Housing Bank ups midyear pretax profit to JD 86.4m

AMMAN — The Housing Bank for Trade and Finance (HBTF) increased midyear pretax profit  by 5.3 per cent, the bank announced Saturday in a press statement. 

HBTF generated JD86.4 million pretax profit during the first six months of this year, the press release indicated, compared to  JD 82.1 million recorded during the first half of 2014. 

"After-tax net profit amounted to JD 61.6 million, compared to JD 61.1 million as the income tax rate on banks increased from 30 per cent in 2014 to 35 per cent at the beginning of 2015," it said, noting that these results are preliminary and subject to the approval by the Central Bank of Jordan"

HBTF Chairman Michel Marto attributed the  results to the bank’s successful strategy, prudent policies and implementation of developed banking standards 

According to the statement, total assets at the end of June 2015 reached JD 7.8 billion, a 3.3 per cent increase over the amount the end of 2014, and customer deposits rose 6.7 per cent to JD 5.8 billion, representing a 16 per cent market share of 16%. 

Net balance of credit facilities portfolio went up by 19.3 per cent to JD3.2 billion, representing a 12.7 per cent market share.

"These results positively reflected on key performance indicators confirming strength and solvency compared with the existing circumstances," the press release said.

"The adequacy capital ratio was 17.8 per cent and the liquidity ratio was 153 per cent, both higher than the rates required by the Central Bank of Jordan," it added. "Return on assets came at 1.6 per cent, return on equity stood at 12 per cent, and credit facilities to client deposits net rate was 55.6 per cent."

HBTF's Jordan network has increased to 125 branches, and 214 ATMs. Local and international branch network covers 176 branches in Jordan, Syria, Algeria, London, Palestine and Bahrain, in addition to representation offices in Iraq, United Arab Emirates and Libya.