February 2, 2015 / 4:32 PM / 3 years ago

UPDATE 1-Jordan's Housing Bank says 2014 net profit up 16 pct

(Adds details and background)

AMMAN, Feb 2 (Reuters) - Jordan’s Housing Bank for Trade and Finance has reported a 16 percent rise in full-year net profit to 123.9 million dinars ($175 million), led by continued growth in its core banking activities and healthy performances by its subsidiaries.

The country’s second-largest lender said in a statement total assets reached 7.6 billion dinars at the end of 2014, up 5 percent from the same time a year earlier.

Customer deposits rose 7 percent to 5.5 billion dinars, while the bank’s credit portfolio rose to 2.7 billion dinars at the end of December, a 2 percent rise year on year.

The bank’s total capital adequacy ratio reached 18.2 percent at the end of December, well above the regulatory standard of 12 percent.

Housing Bank’s main shareholders are Qatar National Bank , with a more than 35 percent holding, followed by Libya’s Foreign Bank with 16.2 percent and Kuwait’s Real Estate Investment Consortium with 18.6 percent.

The bank said its foreign subsidiaries in Bahrian, Palestinian territories and Algeria had performed well.

Its subsidiary in war-torn Syria, International Bank for Trade and Finance, was able to maintain a sound financial position and enjoyed strong liquidity despite the troubles, the bank said, without elaborating.

The bank has the largest branch network in the country with a total of 124 branches at end of 2014. (Reporting by Suleiman Al-Khalidi; Editing by David Holmes)

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