Housing Bank Net Profits Increased to reach JD38.4 million during the First Quarter of 2024

WhatsApp Image 2024-04-22 at 9.06.43 AM
Housing Bank Net Profits Increased to reach JD38.4 million during the First Quarter of 2024
The Housing Bank for Trade and Finance (HBTF) Group announced the financial results for the first quarter of 2024, reporting net profits of JD38.4 million, with an increase of 6.1% compared to the same period last year.اضافة اعلان

Commenting on these financial results, Abdel Elah Al-Khatib, Chairman of the Board of Directors, indicated his satisfaction regarding these results, reflecting the success of the Group's flexible and modernized strategy and policies, based on preserving the legacy of the Group over five decades of success and achievements.

Al-Khatib added that the financial results achieved confirm the Group's ability to deal with economic conditions and challenges, amid the repercussions of international geopolitical developments, the ongoing Israeli aggression on the Gaza Strip, and the impact of these challenges on several economic and service sectors.

From his side, Ammar Al-Safadi, Chief Executive Officer of HBTF Group, uncovered the Group’s key financial indicators that characterized the first quarter of the year 2024, underlining the Group’s solid financial strength and its unwavering commitment towards achieving sustainable growth through its various operational activities.

Al-Safadi further elaborated that the Bank Group continued to implement its prudent risk management approach, persisting in hedging against any potential economic conditions or challenges. The Bank Group booked additional loan loss provisions for expected credit losses during the first quarter of the current year.

Al-Safadi highlighted that during the first quarter of 2024, the Bank Group managed to maintain an outstanding level of return on assets and shareholders equity, reaching 1.74% and 11.6% respectively. This reflects the operational efficiency of the Bank and the optimal utilization of available resources, as well as effective management of assets and liabilities.

Al-Safadi also indicated that the Bank Group was able to achieve strong growth in its net credit facilities at the end of the first quarter of 2024 by 7.0%, to reach JD 4.8 billion by the end of March 2024. Such growth was reflected positively on the operational profit and the Bank’s market share.

Al-Safadi also highlighted that the Bank Group maintained its efforts to strengthen its funding sources, with customer deposits increasing since the beginning of the year by 2.1% to reach JD5.8 billion by the end of March 2024.

Additionally, the Bank sustained a solid capital base, with total shareholders’ equity reaching JD1.4 billion. The capital adequacy ratio stood at 18.5% as of the end of the first quarter of the current year, which is well above the requirements set by the Central Bank of Jordan and the Basel Committee.

Al-safadi affirmed that the Bank will continue its digital innovation strategy where global best practices and the latest trends are being adopted with the sole purpose of fulfilling the customers’ satisfaction through anticipating their needs and providing them with the best available banking services.

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