HBTF posts JD97.1m in profit in H1

AMMAN — The Housing Bank for Trade and Finance (HBTF) said it boosted its pretax profit by12.4 per cent during the first half of this year.

According to an HBTF press statement issued Wednesday, pretax profit amounted to JD97.1 million during the first six months of 2016 compared to JD 86.4 million during the same period last year.

The press statement showed that the bank’s net after-tax profit also increased by 7.9 per cent to JD 66.4 million compared to JD 61.6 million and that gross income during the first half of this year went up by JD 21.5 million, or 12.5 per cent, reaching JD193.5 million.

HBTF General Manager Ihab Saadi attributed the results to the bank’s successful business strategy, prudent policies and its implementation of developed banking standards.

The press statement said the total assets at the end of June 2016 amounted to JD7.7 billion, and that customer deposits totalled JD5.5 billion, representing a 14.6 per cent market share. 

The portfolio of credit facilities stood at JD4 billion, representing a 13.8 per cent market share.

The capital adequacy ratio was 17.2 per cent and the liquidity ratio was 135 per cent, both higher than the rates required by the Central Bank of Jordan. The return on assets ratio was 1.7 per cent, and the return on equity was 13 per cent, according to the statement.

The Housing Bank tops Jordan’s banking sector in terms of the number of branches and the number of ATMs as it has expanded its internal network in the Kingdom from the beginning of the year to 129 operating branches, and to 216 ATMs.

 “The bank is always seeking to enlarge the customer base, and to meet the needs of individuals and corporations through enhanced relations,” Saadi said.

These results are preliminary and subject to the approval of the Central Bank of Jordan.