The Housing Bank has achieved during the first nine months of 2013 an amount of JD (110.2) million of pretax profits, compared with JD (107.2) million in the period ahead of last year. The amount of after tax profits was JD (78.8) million, compared with JD (78.6) million in the period ahead of last year, noting that the Bank's profits in Jordan achieved an increase of (9%) during this period. These results were achieved although of adverse effect resulted from the ongoing circumstances in Syria, where sufficient provisions were taken there.
Commenting on these results, Michel Marto/ Chairman of the board of directors of the Housing Bank stated that they were achieved as a result of increase in total income from JD (274) million during this period compared with JD (240.7) million in the period ahead of last year by an increase of (13.8%).
Marto praised the Bank's strength of the financial position and balance sheet, where total assets amounted to JD (7.2) billion, total customer deposit balances JD (5) billion, and credit facility portfolio JD (2.9) billion.
The above results were reflected positively on a set of performance indicators in the Bank. Loans-to-customer deposits ratio amounted to (58%), capital adequacy ratio (18.6%), much higher than minimum accepted as required by the Jordanian Central Bank and Basel Committee limits. Efficiency index (expenses-to-income ratio) was improved from (35.2%) during the first nine months of 2012 to reach (34.9%) during the first nine months of 2013. This level is one of the best levels at the banking system in Jordan.
In respect of internal expansion in Jordan, operating branches reached 117 branches, supported by (198) ATMs in providing a range of banking services to customers. With this situation, the Bank remains the leader of the banking sector in Jordan through the number of branches and number of ATMs. It is worth noted in this respect that the Housing Bank has local and international branch network of 166 branches in Jordan, Syria, Algeria, London, Palestine and Bahrain, in addition to representation offices in Iraq, UAE and Libya.
On this occasion, Marto emphasized on the appreciation of strength of solvency and durability of the capital base of the Bank, and the safety and quality of its credit and investment portfolios. These achievements are due to the supportive position of the Board of Directors and to the sincere efforts of the Executive Management (senior executives and personnel). He expects to achieve better results in the fourth quarter of this year.