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Jordan's Housing Bank profit up 14.5pc

AMMAN, October 26, 2014

Jordan's Housing Bank for Trade and Finance reported on Sunday a 14.5 per cent rise in net profit for the first nine months of the year to JD90 million ($127 million), on the back of robust growth in its core business.

The bank gave no figures for third-quarter net profit.

The country's second-largest lender said assets were up 4 percent on a year earlier at JD7.5 billion at the end of September.

"The results reflect the strong solvency of the bank and quality of its credit investment portfolios," chairman Michel Marto said in a statement.

Customer deposits stood at JD5.4 billion, up six per cent, while the bank's credit portfolio stood at $2.8 billion at end of September, up 6.4 per cent.

The bank's capital adequacy ratio reached 17.6 per cent, well above the regulatory standard of 12 per cent.

Housing Bank's main shareholders are Qatar National Bank, with a 35-per cent holding, followed by Libya's Foreign Bank with around 16 per cent.

Jordan's state pension fund also holds a 16 percent stake. Gulf investors along with Jordanian businessmen own the remaining shares of the bank, which has the largest branch network in the country.

One of the largest foreign banks operating in Syria, the bank said its operations there were performing well despite the unrest. It provided no details.-Reuters




Tags: Jordan | Housing Bank |

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