HD Bank records US$120m profit before tax for first nine months of 2020

EGYPT – Housing and Development Bank (HD Bank) has reported a 6.3% Year on Year decline in its standalone net profit in the first nine months of 2020, the bank recorded EGP1.9 billion (US$120m) in profit before tax in September 2020 despite the exceptional circumstances caused by the novel coronavirus (COVID-19) pandemic. Standalone net profit reached EGP1.424 billion (US$90.9m) in the January-September period of 2020, compared to EGP 1.520 billion (US$97.13m) posted in the corresponding period a year earlier. In early June, Pharos set the fair value of the bank’s…

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