Housing Bank Net Profits Increased To Reach JD80.1 Million During First Half Of 2024

(MENAFN- Jordan Times) AMMAN – Housing bank for Trade and Finance (HBTF) Group has announced its financial results for the first six months of 2024, reporting net profits of
JD80.1 million, an increase of 4.4% compared to the same period last year.

Commenting on these results,
H.E.
Abdul
Elah Al-Khatib,
Chairman of the Board of Directors,
expressed his satisfaction with the positive financial results achieved,
emphasizing
that
the Group's positive financial
outcomesreflect the success of
its
policies and strategy, characterized by flexibility and modernity,
which
are based on
maintaining
the
Group's
five-decade
legacy of success
and achievements.

Al-Khatib added that the
Group's
ability to
achieve
net profits exceeding
JD80
million during the first
half of theyear confirms the
Bank's
success and
ability to deal with exceptional circumstances,
geopolitical developments,
and their repercussions on
the
economic and service sectors.

From his side, Ammar Al-Safadi, Chief Executive Officer of HBTF Group, uncovered the Group's key financial indicators
for the first half of 2024, which
illustrate
theGroup's
strong
financial
position,
as well as
effective and flexible
resource management across
various operational sectors, further highlighting
its continued achievement of targeted growth in its various operational activities.

Al-Safadi expressed
his pride
in the
Bank's outstanding performance for the first half of the current year and its ability to record sustainable growth derived from its main operational sectors, which continued to record positive upward performance across its various financial indicators.

Additionally,
Al-Safadi
noted
that
the return on equity
toshareholders
increased to
12.3%, while the return on average assets
increased
to
1.81%
during
the first half of the current year. This outstanding performance reflects the
Bank's operational efficiency and
successful asset and liability
management to
deliver
the greatest return
to theshareholders.

Furthermore,
Al-Safadi
emphasized
that the
Group
has maintained
its
prudent
risk management
approach and
precautionary measures to hedge against any potential economic challenges,
allocating
increased
provisions for expected credit losses
during the first half of the year.

The recent
upgrade
of the
Bank's
credit
rating by international agencies,
elaborated
Al-Safadi,
is an extension of the
Bank's
strong
financial position and its distinguished performance.
It
is
a testament to
its firm commitment to providing the best innovative banking solutions and distinguished services in a
flexible and evolvingoperational environment. Al-Safadi explained that raising the
Bank's credit rating
is
a culmination of its efforts to maintain the
rising
profitability, supported by a strong capital base and high liquidity ratios, in addition to maintaining
high percentages of stable customer deposits. It also reflects the conservative approach adopted by the
Bank, which balances additional reserves with
assetquality, demonstrating
the
Bank's ability to
manageeconomic challenges
with great flexibility.

During
the first half of
2024, the Group's
net credit facilities
increased by
5.3%
to
reach
JD4.7
billion as
at the end
of June 2024. This growth positively
impacted
the total income, operating
profit,
and
market share
of the
Bank.

Moreover, the
Group continued to strengthen its sources of funds, as customer deposits increased by
3.6% to reachJD5.9
billion
by the
end of
the first half
of 2024. The total equity amounted to
JD1.3
billion, while the capital adequacy ratio reached 18.6%, which is higher than the minimum regulatory requirements of the Central Bank of Jordan and the
Basel Committee on Banking Supervision.

Looking ahead,
Al-Safadi
assured
that the
HBTF Groupwill continue
to advance
its strategy
by adopting
the latest electronic and digital applications
in line with
the best banking practices globally, to provide the
top
banking services to customers
and
uphold
their satisfaction.
He reaffirmed the Group's commitment to
staying
at the forefront of
new developments in the banking industry and what modern technology provides in this field, including
what
befits
the Housing Bank's position in the Jordanian banking market.

MENAFN30072024000028011005ID1108501530