During the 1st half of 2015, the Housing Bank achieved a growth in profits of 5.3% amounting to JOD 86.4 million, compared with JOD 82.1 million achieved during the 1st half of last year. "Post-tax" net profits amounted to JOD 61.6 million, compared with JOD 61.1 million achieved in the same period of 2014 as income tax rate increased from 30% in 2014 to 35% at the beginning of 2015.
Commenting on these results, Michel Marto, Chairman of the Board of Directors explained that such results achieved because of the Bank's successful strategy, prudent policies and approaches of developed banking standards to provide the best services and products to its customers. Total assets amounted in the end of June 2015 to JOD 7.8 billion, with an increase of 3.3% from the end of 2014, and customer deposit balances increased to JOD 5.8 billion, with an increase of 6.7% and market share of 16%. Moreover, the net balance of credit facilities portfolio increased to JOD 3.2 billion, with an increase of 19.3% compared with the end of 2014 and market share of 12.7%.
These results were positively reflected on the key performance indicators at the Bank, thus confirming strength and solvency compared with the existing circumstances. The adequacy capital ratio was 17.8% and liquidity ratio was 153%, both higher than the rates required by the Central Bank of Jordan, return on assets ratio was 1.6%, return on equity was 12%, and credit facilities to client deposits net rate was 55.6%.
In respect of internal expansion in Jordan, operating branches increased from the beginning of the year to reach 125 branches, and number of ATMs increased to reach 214 ATMs. 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 176 branches in Jordan, Syria, Algeria, London, Palestine and Bahrain, in addition to representation offices in Iraq, UAE and Libya.
These achievements were in line with the Bank's strategy to strengthen its position and improve its services quality to live up to the expectations of customers and meet their needs and enhance relations with them. On the occasion about the Bank's results during the 1st half of 2015, Marto expressed his expectations to achieve better results during the 2nd half of this year. "Noting that these results are preliminary and subject to the approval by the Central Bank"