Jordan- Housing Bank to distribute cash dividends at a rate of 25% 

(MENAFN - Jordan Times) The Housing Bank for Trade and Finance (HBTF) will distribute 25 per cent in cash dividends this year following the approval of shareholders during a general assembly meeting held on Wednesday. According to a bank statement received yesterday, the HBTF general assembly also approved the board's report and financial statements for 2011 as well as its 2012 work plan.

Chairman Michel Marto told shareholders that the bank's net profit before tax and after provisions increased by 16.6 per cent to JD135.7 million, and that net after tax profit rose by 13.1 per cent to JD100 million.

Marto said the bank managed to achieve this profit despite it having to meet additional allocations which amounted to JD46 million.

Additionally, the bank boosted its shareholders equity by JD24.7 million, to JD1.05 billion at the end of 2011.

Marto said the bank posted several financial achievements despite a drop in client deposits and credit facilities at its branch in Syria.

At the end of 2011, HBTF assets went up to JD6.9 billion and client deposits also went up to JD4.8 billion. Net credit facilities' portfolio increased to 2.5 billion, according to Marto.

As a result, the bank achieved growth in key indices. For example, the bank's capital adequacy ratio stood at 20.7 per cent, exceeding the minimum of 8 and 12 per cent rates, required by the Basel II Committee and Central Bank of Jordan (CBJ) respectively.

Furthermore, the bank's liquidity percentage was 172 per cent, which is higher than the 100 per cent minimum outlined by the CBJ.

At 41.6 per cent of saving deposits in local currency, Marto indicated that HBTF managed to maintain the largest market share besides a 15.1 of total assets, 15.9 per cent of client deposits and 11.9 per cent of direct credit facilities.

Established in 1973, HBTF now has 112 branches in Jordan supported by 198 automatic teller machines.