Earnings Report /Egypt
Housing and Development Bank: 1Q21 – Strong start to the year despite lower margins; Balance sheet grows
Sequential growth driven by non-interest income, lower opex and provisions reversals.
Bottom line annual growth was limited by lower provision reversals and higher comparative effective tax rate.
Loans grew in 1Q21 by 3% q/q while deposits grew at a faster pace of 8%, bringing loan-to-deposit ratio to 43%.