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French Version

HBTF midyear profit exceeds JD50.8 million

Results of The Housing Bank for Trade & Finance in the first half of 2005 revealed that pre-tax profit rose by 160 percent to JD50.8 million, compared to JD19.6 million in the first half of 2004.

These results indicate that semi-annual profit this year exceeded the whole 2004 profit which amounted to JD44.7 million, and reflected record and excellent achievements compared with the same period of last year. Total assets rose by JD428 million since the beginning of 2005 reaching JD2.9 billion by June 30. Deposits rose by JD285 million and their balance exceeded JD2.2 billion. The balance of loans and credit facilities also rose by JD192.2 million to reach about JD1.1 billion.

Shareholders equity amounted to JD333.3 million. Due to the marketing efforts, the bank’s market share of customer deposits rose from 15.1 percent at the end of 2004 to 16.3 percent as of June 30, 2005, loans from 13.6 percent to 13.8 percent. It is noteworthy that improvement in performance included the bank’s external branches in Palestine and Bahrain as well as subsidiary companies in Jordan and Palestine, subsidiary banks in Syria and Algeria, and representative offices in Libya, Abu Dhabi and Baghdad.

Their semi-annual operation results revealed significant improvement compared with the same period of last year and with the whole of 2004. Such results were consistent with the bank’s strategic plan, which aims to increase revenues, maximize shareholders equity and reduce expenses along with improving service quality, diversification and development of products, introducing new products to meet customer demand in retail and corporate sectors. It also includes the expansion of electronic delivery channels, which provide services to customers at convenient times and places.

Banking technology contributed to improving operating revenues and control of operating costs, which has reflected positively on the bank’s earning per share EPS. Strong performance reflected the confidence of the bank’s customers, loyalty of employees, and guidance by the management, under the political stability that Jordan enjoys under the leadership of His Majesty King Abdallah II. The bank aspires to further increases in profit as it relies on strong sources of funds; it seeks to attract major customers as well as the continuous improvement in loan portfolio and exploiting good investment opportunities.

Amman,05September2005
Redaction
The Star


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