KUALA LUMPUR (March 22): Lembaga Tabung Angkatan Tentera (LTAT) has declared a 12.5% dividend and bonus for the financial year ended Dec 31, 2017 (FY17) which it notes is higher than the average annual payout of 11.3% since the board was set up 45 years ago.

The payout comprises a  6% dividend and 6.5% special bonus in the form of unit trusts, LTAT said in a statement.

The board reported a 12.1% increase in net profit to RM667.1 million for FY17 compared with RM595 million in FY16.

Total assets rose 4.2% to RM10 billion from RM9.6 billion as members’ contribution increased to RM8.8 billion versus RM8.6 billion in FY16.

Defence Minister Datuk Seri Hishammuddin Hussein described the results as commendable.

“I am very pleased with its performance and am confident it will continue to reach new heights of excellence for the benefit of serving and retired members of the Armed Forces,” he said.

Meanwhile, LTAT said it has processed 8,139 withdrawal applications from its members in 2017 upon completion of their service with the Armed Forces, amounting to RM1.2 billion.

“In addition, 2,401 members who were eligible to purchase a house or land were paid RM20.1 million as part of the Housing Withdrawal Scheme.

“As part of the Death and Disablement Benefits Scheme, RM6 million was paid out to 183 members or next-of-kin,” it added.

LTAT said it is constructing 2,304 units of affordable houses in Taman LTAT, Bukit Jalil, Kuala Lumpur, and in Bandar Segari, Perak.

It will also finance the construction of the Wisma Bintara complex on Jalan Padang Tembak, Kuala Lumpur at an estimated cost of RM30 million for the welfare of its members.