With a 11% Growth
JOD 122.2 Million Profits of the Housing Bank for the 1st Nine Months of 2014
During the nine months of 2014, the Housing Bank achieved pre-tax profits of JOD 122.2 million, compared with JOD 110.2 million during the same period of the last year, i.e. with an increase by 11%. Net post-tax profits amounted to JOD 90.2 million, versus JOD 78.8 million in the same period, i.e. with an increase by 14.5%.
Commenting on these results, Michel Marto, Chairman of the Board of Directors explained that the results achieved within the expectation of the management and the adopted goals, which is the basis of attracting more sources of funds and using them efficiently. Total assets of the Bank at the end of the 3rd quarter of 2014 amounted JOD 7.5 billion, an increase of 4% from the end of 2013, and customer deposit balances increased to JOD 5.4 billion, an increase of 6.1% from the end of last year. Moreover, the net balance of credit facilities portfolio increased to JOD 2.8 billion, an increase of 6.4% compared with the end of 2013.
These results were positively reflected on various performance indicators of the Bank, where the adequacy capital ratio was 17.6%, which is higher than the minimum required by the Central Bank of Jordan (12%), and liquidity ratio was 166%, which is also higher than the minimum required by the Central Bank of Jordan (100%). Return on assets ratio was 1.6%, return on equity ratio was 11.2%, and loans-to-customer deposits ratio was 57.5%.
Marto explained that the Bank always seeks to develop products, improve the level of service customers and promote various distribution channels, as the number of bank branches operating in Jordan reached (123) branches supported by (209) ATMs; accordingly, the Bank remains the leader of the banking sector in Jordan in terms of number of branches and ATMs. It is worth noting in this regard that the Housing Bank has local and international branch network of (173) branches in Jordan, Syria, Algeria, London, Palestine, and Bahrain, as well as representative offices in Iraq, UAE and Libya.
At the end of commenting on the Bank's results, Marto emphasized the strong solvency of the Bank, and the durability of its capital base and the safety and quality of credit investment portfolios. These achievements were as a result of the support of the Board of Directors and the dedicated efforts of the executive management, "senior management and staff," and expected better results in the last quarter of this year.