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Monday 26 April 2021

Net profit of the Housing Bank Group for the first three months of 2021 increased by 53% to reach JD25.4 million


The Housing Bank for Trade and Finance, announced that the Group reported a net profit of JD25.4 million for the first three months of 2021, up by 53% compared to the net profit achieved during the same period last year.

The Group continued its conservative approach to build additional provisions for the loan portfolio in light of the difficult economic challenges as a result of the COVID-19 pandemic, and booked additional loan loss provisions amounted to JD12.6 million during the first three months of 2021. 

The Group continued to report strong results during the first quarter of 2021 across all financial indicators, despite the decrease in interest rates and non-interest income as a result of COVID-19 pandemic. 

Total credit facilities increased by 1.8% to reach JD4.7 billion as at end of March 2021.

Commenting on these results, Abdel Elah Al-Khatib, chairman of the board of directors, said that the Bank continued to perform strong results despite the challenging economic distress and difficult economic challenges as a result of the pandemic. Al-Khatib added that the Group continued in its conservative approach during the first quarter of 2021 to build additional loan loss provisions in order to protect the Bank assets and enhance the solidness of its financial position.

Ammar Al-Safadi, Chief Executive Officer, stated that the Bank continued its efforts to improve the efficiency of the Bank operations. Al-Safadi added that the Bank maintained strong capital base, with total shareholders' equity amounted to JD1.2 billion. Capital adequacy ratio and liquidity ratio reached 17.1% and 126% respectively as at 31 March 2021, both ratios are well above the Central Bank of Jordan and Basel requirements.

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