Housing Bank Holds Annual General Assembly Meeting

Distribution of 25% Cash Dividends for the year 2022

HBTF General Assembly Meeting
(Photo: Housing Bank)
Press Release — During a meeting held on April 27, 2023, Housing Bank’s General Assembly approved a distribution of cash dividends to the shareholders at a rate of 25% of the share nominal value for the year 2022, as well as approving the Board of Director’s annual report, the financial statements for the year 2022 and the Bank’s business plan for the year 2023. Also at the meeting, Deloitte was elected as an external auditor to audit the Bank’s accounts for the year 2023.اضافة اعلان

In line with the provisions of Defense 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 via Microsoft Teams at 10 AM on Thursday, April 27, 2023.

Housing Bank Chairman of the Board of Directors, Abdelelah Al-Khatib, chaired the meeting, which was attended by shareholders holding 94.791% shares of the Bank’s capital. The meeting was also attended by 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.

Al-Khatib stated that the Bank’s performance during 2022 was positive and another milestone in the Bank’s triumphant march. 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 energizing 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 Bank aimed to provide distinguished services and launch new products, services, and benefits for its clients, individuals, and companies.

Al-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% to reach JOD 132.4 million for the year 2022 compared to JOD 110.1 million achieved during 2021. The net credit facilities increased by 8.2% to JOD 4.3 billion and a 2% increase in customer deposits reaching JOD 5.3 billion, as well as maximizing the return on shareholder’s equity, which rose to 10.7% by the end of 2022 compared to 9.3% for 2021. The total income from main banking operations increased by 6.5% to JOD 378 million, compared to JOD 355 million achieved during 2021, while the operating profits recorded a strong increase of 8.3% to reach JOD 212.9 million.
JOD 132.4 million Net profit for the year 2022, and performance indicators confirm the Bank’s financial strength and resilience
The Bank maintained a strong capital base, where the total shareholder’s equity amounted to JOD 1.3 billion, while the capital adequacy ratio reached 18.7%, well above the minimum requirements of the Central Bank of Jordan and the Basel Committee. The financial results achieved represent the diversity in sustainable investment resources, efficient operational processes, and the effective recruitment and direction of available resources within the various operational sectors. In addition to the quality and safety credit portfolios and prudent risk management whose cost has decreased with a conservative approach, along with distinct competencies that are able to meet customer requirements.

Al-Khatib highlighted that the Bank is proud of its constant commitment to fulfilling its social role in accordance with a clear and comprehensive strategy. It is consistent with the Bank’s goals and vision as a pioneering institution in Jordanian society. The Bank contributed to education, health, community service, environment, people with special needs, and other voluntary activities, reflecting its firm belief that social responsibility contributes to the advancement of development.

As for the Bank’s plan for 2023, Al-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.

At the end of his remarks, Al-Khatib thanked the Central Bank of Jordan, the Jordan Securities Commission, and the Companies Control Department for their tireless work to advance the country’s banking sector, praising their role in developing the Jordanian economy and delivering the framework to ensure its continued prosperity. He further expressed his appreciation to the Bank’s shareholders, depositors, clients, board of directors’ members, as well as the executive management team and all employees for their continued efforts and loyalty. Al-Khatib added that he looked forward to the Bank’s continued progress and prosperity in serving Jordan under the leadership of His Majesty King Abdullah II Ibn Al-Hussein.

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