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Monday 3 February 2020

The Board of Directors recommends a cash dividend of 15% of the share nominal value Total income of the Bank increased by 3.5% to reach JD361 million in 2019


The Housing Bank for Trade and Finance, the most widespread bank in the kingdom, reported an increase in total income by 3.5% to reach JD361.0 million for the year 2019.

The Bank Pretax Profits for the year 2019 amounted to JD132.2 million, compared to JD132.0 million for the previous year. Meanwhile, Net profit (after tax) amounted to JD83.7 million compared to JD94.5 million in 2018, with the Bank's commitment to hedge against the issuance of a preliminary court decision, which is subject to challenge and appeal, by a first instance court in Algeria, to impose a financial fine against the Housing Bank for Trade and Finance-Algeria, despite the correctness of the banking procedures and the Bank's full confidence of the strength and solidness of the legal status throughout the appeal stage.

The Bank persisted over the year on realizing good growth rates in various financial indicators. Where total income up by 3.5% to reach JD361.0 million for the year 2019, compared to JD348.8 million reported in 2018. Total assets increased by 1.7% to reach JD8.4 billion as at end of 2019.

Commenting on these results, H.E Mr. Abdel Elah Al-Khatib, chairman of the board of directors, said that the Bank continued to perform good results despite the challenging economic distress, explaining that these results are a testament of the Bank's strong and well balanced performance and its ability to sustain solid financial position to continue to play a vital role in supporting economic growth in Jordan.

Al-Khatib further explained that the Board of Directors, in its meeting held on 23/1/2020, has discussed and approved the Bank's financial results for the year 2019, and recommended to the General Assembly, a cash dividend of 15% of the share nominal value.

Mr. Ammar Al-Safadi, Chief Executive Officer, stated that the results achieved in 2019 reflect the strength of the Bank's financial position and the Bank's solid capital base, with total assets up by 1.7% to reach JD8.4 billion as at end of 2019, and a capital adequacy ratio of 17.25% and liquidity ratio of 128%, both are well above the minimum requirements of the Central Bank of Jordan and the Basel Committee.

"These results are preliminary, pending the approval of the Central Bank of Jordan".


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