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Jordan's Housing Bank .... enjoys steady growth in its core business.

Jordan's Housing Bank profit up 3.2pc

AMMAN, October 26, 2015

Jordan's Housing Bank for Trade and Finance on Monday reported a 3.2 per cent rise in net profits to JD93.1 million  ($131 million) for the first nine months of the year, on the back of steady growth in its core business.

The country's second-largest bank said total assets were up 4.7 per cent to JD8 billion compared with the end of last year.

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

The bank, which operates in the Palestinian territories, Bahrain and Algeria and is one of the largest foreign banks operating in Syria, said most of its foreign operations did well despite in an unstable regional political environment. It gave no further details.

"These results reflect the bank's prudent strategy ... and confirms the soundness of its financial position in view of he prevailing conditions," Chairman Michel Marto said, adding that customer deposits rose six per cent to JD5.8 billion  compared with the end of last year.

The bank said its results were affected by a new income tax law that came into effect this year that raised taxes on banks to 35 per cent from 30 per cent.

Housing Bank for Trade and Finance's main shareholder is Qatar National Bank, with a stake of over 35 per cent. Loans stood at JD3.6 billion, up 34 per cent from end of 2014. It gave no explanation for the sharp rise.

The bank's total capital adequacy ratio reached 17.5 per cent at the end of September, well above the regulatory standard of 12 per cent.

The bank has the largest branch network in Jordan with 125 branches as of the end of September.-Reuters




Tags: Jordan | profit | Housing Bank |

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