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Wednesday 31 October 2018

Housing Bank achieves pre-tax profit JOD 119 million

Housing Bank for Trade and Finance reported a pretax profit of JOD 119.2 million reflecting a net profit amounted JOD 81.5 million.

HBTF’s operating profit grew by 11% compared to the same period last year to reach JOD 146.1 million. Commenting on these results, the Chairman of HBTF Mr. Abdel Elah Al-Khatib, stated that the Bank’s Board of Directors met on 24/10/2018 and approved financial statements. Mr. Al-Khatib said that these results reflect the Bank’s ability to deal with the economic challenges resulting from the difficult regional conditions and the additional pressures placed on the Jordanian economy.

He further confirmed the Bank’s solvency and solid capital base noting that the Capital Adequacy ratio stood at 17.1%, while the return on assets after tax stood at 1.3% and the return on equity after tax  stood at 10%. He hoped that the economic situation would improve to enable the Bank to strengthen its achievements.

The CEO of Housing Bank Mr. Ihab Saadi expressed his satisfaction with the results achieved which reflected an 11% growth in operating profit due to revenue growth and rationalization of operating expenses.

He added that a pretax profit reached to JOD 119.2 million compared to JOD 132.2 million during the same period of 2017, the difference is due to the Bank’s adoption of conservative policy and building additional provisions due to the implementation of (IFRS 9) from the beginning of this year.

Saadi also added that total assets grew by 1% to reach JOD 8.2 billion, customers’ deposits grew by 1.6% to reach JOD 5.9 billion and total loans rose by 4.6% to reach JOD 4.7 billion. Total Equity amounted JOD 1,071 million.

Saadi also confirmed the Bank’s strong solvency and portfolio quality and solid capital base, as liquidity ratio stood at 125% (much higher than the minimum required by the Central Bank of Jordan) meanwhile the non-performing loans ratio was approximately 4.1% at the end of Sep. 2018, as the Bank held large provisions, which covered large portion of these loans.

It also worth noting that during the year 2018 Housing Bank received four awards from regional and global institutions, one of them was (Best Bank in Jordan 2018) from Banker Middle East.





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