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Housing Bank to distribute dividends at a rate of 30%

By JT - Apr 26,2014 - Last updated at Apr 26,2014

AMMAN — The Housing Bank announced in a press statement on Saturday that it will distribute cash dividends to shareholders at a rate of 30 per cent.

According to the statement, shareholders approved during an ordinary general assembly meeting last week the report presented by the board of directors, and adopted the financial statements for 2013 and the future plan for 2014. 

Chairman Michel Marto told the shareholders that despite difficult political and economic conditions in most of the countries in region, the 2013 pre-tax profit amounted to JD150.1 million, 5.6 per cent higher than the JD142.2 million in 2012.

After-tax, the net profit stood at JD106.9 million last year compared to JD104.5 million in the previous year. 

Marto noted in the statement that shareholders equity rights reached JD1.1 billion, indicating that total assets increased to JD7.2 billion and that customers’ deposits rose to JD5.1 billion.

Total credit facilities portfolio amounted to JD3 billion.

The statement showed capital adequacy at 18.8 per cent and liquidity ratio at 159 per cent. 

Other indicators showed the loans-to-deposit ratio at 52.3 per cent, the return on assets at 1.5 per cent and the return on equity right at 10.2 per cent. The efficiency index (expenses to total income ratio) was about 37 per cent.

According to the statement, the Housing Bank topped the banking list in terms of the volume of saving deposits in local currency. 

“The bank had a 14.8 per cent share of total assets, a 15.8 per cent share of customer deposits and an 11.6 per cent share of direct credit facilities. The market capitalisation of the bank’s shares amounted JD2.2 billion at the end of 2013 constituting 12 per cent of total market capitalisation of companies’ shares listed in Amman Stock Exchange.

Operating branches in Jordan reached 119 with a total of 199 ATMs.

Marto concluded the statement by indicating that the bank’s external branches in Palestine and Bahrain, and subsidiary banks in Algeria and Britain showed good performance. The subsidiary bank in Syria was able to maintain good financial position, and strong financial solvency and liquidity despite of difficult conditions in Syria. 

Representation offices in Iraq, United Arab Emirates and Libya continued to promote the bank’s services.

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