EARNINGS WATCH-

Housing and Development Bank’s (HDB) net income fell 3.5% y-o-y in 1Q 2022 to EGP 628 mn, according to the bank’s latest financial statement (pdf). The bank’s net interest income rose 18.6% y-o-y to EGP 976.50 mn.

Heliopolis Housing and Development’s 1Q 2022 bottom line fell 96.9% y-o-y to EGP 3.17 mn, according to the company’s financials (pdf). Revenues for the quarter also fell 61.4% y-o-y to record EGP 63.54 mn.

The EGX30 fell 0.5% at today’s close on turnover of EGP 572 mn (32.4% below the 90-day average). Foreign investors were net sellers. The index is down 14.6% YTD.

In the green: EFG Hermes (+3.0%) and CIB (+0.5%).

In the red: Palm Hills Development (-8.9%), GB Auto (-8.3%) and MM Group (-7.6%).

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