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Thursday 27 April 2017

The Housing Bank realizes profits of JD45.8 million before tax in the first quarter of 2017

In the first quarter of 2017, the Housing Bank recorded pre-tax profits amounting to JD45.8 million, compared to JD50.5 million in the first quarter of 2016. The bank's total income maintained 2016's level, amounting to JD68 million.

Speaking of the results, the Housing Bank CEO Ihab Saadi said that the bank was able to maintain its strong financial position in spite of the difficult surrounding conditions and their repercussions on the Jordanian economy. The bank's total assets in the first quarter of 2017 amounted to JD7.8 billion, and customer deposit balances reached JD5.6 billion. The total balance of credit facilities amounted to JD4.4 billion, while the bank's capital base was strengthened with total shareholder equity amounting to JD1093 million. The capital adequacy ratio stood at 17.4% and the liquidity ratio stood at 127%, both figures significantly higher than the rates required by the Central Bank of Jordan. The return-on-assets ratio after tax was 1.6% during the first quarter of 2017, the return on equity after tax was 11.6%. The non-performing loans NPLs was 3.9% and the coverage ratio of non-performing loans reached 111%. 

Saadi pointed out that the bank has put forth a rapid expansion strategy, opening four new branches in Jordan during the first quarter of 2017, bringing the total number of working branches to 134. In Palestine, two new branches were inaugurated, which raises the number of branches there to 15. In total, the Housing Bank operates 189 branches locally and internationally, with offices in Jordan, Syria, Algeria, UK, Palestine and Bahrain, in addition to representative offices in Iraq, UAE and Libya.

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