HBTF distributes cash dividends at a rate of 25%

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.