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Ammon News - The Housing Bank for Trade and Finance Group announced its financial results for the first nine months of 2024, where the group achieved net profits after provisions and taxes of 118.9 million dinars, an increase of 5.0% compared to what was achieved during the same period last year.

Commenting on these financial results, the Chairman of the Board of Directors, Abdul-Ilah Al-Khatib, expressed his satisfaction with this positive performance, which reflects the strength of the Housing Bank and its ability to achieve sustainable growth, stressing his pride in the bank's performance and its success in preserving the group's legacy of more than five decades of successes, achievements and excellence.

Al-Khatib added that the group's ability to record this level of profits during the first nine months of the year confirms the bank's efficiency in dealing with the difficult exceptional circumstances and ongoing geopolitical developments and their effects and repercussions on many economic and service sectors.

For his part, the Bank's CEO, Ammar Al-Safadi, confirmed that the main financial indicators for the first nine months of 2024 reflect the solidity of the Group's financial position and its efficiency in the effective and flexible employment of resources under its comprehensive strategy characterized by flexibility, modernity and development within its various operating sectors, which led to achieving the targeted growth.

Al-Safadi expressed his pride in the Bank's continued positive upward performance during the first nine months of the year and its ability to record sustainable growth derived from the main operating sectors that continued to record the planned performance across its various financial indicators.

Al-Safadi added that the Housing Bank Group, while recording this distinguished financial performance, continued to apply its prudent approach to risk management, and allocated more provisions for expected credit losses as precautionary measures to hedge against any potential economic conditions or challenges.

Al-Safadi pointed out that the return on shareholders' equity increased to 12.0% during the first nine months of the current year, in addition to the increase in the return on average assets to 1.77%. This distinguished performance reflects the bank's operational efficiency and effective management of assets and liabilities to achieve the highest return for shareholders.

Al-Safadi praised the performance of the bank's various activities that work to enhance building long-term value for the bank's shareholders and customers by continuing to perform in the areas of environmental, social and governance sustainability. He pointed to cooperation with European financing entities and sovereign funds to support green financing in addition to developing a strategy for managing environmental, social and governance risks in line with best practices and global trends and the guidelines of the Central Bank of Jordan in this field.

Al-Safadi added that the bank group was able during the first nine months of the current year to achieve strong growth in net credit facilities of 5.2% since the beginning of the year to reach 4.7 billion dinars as of the end of the third quarter of 2024. This growth was positively reflected in the total income, operating profit and market share of the bank.

Al-Safadi explained that the bank group maintained its sources of funds, as customer deposits increased by 6.1% since the beginning of the year to reach 6.0 billion dinars as of the end of the third quarter of 2024, in addition to maintaining the strength of the bank's capital base; as total equity amounted to 1.4 billion dinars, 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. Al-Safadi stressed that the bank will continue its comprehensive strategy characterized by flexibility, modernity, and keeping pace with the best electronic and digital applications and in accordance with the best banking practices in effect globally, to provide the best banking services to customers and maintain their satisfaction in a manner befitting the advanced position of the Housing Bank in the Jordanian banking market.