Housing Bank to distribute 35% cash dividends

AMMAN — The Housing Bank announced in a press sattement on Saturday that it will be distributing dividends to shareholders at a rate of 35 per cent.

"Pretax profit last year amounted to a record JD162.1 million, an 8 per cent growth over the JD150.1 million posted in 2013," Chairman Michel Marto told the shareholders during an ordinary general assembly meeting.

"Net after-tax profit stood at JD123.9 million last year,16 per cent higher than the JD106.9 million in 2013," the press release quoted him as saying.

Marto added that the bank group achieved growth in most items of the balance sheet, where assets rose to JD7.6 billion, customer deposit balances increased to JD5.5 billion and total credit facilities portfolio amounted toJD3 billion.

According to the press statement, capital adequacy stood at 18.1 per cent, much higher than the 8 per cent required by the Basel Committee, and the 12 per cent required by the Central Bank of Jordan (CBJ).

"Liquidity ratio was 170 per cent, exceeding the 100 per cent minimum required by the CBJ [100%]," the press release said. "Loans-to-deposit ratio was 49.8 per cent, and the return on assets came at 1.7 per cent and return on equity rights was 11.8 per cent.

Marto said in the press statement that the bank topped the Jordanian banking  list in terms of saving deposits in local currency and that its share of total assets was 15 per cent.

Its share of customer deposits was 15.3 per cent, and that of direct credit facilities was 11.3 per cent, according to the chairman. 

With five new branches, the number of operating branches in Jordan became 124 at the end of last year in addition to 208 ATMs, which is the largest network in the local market.