Jordan bank's profit up 4.5pc
Amman, February 6, 2013
Jordan's Housing Bank for Trade and Finance said its net profit for 2012 rose 4.5 per cent, less than half the previous year's rise, as the country's number two lender set aside provisions for bad loans.
"We have continued to build comfortable and sufficient provisions to meet any risk that may result from defaults of some loans," said chairman Michel Marto.
Jordan Housing Bank said profit rose 4.5 per cent to $147.4 million. In 2011 the bank had reported a 13 per cent rise in net profit.
The bank said in a statement total assets reached $10 billion at the end of 2012, a 2.2 per cent rise from the end of 2011.
Despite a sluggish economy, total deposits rose 3.6 per cent to $7.9 billion and the bank's credit portfolio stood at $3.8 billion at end of December, a 7.3 per cent rise from the same period last year.
The bank's total capital adequacy ratio reached 19 per cent at the end of December 2012, well above the regulatory standard of 12 per cent.
Housing Bank's main shareholders are Qatar National Bank with over 35 per cent followed by Libya's Foreign Bank with a 15 per cent shareholding and Kuwait's Real Estate Investment Consortium with a stake of over 10 per cent.-Reuters