You are here

Housing Bank lifts net pretax profit to record JD162.1m

By JT - Feb 01,2015 - Last updated at Feb 01,2015

AMMAN — The Housing Bank for Trade and Finance (HBTF) generated JD162.1 million net pretax profit last year, according to an HBTF press statement received on Sunday. The statement described the amount as unprecedented, noting that net pretax profit in 2013 came at JD150.1 million.

According to the statement, net after-tax profit at the end of 2014 stood at JD123.9 million, 16 per cent higher than the JD106.9 million posted at the end of the previous year.

HBTF Chairman Michel Marto underlined the bank's sound financial position and its solid capital base as reflected in the good results achieved in the main balance sheet items.

Marto pointed out in the statement that total assets rose by 5 per cent to JD7.6 billion and that total customer deposits increased by 7 per cent to JD5.5 billion.

Other main items showed a 2 per cent growth in the net portfolio of credit facilities which totalled JD2.7 billion, in addition to a JD1,038 million    of shareholders' equity.

"These items positively mirror the key indicators of the bank's financial affluence as the capital adequacy ratio stood at 18.2 per cent, a rate that exceeds the levels required by the Central Bank of Jordan and the Basel Committee," the statement said.

"The liquidity ratio came at 170 per cent, a rate that also exceeds the required level," it added, 

Further demonstrating the financial strength and soundness of the bank, indicators showed that the average return on assets stood at 7.1 per cent and the return on shareholders' equity at 11.8 per cent.

According to the statement, HBTF's branches in Bahrain and Palestine achieved good results, and the subsidiaries in Algeria and Britain recorded good growth in terms of profits and various activities.

"Syria's International Bank for Trade and Finance was able to persevere and maintain a balance between the resources and utilisation of funds," it said. "Subsequently, the financial situation of this bank remained healthy with good financial capabilities and adequate liquidity."

HBTF indicated that during 2014 it opened five new branches, bringing the total in Jordan to 124 branches supported by 208 automated teller machines (ATMs), and remaining the leader in terms of branches and ATMs in Jordan's banking sector. 

Locally and internationally, HBTF's network comprises 175 branches besides representative offices in Libya, Iraq and the United Arab Emirates.   Marto concluded by emphasising that the prudent and balanced policies adopted by the bank were behind the positive results achieved, in addition to the advanced level, qualitatively and quantitatively, of services offered to clients.

In lieu of the good results, the board of directors is recommending to the general assembly of shareholders the distribution of cash dividends a rate of 35 per cent.

The bank noted that the financial results, indicators and recommended  dividends are all preliminary and subject to the approval of the Central Bank of Jordan.

214 users have voted.


Get top stories and blog posts emailed to you each day.