Jordan Housing Bank nine-month profit edges up to $131mn

Jordan’s Housing Bank for Trade and Finance yesterday reported a 3.2% rise in net profits to 93.1mn dinars ($131mn) for the first nine months of the year, on the back of steady growth in its core business. The country’s second-largest bank said total assets were up 4.7% to 8bn dinars compared with the end of last year. The bank gave no figures for third-quarter net profits. The bank, which operates in the Palestinian territories, Bahrain and Algeria and is one of the largest foreign banks operating in Syria, said most of its foreign operations did well despite in an unstable regional political environment. It gave no further details. “These results reflect the bank’s prudent strategy ... and confirms the soundness of its financial position in view of he prevailing conditions,” chairman Michel Marto said, adding that customer deposits rose 6% to 5.8bn dinars compared with the end of last year. The bank said its results were affected by a new income tax law that came into effect this year that raised taxes on banks to 35% from 30%. Housing Bank for Trade and Finance’s main shareholder is Qatar National Bank, with a stake of over 35%. Loans stood at 3.6bn dinars, up 34% from end of 2014. It gave no explanation for the sharp rise. The bank’s total capital adequacy ratio reached 17.5% at the end of September, well above the regulatory standard of 12%. The bank has the largest branch network in Jordan with 125 branches as of the end of September. DeyaarDubai’s Deyaar Development reported a 37.7% slump in third-quarter net profit yesterday. Deyaar, one of the companies worst hit by Dubai’s property market collapse in 2009-2011, made a quarterly profit of 48.9mn dirhams ($13.3mn) in the three months to September 30, according to Reuters calculations. That compares with a profit of 78.5mn dirhams in the corresponding period of 2014. Deyaar did not provide a quarterly breakdown. SICO Bahrain had forecast the developer would make a quarterly net profit of 5.7mn dirhams. Deyaar said it made 190mn dirhams in the first nine months of 2015, without giving further details. Akbank Turkish lender Akbank yesterday posted an 8.7% decline in third-quarter net profit to 671.65mn lira ($233mn) as operating costs rose, an income statement said. The figure compared with 720.9mn lira in the same period of 2014. Net income had been expected to come in at 682mn lira in the third quarter, according to a Reuters poll of six banks and brokerages. Gulf Bank Kuwait’s Gulf Bank, the Gulf State’s fourth-largest lender by assets, reported a marginally higher net profit for the third quarter yesterday. The bank said it made a profit of 11.0mn dinars ($36.4mn) in the three months to September 30, compared to 10.9mn dinars in the year-earlier period. Gulf Bank attributed the 0.6% rise to slightly higher net interest income and fees and commissions, without further clarification. The lender hired Kevin Hoffman-Smith as chief financial officer, the company said in a bourse statement on August 12. Dubai Financial MarketDubai Financial Market (DFM), the Gulf’s only listed stock exchange, reported a 70% fall in third-quarter net profit yesterday as trading activity plunged, tracking a slump in oil prices. The company, which runs securities trading in Dubai, made a net profit of 45.4mn dirhams ($12.4mn) in the three months to September 30, down from a net profit of 153.5mn dirhams in the year-ago period, a statement said. Trading commissions are the main source of income for DFM. During the third quarter, the value of trades on the exchange fell 63% to 29bn dirhams, year-on-year. Dubai’s government owns a majority stake in DFM through holding company Borse Dubai.