With a Growth of 13.8%
JD 41 Million the Housing Bank's Pretax Profits For The First Quarter of 2014
The Bank achieved during the first quarter of 2014 pretax profits amounting to JD 41 million, compared with JD 36 million during the first quarter of the last year, with a growth of 13.8%. After tax net profits were JD 31.3 million, compared with JD 25.9 million during the first quarter of the last year, with a growth of 20.9%.
Commenting on these results, Michel Marto/ Chairman of the board of directors of the Housing Bank, praised the strength of the Bank's financial position and solidity of budget. Interest and commission income increased compared with the first quarter of the last year by 7.2% to reach JD 75.4 million, and total assets by 3.2% from the end of 2013 to reach JD 7.5 billion by the end of March 2014. Customer deposits balances increased by 3.4% to reach JD 5.3 billion, credit facilities portfolio total by 4% to reach JD 3.1 billion, and equity rights by 2.8% to reach JD 1.1 billion.
These results were positively reflected on the Bank's performance indicators, as capital adequacy ratio was 18.5%, higher than the minimum ratio acceptable by the Jordan Central Bank of 12%. The Bank continued to maintain high liquidity levels of 158%, higher than the minimum for this ratio acceptable by regulatory authorities of 100%. Efficiency index (expenses-to-income ratio) was about 41.8% during the first quarter of 2014, one of the best levels at the banking system in Jordan.
In respect of the external presence, Marto explained that results of the Bank's external branches in Bahrain and Palestine and results of subordinate banks in Algeria and Britain have achieved good levels of achievement in this period. The International Bank for Trade and Finance/ Syria kept consistency and its achievement was compared with the performance of other banks there.
In respect of internal expansion in Jordan, two new branches were opened during this period to become (121) branches operating in Jordan. Also, five ATMs were added totaling 204 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 noting in this regard that the Housing Bank has local and international branch network of 171 branches, in addition to representative offices in Iraq, UAE, and Libya.
On this occasion, Marto expected that the Bank will be able to achieve better results in future periods of this year.