AMMAN — The Housing Bank’s General Assembly approved a distribution of cash dividends to the shareholders at a rate of 25 per cent of the share nominal value for the year 2022 during a meeting held on Thursday.

The bank’s general assembly meeting also approved the board of director’s annual report, the financial statements for the year 2022 and the bank’s business plan for the year 2023, according to a Housing Bank statement.

Also at the meeting, Deloitte was elected as an external auditor to audit the bank’s accounts for the year 2023.

In line with the provisions of Defence Order No. 5 of 2020 and the procedures issued by the minister of industry and trade and supply on April 9, 2020, Housing Bank held its 50th general assembly for shareholders on Thursday.

Housing Bank Chairman of the Board of Directors Abdelelah Al Khatib, chaired the meeting, which was attended by shareholders holding 94.791 per cent shares of the bank’s capital.

The General Controller of the Companies Control Department, as well as representatives from the Central Bank of Jordan and the bank’s auditing firm Deloitte attended the meeting.

Khatib stated that the bank’s performance during 2022 was positive. The profits achieved enabled the bank to maintain a solid financial position, handle local and external challenges, and shield itself from the international repercussions that still affect the economy.

During the year, the group focused on strengthening its relationships with banks and correspondent financial institutions spread across 70 countries worldwide.

In addition, it worked on energising the marketing operation, managing investment services and products supported by prudent investment policy, improving the operational efficiency, and continuing to automate its products and services to keep pace with the technological banking developments, the statement said.

Khatib mentioned that, as a result of the bank’s flexible, strategic approach based on sustainability and continuous development, the group has attained remarkable achievements in the main items of the financial position and income statement for 2022.

Net profits grew by 20.2 per cent to reach JD132.4 million for the year 2022 compared with JD110.1 million achieved during 2021.

The net credit facilities increased by 8.2 per cent to JD4.3 billion and a 2 per cent increase in customer deposits reaching JD5.3 billion, as well as maximising the return on shareholder’s equity, which rose to 10.7 per cent by the end of 2022 compared with 9.3 per cent for 2021.

The total income from main banking operations increased by 6.5 per cent to JD378 million, compared with JD355 million achieved during 2021, while the operating profits recorded a strong increase of 8.3 per cent to reach JD212.9 million.

The bank maintained a strong capital base, where the total shareholder’s equity amounted to JD1.3 billion, while the capital adequacy ratio reached 18.7 per cent, well above the minimum requirements of the Central Bank of Jordan and the Basel Committee.

As for the bank’s plan for 2023, Khatib stated that an estimated budget and business plan has been put in place, based on a set of assumptions and expectations aimed at enhancing the bank’s advanced position in the banking sector, achieving sustainable growth in profits, and increasing its market share. The strategic plan focused on finance, market, customers, operations, and human resources.

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