During a meeting held on March 24, 2022, the Housing Bank’s General Assembly approved a distribution of cash dividends to the shareholders at a rate of 20% of the share nominal value for the year 2021, as well as approving the Board of Directors annual report, the financial statements for the year 2021 and the Bank’s business plan for the year 2022. Also at the meeting, Deloitte was elected as an external auditor to audit the Bank’s accounts for the year 2022.

In line with the provisions of Defense Order No. 5 of 2020 and the procedures issued by the Minister of Industry, Trade and Supply on April 9, 2020, the Housing Bank held its 49th general assembly for shareholders via Microsoft Teams at 10 AM on March 24, 2022.

Housing Bank Chairman of the Board of Directors Abdelelah Al-Khatib chaired the meeting, which was attended by shareholders holding 94.788% shares of the Bank’s capital. The meeting was also attended by the General Controller of the Companies Control Department, representatives of the Central Bank of Jordan and the representative of the Bank’s auditing firm Deloitte, whereby Al-Khatib extended his appreciation of the outstanding role played by the General Controller of the Companies Control Department.

Al-Khatib noted that 2021 was a year of exceptional challenges as a result of the coronavirus pandemic, which affected economies across the world. As a result, it is expected that the national economy will have recorded a limited growth that does not exceed 2% despite the fact that domestic revenues recorded better growth due to the fiscal and monetary policies adopted, which played an important and positive role in enabling the Jordanian economy to absorb the negative effects of the pandemic in preparation for the recovery phase, during which we hope to achieve better growth rates.

Al-Khatib stated that despite the challenges of 2021, the Housing Bank achieved strong operational results, which confirms the Bank's ability to adapt and confront challenges with exceptional effectiveness and agility due to the effective management of the Bank’s assets and liabilities, and the conservative approach adopted. All these factors led to the achievement of JD163.1million in profits before tax, compared to JD77.7 million during 2020, while the Group’s net profit after provisions and taxes amounted to JD110.1 million compared to JD42.5 million during 2020.

 The Bank continues to maintain additional provisions for the loan portfolio during 2021, which amounted to more than JD50 million, in addition to what was retained during previous years. By the end of 2021, the Bank’s total assets amounted to JD8.2 billion, customer deposits amounted to JD5.2 billion and credit facilities reached JD4.5 billion.

The Bank maintains a strong capital base, with total equity amounting JD1.2 billion, a growth rate of 4.7% compared to 2020, while the return on shareholders’ equity increased to reach 9.3% for the year 2021 and the capital adequacy ratio stood at 16.8%, the liquidity ratio reached 131% as of December 31st, 2021, which are all higher than the requirements of the Central Bank of Jordan and the Basel Committee.

Al-Khatib pointed out the Bank’s pride in continuing to play an effective corporate social responsibility role and its support to humanitarian and environmental causes while supporting health, education, social and civil society institutions in their various activities. During 2022, the Bank looks forward to continuing to provide all forms of support that contributes to achieving the desired development goals of the economy and local civil society.

At the end of his remarks, Al-Khatib thanked the Central Bank of Jordan, the Jordan Securities Commission and the Companies Control Department for their tireless work to advance the country’s banking sector, praising their role in developing the Jordanian economy and delivering the framework to ensure its continued prosperity. He further expressed his appreciation to the Bank’s shareholders, depositors, clients, board of directors’ members, as well as the executive management team and all employees for their continued efforts and loyalty.  Al-Khatib added that he looked forward to the Bank’s continued progress and prosperity in serving Jordan under the leadership of His Majesty King Abdullah II Ibn Al-Hussein.