(MENAFN- Jordan Times)
AMMAN - The Housing bank for Trade and Finance (HBTF) Group announced its financial results for the first nine months of 2024, reporting net profits after provisions and taxes of JD118.9 million, representing an increase of 5.0% compared to the same period last year.
Commenting on these financial results, Abdel Elah Al-Khatib, Chairman of the Board of Directors, expressed his satisfaction with the positive performance, which reflects the strength of Housing Bank and its ability to achieve sustainable growth. He emphasized his pride in the Bank's performance and its success in maintaining the legacy of the Group, which has spanned over five decades of successes, achievements, and excellence.
Al-Khatib added that the Group's ability to achieve these profits during the first nine months of the year underscores the Bank's efficiency in dealing with exceptional challenging circumstances and ongoing geopolitical developments, along with their effects and repercussions on many economic and service sectors.
From his side, Ammar Al-Safadi, Chief Executive Officer of HBTF Group, affirmed that the key financial indicators for the first nine months of 2024 reflect the Group's solid financial position and its efficient and flexible deployment of resources in line with its comprehensive strategy, which is characterized by flexibility, modernity, and development across its various operational sectors. This has led to the achievement of the targeted growth.
Al-Safadi expressed his pride in the continued positive performance of the Bank during the first nine months of the year and its ability to achieve sustainable growth derived from the key operational sectors, which have continued to meet the planned performance across various financial indicators.
Furthermore, Al-Safadi noted that, with this exceptional financial performance, the Housing Bank Group continued to apply its prudent approach to risk management, increasing provisions for expected credit losses as precautionary measures to hedge against any potential economic conditions or challenges.
Additionally, Al-Safadi noted that the return on equity to shareholders increased to 12.0%, while the return on average assets increased to 1.77% during the first nine months 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 the shareholders.
Al-Safadi praised the diverse activities of the Bank that contribute to building long-term value for shareholders and clients, highlighting ongoing efforts in environmental, social, and governance (ESG) sustainability. Al-Safadi also pointed out collaborations with European financing entities and sovereign funds to support green financing and the development of an ESG risk management strategy aligned with best practices and the Central Bank of Jordan's guidelines in this field.
During the first nine months of 2024, the Group's net credit facilities increased by 5.2% to reach JD4.7 billion as at the end of September 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 6.1% to reach JD6.0 billion by the end of September 2024. The total equity amounted to JD1.4 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.
Al-Safadi affirmed that the Bank will continue its comprehensive strategy characterized by flexibility and modernity, keeping pace with the best digital applications and adhering to global banking best practices. This aims to provide the best banking services to clients and maintain their satisfaction, upholding the Housing Bank's position in the Jordanian banking sector.
MENAFN05112024000028011005ID1108853911
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.