional Director of CCC Africa; Hossam Issa, CEO of HDP; and Mahmoud Abdin, CCC Egypt Manager. Amgad Hassanein expressed his pride in partnering with CCC, a leading global construction company with over 70 years of experience, operating in Egypt for more than 30 years and present in 54 countries worldwide. He emphasized that this collaboration will ensure a high-quality residential experience with a modern lifestyle in a prime location, while enabling HDP to meet its scheduled delivery timeline for the SQ1 project. HDP consistently collaborates with top-tier contractors to ensure superior residential developments, supported by Housing and Development Bank services, which has been a key player in Egypt's urban development for over 45 years. Hassanein also highlighted the role of MAK Architects (Mona Hussein, Karim El Assal, Ahmed Hussein) in designing SQ1. Their expertise brings modern, luxurious architecture to the project, aligning with global urban development trends while incorporating advanced technologies and high-quality construction standards. This approach ensures a future-ready residential community that is both attractive for living and investment. HDP has achieved remarkable success, launching eight real estate projects within just two years of its establishment. The company is now planning further expansion in East and West Cairo, as part of a strategic vision to introduce new large-scale projects in key locations. These developments aim to deliver premium, sustainable housing solutions while adhering to the highest quality and efficiency standards, positioning HDP as a leading real estate developer in Egypt and the Middle East. Mohamed Tarek, CCC's Regional Director for Africa, expressed his pride in collaborating with HDP and being entrusted with the residential phase of SQ1. He highlighted SQ1's strategic location, spanning 10 acres in the heart of New Cairo's El Choueifat district, near Square One Mall. Tarek reaffirmed CCC's commitment to completing all construction work on schedule, adhering to global occupational safety standards, and delivering a distinctive living experience aligned with Egypt's current urban expansion plans to boost investor and buyer confidence.
Zawya
10-03-2025
- Business
- Zawya
Banque du Caire signs loan agreement to fund Hyde Park's Garden Residence project
Egypt - Banque du Caire has signed a medium-term financing agreement worth EGP 750m with Hyde Park Developments to support the construction of 'Garden Residence,' part of the developer's Phase 22 project in New Cairo. The loan will contribute to the total investment cost of EGP 2.4bn, accelerating development progress and reinforcing the bank's role as a key financial partner in Egypt's real estate sector. The signing ceremony was attended by Bahaa El-Shafie and Hesham Abdel Aal, Deputy CEOs of Banque du Caire, along with senior executives. Representing Hyde Park Developments were Chairman Hassan Ghanem—who also serves as CEO and Managing Director of Housing and Development Bank (HDB)—Managing Director Amin Serag, and other company representatives. Bahaa El-Shafie emphasized the strategic importance of the agreement, noting its role in boosting economic growth and generating job opportunities across the real estate supply chain. He underscored Banque du Caire's commitment to supporting leading developers in shaping Egypt's housing infrastructure and addressing growing market demand. Hassan Ghanem highlighted the banking sector's confidence in Hyde Park Developments, positioning the company as a key player in Egypt's real estate market. He reaffirmed Hyde Park's ability to execute large-scale expansion plans while delivering high-quality, integrated residential communities. Amin Serag described the agreement as a significant milestone in completing Hyde Park New Cairo—one of the city's most ambitious real estate projects. He emphasized the development's vision of providing a sustainable, fully integrated community that meets the expectations of modern homeowners. The eight-year financing term, he added, ensures financial flexibility, enabling the company to uphold quality and efficiency standards while advancing project execution. Spanning 6 million square meters in New Cairo's Fifth Settlement, Hyde Park New Cairo is one of Egypt's largest residential developments, featuring 20,000 units and total investments exceeding EGP 160bn. The project offers a diverse range of villas and apartments, catering to various buyer segments. To date, more than 5,000 units have been delivered, demonstrating steady progress in its execution.
Daily News Egypt
09-03-2025
- Business
- Daily News Egypt
Banque du Caire signs EGP 750m loan agreement to fund Hyde Park's Garden Residence project
Banque du Caire has signed a medium-term financing agreement worth EGP 750m with Hyde Park Developments to support the construction of 'Garden Residence,' part of the developer's Phase 22 project in New Cairo. The loan will contribute to the total investment cost of EGP 2.4bn, accelerating development progress and reinforcing the bank's role as a key financial partner in Egypt's real estate sector. The signing ceremony was attended by Bahaa El-Shafie and Hesham Abdel Aal, Deputy CEOs of Banque du Caire, along with senior executives. Representing Hyde Park Developments were Chairman Hassan Ghanem—who also serves as CEO and Managing Director of Housing and Development Bank (HDB)—Managing Director Amin Serag, and other company representatives. Bahaa El-Shafie emphasized the strategic importance of the agreement, noting its role in boosting economic growth and generating job opportunities across the real estate supply chain. He underscored Banque du Caire's commitment to supporting leading developers in shaping Egypt's housing infrastructure and addressing growing market demand. Hassan Ghanem highlighted the banking sector's confidence in Hyde Park Developments, positioning the company as a key player in Egypt's real estate market. He reaffirmed Hyde Park's ability to execute large-scale expansion plans while delivering high-quality, integrated residential communities. Amin Serag described the agreement as a significant milestone in completing Hyde Park New Cairo—one of the city's most ambitious real estate projects. He emphasized the development's vision of providing a sustainable, fully integrated community that meets the expectations of modern homeowners. The eight-year financing term, he added, ensures financial flexibility, enabling the company to uphold quality and efficiency standards while advancing project execution. Spanning 6 million square meters in New Cairo's Fifth Settlement, Hyde Park New Cairo is one of Egypt's largest residential developments, featuring 20,000 units and total investments exceeding EGP 160bn. The project offers a diverse range of villas and apartments, catering to various buyer segments. To date, more than 5,000 units have been delivered, demonstrating steady progress in its execution.
