Net interest and commission income up by 9.4% to reach JOD81.0 million

The Housing Bank for Trade and Finance, the most widespread bank in the kingdom, reported an increase in total income by 5.1% to reach JOD90.1 million for the three-month period ended 31 March 2019, compared to JOD85.7 million reported during the same period last year, also, net interest and commission income grew by 9.4% to reach JOD81.0 million for the first quarter of 2019.

Despite the bank has booked provisions of JOD16.0 million during the first quarter of 2019 compared to only JOD4.3 million booked during the first quarter of 2018, the bank was able to achieve net profit of JOD25.0 million against JOD27.8 million reported during the same period last year.

 This clearly reflect the strict compliance to the implementation of the International Financial Reporting Standard 9 (IFRS9) and Central Bank of Jordan regulations, to strengthen the Bank's financial position and reinforce its creditworthiness.

 The Bank continued to achieve strong growth rates during the first quarter of 2019, with net interest income and commission income increased by 9.4% to reach JOD81.0 million, compared to JOD74.0 million during the same period last year. Furthermore, total direct credit facilities grew by 1.1% to reach JOD4.7 billion as at end of March 2019.

 Commenting on these results, Mr. Abdel Elah Al-Khatib, chairman of the board of directors, said that the Bank continued to perform good results despite the economic challenges, explaining that these results are a testament of the Bank's well balanced performance and its ability to sustain solid financial position.

 Al-Khatib also stated that the Bank is committed to its continuous positive contribution to the national economy, as well as fulfilling its shareholders' and clients' vision through enlarging its operating profits. He also expressed his confidence in the Bank's ability to develop and improve performance quality which will support the Bank's position in both local and regional banking industry.

 Mr. Ammar Al-Safadi, Chief Executive Officer, stated that the results achieved during the first quarter of 2019 reflect the strong improvement achieved across all main sectors of the bank, with net interest income and commission income increased by 9.4% to reach JOD81.0 million, compared to JOD74.0 million during the same period last year, which clearly reflect the ideal management of the bank assets and liabilities, as well as building close relationships with the bank clients to better understand and satisfy their needs, which enabled the bank to achieve strong operating profit and maintain a liquidity ratio of 124% on the group level.

 Mr. Al-Safadi also added that the bank was able to improve the efficiency of the bank operations through maximizing income and controlling costs at the same time, with the cost income ratio improved from 45.8% for the first quarter of 2018 to reach 41.8% during the first three months of 2019, as a result, total income increased by 5.1% to reach JOD90.1 million.