150.1 Million JD The Housing Bank's Pretax Profits For 2013
The Bank has achieved during the first half of 2013 profits amounting to JD (150.1) million, compared with JD (142.2) million in the last year, namely with a growth of (6%). "After tax and allocations" net profits was JD (106.9) million, compared with JD (104.5) million in the last year, noting that the bans achieved during 2013 operational revenues of JD 357 million "the highest since establishment" compared with JD 327 million in 2012, with an increase of JD 30 million (9.1%).
Commenting on these results, Michel Marto/ Chairman of the board of directors of the Housing Bank, emphasized on the strength of solvency and durability of the capital base of the Bank, as it achieved good achievements in the balance sheet items. Total assets was JD (7.2) billion, deposits balances total was JD (5.7) billion, credit facilities portfolio volume was JD (3) billion, and equity rights were JD (1.1) billion. These figures were realized although the low balances of the International Bank of Commerce & Finance in Syria estimated in Jordanian Dinars as a result of the low exchange rate of the Syrian Lira.
These results were positively reflected on the main solvency indicators at as capital adequacy ratio was 18.8%, higher than the ratio acceptable by the Jordan Central Bank of 12%, reflecting the Bank's strength and financial position. Return on assets was 1.5%, return on equity 10.2%, and liquidity (159%), higher than the required ration as instructed by the Central Bank. Efficiency index (expenses-to-income ratio) was improved (37%) during 2013. This is good level compared with levels realized at local and regional banks.
In respect of the external branch and subordinate banks activity of the Bank, the external branches of the Bank in Bahrain and Palestine have achieved good results. Results of the subordinate banks in Algeria and Britain had also achieved good levels of profits and other different activities. "The International Bank for Trade and Finance/ Syria" kept consistency and balance in the balance sheet in light of difficult circumstances crossed by Syria, as the financial position of this bank remained fit and it is keeping proper solvency and liquidity ratio.
In respect of expansion in Jordan, three new branches were opened to become (119) branches operating in Jordan. These branches are supported by (199) ATMs in providing a full range of banking services to clients. 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 that the bank has local and international branch network of 168 branches, in addition to representative offices in Iraq, UAE, and Libya.
These positive results were as a result of the prudent and balanced policies adopted by the Bank, expansion in business size under a prudent risk management policy, advanced level in service provision to customers of the bank, and the outstanding efforts of the employees of the abnk at all levels.
Based on these good results, the board of directors in its meeting held on 30/1/2014 recommended to the shareholders general meeting to be held on 27/3/2014 to distribute profits on shareholders for 2013 at 30% of the nominal value of the share.
Finally, Dr. Marto praised the Bank's solvency, durability of capital base, and integrity of credit and investment portfolios. He also expressed special thanks for the Bank's board of directors for continuing efforts in the support of the bank, clients for their confidence, and all employees "senior management and staff" who show loyalty, high efficiency and distinguished efforts in client service.
"Noting that these results are preliminary and subject to the approval by the Central Bank"