Cairo – Mubasher: The Housing and Development Bank (HDB) has amended its previously recommended dividend distributions for 2017 in accordance with IFRS9 standards as per a directive by the Central Bank of Egypt (CBE).

Following the IFRS9 requirements, HDB’s dividends will amount to EGP 189.7 million compared to the previously recommended EGP 316.26 million for 2017.

Last month, HDB’s board proposed a cash distribution of EGP 2.5 per share, representing 25% of the bank’s capital, and amounting to EGP 316.26 million for 2017. Dividends for employees had been recommended at EGP 112.5 million for last year.

HDB reported a 74% surge in consolidated profits to EGP 1.31 billion in 2017, including minority shareholders’ rights, from EGP 754.8 million in 2016.

The IFRS9 standards pertain to risk management and work primarily to measure financial assets and obligations.