The Housing Bank's Net Profits of JOD 61.1 Million
for the 1st Half of 2014
During the first half of 2014, the Housing Bank achieved a growth in net profits with a rate of 16.4%, where net profits "after provisions and after tax" amounted JOD 61.1 million compared to JOD 52.5 million achieved during the first half of last year, which confirms the strength of the Bank's financial position and its ability to continue to achieve greater achievements and growth rates of various activities.
Commenting on these results, Michel Marto, Chairman of the Board explained that the results achieved were in line with the business strategy adopted by the Bank, which is the basis of attracting more sources of funds and using them efficiently within the framework of prudent risk management. Total assets at the end of the first half of 2014 amounted JOD 7.6 billion, an increase of 5% from the end of 2013, and customer deposit balances increased to JOD 5.3 billion, an increase of 3.6%. Moreover, the net balance of credit facilities portfolio increased to JOD 2.8 billion, an increase of 5.2% compared with the end of 2013.
In this regard, Marto explained that the Bank achieved positive results in various performance indicators, where the adequacy capital ratio was 17.6%, which is higher than the minimum required by the Central Bank of Jordan (12%). Net facilities to customer deposits ratio was 53%, enabling the Bank to keep high liquidity.
In expressing his satisfaction with the results achieved by the Bank during this period, Marto explained that achievement of these positive results came within the management's expectations and within the limits of the goals adopted. This was achieved as a result of the ongoing provision of the best banking products and services, and the application of more innovative banking solutions and services to meet the needs of current customers and enhances the relationship with them, so as to attract new customers. On the occasion to talk about the results of the Bank during the first half of 2014, Marto expressed his expectations to achieve better results during the second half of this year, "Noting that these results are preliminary and non-approved by the Central Bank of Jordan."