April 29, 2014 / 9:16 AM / 4 years ago

UPDATE 1-Jordan Housing Bank Q1 net profit rises 21 pct

(Adds details and background)

AMMAN, April 29 (Reuters) - Jordan’s Housing Bank for Trade and Finance posted a 21-percent increase in first-quarter net profit to $44 million buoyed by a rise in core revenues from interest and commission, it said in a statement on Tuesday.

Assets stood at $10.6 billion at the end of March, up 3.2 percent from the end of last year. Income from interest and commission rose 7.2 percent to $106.3 million compared to the same period last year, it said.

Housing Bank for Trade and Finance is the country’s number-two lender. Its main shareholder is Qatar National Bank , with a stake of over 35 percent.

“The results reflect the solidity of the bank’s financial position,” said Chairman Michel Marto, adding that customer deposits rose 3.4 percent to $7.5 bln compared to the end of last year.

The bank’s total capital adequacy ratio reached 18.5 percent at the end of March, well above the regulatory standard of 12 percent.

The bank, which is one of the largest foreign banks operating in Syria, said its operations in the country were performing well despite the unrest. It gave no details. (Reporting by Suleiman Al-Khalidi; editing by Jason Neely and Sophie Walker)

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