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Housing Bank Q3 profits nose-dive
- Jordan: Sunday, November 01 - 2009 at 10:42
Jordan-based Housing Bank for Trade and Finance (HBTF) has posted a 45% decline in third quarter net income. The bank's profit fell to JD48.8m, compared to JD89.1m for the same period last year. Pre-tax profit fell 42% to JD73m, compared to JD126m for the same period last year, while operational income dipped 3.6% to JD193.4 million. Despite its results, which also saw client deposits increase by JD351m to JD4.1bn, its liquidity remains the highest among banks in Jordan, at 177%. The bank's troubled results were blamed on "the reserved policy in dealing with faltering loans', with HBFT saying that the bank had set provisions as a precautionary measure for doubtful loans, even if they are covered by sufficient collateral.
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StaffSunday, November 01 - 2009 at 10:42 UAE local time (GMT+4)
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