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Housing Bank to distribute 15% of share nominal value in dividend

Housing Bank to distribute 15% of share nominal value in dividend

AMMAN: The Housing Bank for Trade and Finance (Housing Bank) will distribute cash dividend to shareholders at a rate of 15 per cent of the share nominal value, according to a statement by the bank.

The bank’s general assembly on Thursday approved a recommendation by the board of directors in this regard.

During the general assembly meeting, which was presided over by Abdel Elah Al Khatib, chairman of the board of directors, the assembly approved the board of directors’ report and the financial results for 2018, as well as the bank’s plan for 2019.

Despite increasing competition and economic challenges, the bank was able to register balanced financial growth in 2018, Khatib indicated.

He said the bank’s total income grew by 7 per cent to reach JD 348.8 million in 2018 due to an increase in net interest income, commission income and other key indicators. However, the bank’s net profit recorded in 2018 was less than that of 2017.

Its pre-tax profit totalled JD132 million compared with JD180 million in 2017, with its net profit standing at JD94.5 million compared with JD125.2 million in 2017.

The bank attributed the decline to the implementation of the International Financial Reporting Standard Nine, in which provisions amounting to JD63 million were booked.

The bank’s other financial indicators reflected a solid performance, with the capital adequacy ratio reaching 16.1 per cent and the liquidity ratio 124 per cent, both of which are higher than the rate required by the Central Bank of Jordan.