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Housing Bank ups Q1 pretax profit by 13.8%

By JT - Apr 28,2014 - Last updated at Apr 28,2014

AMMAN — The Housing Bank announced in a press statement on Monday that pre-tax profit amounted to JD41 million during the first quarter (Q1) of 2014, 13.8 per cent higher than the JD36 million generated during the first quarter of last year.

According to the statement, after-tax net profit came at JD31.3 million, a 20.9 per cent increase over the JD25.9 million posted during the January-March period of 2012.

Chairman Michel Marto pointed out that interest and commission income rose by 7.2 per cent to JD75.4 million, and that  total assets increased by 3.2 per cent to JD7.5 billion by the end of March 2014. 

“Customer deposits balance rose by 3.4 per cent to JD5.3 billion, credit facilities portfolio increased by 4 per cent to JD3.1 billion, and equity rights by 2.8 per cent to JD1.1 billion,” Marto indicated in the statement.

The bank’s performance indicators showed capital adequacy ratio at 18.5 per cent, and liquidity at 158 per cent.

Efficiency index (expenses-to-income ratio) was about 41.8 per cent, according to the statement.

Marto concluded that the branches in Bahrain and Palestine and the subordinate banks in Algeria and Britain have achieved good results and that the International Bank for Trade and Finance/ Syria kept consistency and its achievement was compared with the performance of other banks there.

Two new branches were opened during the first quarter of this year  bringing the total in Jordan to 121 besides 204 ATMs after adding five ATMs.

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