The Housing Bank for trade and finance (HBTF) reported a pre-tax profit of JOD 81.8 million during the first half of the year 2018 compared to JOD 87.4 million during the same period of 2017. This shortfall in profits was a result of the Bank's conservative policy and taking additional provisions due to the implementation of the new International Financial Reporting Standard (IFRS 9).

Net profit (after tax) amounted to JOD 55.3 million compared to JOD 62.2 million for the first half of last year. HBTF's Gross Income grew by 6.5% or JOD 10.7 million compared to the same period last year to reach JOD 176 million.

The Housing Bank Chairman Abdel Elah Al-Khatib said that these results reflect the Bank's ability of confronting the economic challenges resulting from the continued instability in the region. He confirmed the Bank's solvency and solid capital base, where the capital adequacy ratio was 16.3%, and the return on equity was 10.2%.

Mr. Al-Khatib expressed the Boards confidence in the Bank's ability to continue its ongoing positive performance to keep the bank developments in line with the best practices.

The Housing Bank CEO Mr. Ihab Sa'adi, stated that the achieved profits exceeded the forecasted profits despite the fierce competition in the local banking sector and the continued tough circumstances.

He also added that total assets grew to reach JOD 8.1 billion at the end of June 2018, customer deposits grew by 0.3% to reach JOD 5.8 billion and total loans rose by 3.9% to reach JOD 4.7 billion. Total equity amounted to JOD 1,045 million.

He also expressed his pride in the Bank's strong solvency, portfolio quality and solid capital base; as the capital adequacy ratio was 16.3%, and liquidity ratio was 119% and they are both above the minimum required by the Central Bank of Jordan, and the return on assets was 1.4%, and the return on equity was 10.2%. NPLs ratio improved from 4% to 3.6%, and coverage ratio also improved from 107% to reach 117%.

In terms of recognition, the Bank received during the year 2018 four awards from regional and global institutions, for quality and diversity of its banking products and services.

It should be noted that these results are preliminary and subject to the approval of the Central Bank of Jordan.