Housing & Development Bank (HDB) issued a brief release stating that its standalone 2Q16 net income stood at EGP177mn, up 32% Y-o-Y (-19% Q-o-Q). The actual standalone earnings in 2Q16 came in 20% ahead of our standalone forecast of EGP148mn. Net interest income was a key driver of the earnings beat, up 69% Y-o-Y and coming in 50% above our estimate. Loan growth was fairly strong at 6% Q-o-Q and 25% Y-o-Y. HDB’s standalone financial statements include the commercial bank and real estate development on lands directly owned by HDB, but exclude HDB’s associate Hyde Park and other associates and subsidiaries of the bank, which operate in the real estate and financial services sector. Consolidated numbers tend to be published much later than standalone financial statements. (Earnings release, Elena Sanchez-Cabezudo, Rajae Aadel)   Housing & Dev. Bank: EGP16.47 as of 15 August 2016, Rating: Buy, FV: EGP28.47 per share, MCap: USD235mn, HDBK EY / HDBK.CA