Bank of Palestine Achieves a Net Profit After Tax in the Amount of USD10.4 million During the First Quarter of 2016

Bank of Palestine announced its net profit after tax and expenditures in the amount of USD10,397,246 during the first quarter of the current year, compared to USD9,989,049 during the first quarter of 2015, with a growth ratio of around 4%. The financial statements indicated an increase in the total income of Bank of Palestine to reach USD36,867,780 during the first quarter of the current year, compared to USD32,679,305 during the same period in the past year, with an increase ratio of 12.8%.

The financial statements issued by the Bank and provided to the Palestine Exchange according to the provisions of the law and the disclosure instructions by the Exchange and Palestine Market Capital Authority, indicated a growth in the Bank’s assets to reach USD2.91 billion, compared to USD2.78 billion at the end of 2015. Shareholders’ equity reduced during the first quarter of 2015 to reach a total of around USD297 million, compared to USD305 million at the end of 2015; this decline is a result of dividends distribution during the past March.

The financial statements during the first quarter of the current year also indicated that the Bank maintained decent ratios of deposits and credit facilitations among Palestinian banks. Customers’ deposits at Bank of Palestine amounted to USD2.14  billion, compared to USD2.15 billion;  the Bank also increased the credit facilitations to amount to USD1.45 billion at the end of the first quarter, compared to USD1.38 billion.

In this context, Mr. Hashim Shawa, Bank of Palestine’s Chairman and General Manager, expressed his satisfaction with the financial results achieved by the Bank during the first quarter. He indicated that the Bank multiplied its efforts towards the development of the Palestinian economy through increasing facilitations,   which increased by around USD70 million. He added that Bank of Palestine will continue as a leading financial institution that operates through a clear and sustainable vision within the Palestinian banking sector. Shawa added that despite the  decline of economic conditions during the first quarter, the Bank witnessed an improvement in its operating performance and banking operations.

Shawa added that the Bank is moving forward in expanding its banking network in Palestine. He indicated that the Bank’s network includes 60 branches and sub-branches located in various governorates, marginalized areas and Palestinian universities. In addition to the Bank’s accomplishment in opening a Representative Office in Dubai International Financial Centre, which will be officially inaugurated next Wednesday, 27/04/2016. The Representative Office aims to communicate with Palestinians in diaspora and connect with Palestinian communities in the Gulf region, in addition to the provision of advisory and investment services.

According to Shawa, the Bank aspires to continue to support all economic sectors and micro, small, and medium-sized enterprises. In addition to the empowerment of women by developing financial tools that meet their needs, enhance their role, and encourage them to conduct business and establish productive projects that would generate income for them and their families, due to the Bank’s belief in equality and diversity within the labor force. In addition to the development of a group of electronic services to facilitate payments and banking transactions.

Shawa also indicated to the grand campaign launched by the Bank, which is based on forming saving accounts through groups, with a maximum of five saving accounts within each group. A draw takes places for the accounts of customers within the campaign, with prizes up to USD30,000 on daily basis. The campaign aims to enhance the savings culture within the Palestinian society, and increase the chances of customers with saving accounts at Bank of Palestine to win daily prizes.

Share News