Egypt's Housing and Development Bank (HDB) has reported a 30 per cent dip in net income for the first half of 2011.
HBD said its standalone net income stood at LE94.5 million in 1H2011, nearly a third down on the LE134.5 million it reported in 1H2010.
The plunge was driven by a larger decline in 2Q2011 net income, which recorded a 45 per cent drop year-on-year. A slightly lower decline in the first quarter cushioned the 1H2011 from a greater overall loss.
Income dropped on the back of trading losses, lower income from housing projects, higher administrative expenses and higher income taxes, according to a note from Beltone Financial.
HDB’s balance sheet remained stagnant, with net loans shrinking 0.8 per cent in the year to date to reach LE6.5 billion. Customer deposits grew 1 per cent in the same period, reaching LE7.6m in June 2011.
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