The Housing Bank for Trade and Finance, the most widespread bank in the kingdom, reported an increase in total income by 2.3% to reach JOD179.9 million for the six-month period ended 30 June 2019, compared to JOD175.9 million reported during the same period last year, also, net interest and commission income grew by 5.7% to reach JOD161.5 million for the first half of 2019.
According to the strict compliance to the implementation of the International Financial Reporting Standard 9 (IFRS9) and Central Bank of Jordan regulations, the bank has booked provisions of JOD40.6 million during the first six months of 2019 compared to only JOD15.7 million booked during the same period of 2018. This has resulted in reporting net profit (after tax) of JOD38.8 million for the first six months of 2019 compared to JOD55.3 million achieved during the same period last year. This will strengthen the Bank's financial position and reinforce its creditworthiness.
The Bank continued to achieve strong growth rates during the first half of 2019, with net interest income and commission income increased by 5.7% to reach JOD161.5 million, compared to JOD152.8 million achieved during the same period last year. Furthermore, net direct credit facilities grew by 2.5% to reach JOD4.4 billion as at end of June 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 half of 2019 reflect the strong improvement achieved across all main sectors of the bank, with net interest income and commission income increased by 5.7% to reach JOD161.5 million, which enabled the bank to achieve strong operating profit and maintain a strong liquidity ratio of 122% on the group level.
Mr Al-Safadi also added that the bank was able to ideally manage the bank assets and liabilities, as well as building close relationships with the bank clients to better understand and satisfy their needs, which resulted in net direct credit facilities to grow by 2.5% to reach JOD4.4 billion as at end of June 2019, and total assets to grow by 1.5% since the beginning of the year, to reach JOD8.4 billion.