The Housing Bank achieved during the first quarter of 2015 an amount of JD 42.1 million of pretax profits, compared with profits of JD 41 million achieved in the first quarter of the last year, with an increase of 2.6%. The post- tax net profits were JD 31.4 million, compared with JD 31.3 million during the same period of 2014, noting that income tax rate increased from 30% for 2014 to reach 35% for 2015, with an increase of 61%.
Commenting on these results, Michel Marto/Chairman of the board of directors, emphasized on the strength of financial position and durability of the budget of the Bank. Total assets increased to reach JD 7.7 billion at the end of March 2015, with an increase of 2% from the end of 2014. Client deposits balances increased from the beginning of this year by 5.5% to reach JD 5.8 billion, credit facilities portfolio total increased by 12.4% to reach JD 3.3 billion, and equity rights increased by 1.4% to reach JD 1.1 billion.
These results were reflected positively on the key performance indicators in the Bank. Capital adequacy ratio was 17.45%; which is higher than the minimum required by Central Bank of Jordan amounting to 12%. The Bank kept high liquidity ratios amounting to 163%, higher than the minimum acceptable by the supervisory authorities for such ratio amounting to 100%.
In respect of the external existence of the Bank, Marto emphasized that results of the external branches of the Bank in Bahrain and Palestine and results of subordinate banks in Algeria and Britain have achieved good results of performance during this period.
In respect of internal expansion in Jordan, operating branches were 124 branches, and 212 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 that the Housing Bank has local and international branch network of 175 branches, in addition to representative offices in Iraq, UAE, and Libya. On this occasion, Marto is expecting that the Bank will be able to achieve better results in upcoming periods of this year.