The General Assembly approved year ended 2017 financial results and approved the dissemination of dividends at 20 percent of share value.
Al-Khatib: JOD 180 million in profits before tax in 2017, with indicators confirming the bank's strength and financial stability.
During its meeting held on April 30th 2018, The General Assembly of the Housing Bank for Trade and Finance (Housing Bank) approved the report issued by the Board of Directors and the financial results for the year ended 2017, as well as the plans for the year 2018. The General Assembly also approved the recommendations of the Board to disseminate dividends to shareholders at 20 percent of share value.
The meeting was headed by Abdel Elah Al-Khatib, the Chairman of The Housing Bank, who delivered a keynote speech highlighting the bank's key financial indicators for 2017. He reported that the bank's pre-tax profits for the year totaled JOD 180 million compared to 190.3 million in 2016, while net profits totaled JOD 125.2 million compared to JOD 131 million in 2016.
Al-Khatib added that The Housing Bank Group registered a growth in total assets, which reached JOD 8.141 billion with a growth rate of 4.1 percent year-on-year. Meanwhile, total client deposits reached JOD 5.8 billion with a 3.2 percent growth year-on-year. Total direct credit facilities grew by 4.1 percent to reach JOD 4.5 billion in 2017, while total equity reached around JOD 1.1 billion with a 5.3 percent growth year-on-year.
Capital adequacy ratio reached 17.11 percent while the liquidity ratio stood at 127 percent; both are higher than the rate required by The Central Bank of Jordan. Return on assets totaled 1.6 percent, return on equity 11.5 percent and the non-performing loans ratio reached 4 percent.
At the conclusion of his statement, Al-Khatib expressed his gratitude to The Central Bank of Jordan, The Securities Commission and The Companies Control Department. He also thanked the shareholders, the Board of Directors, the Executive Management and the employees of the Bank, wishing the bank and its stakeholders continued success in their mission to bring further prosperity to Jordan under the auspices of his majesty King Abdullah bin Al-Hussein.