Bank of Palestine achieves profit in the value of 33.3 million dollars in nine months and a growth rate of more than 20%

Bank of Palestine achieved net profit in the value of 33,305,409 US dollars, after the deduction of taxes, in the third quarter of the current year, with a growth rate of 20.46%; in comparison with 27,647,656 dollars during the same period in 2014. The Bank’s assets increased to reach 2.7 billion dollars, in comparison with 2.4 billion dollars by the end of December 2014, with a growth rate of around 13.25%.

Mr. Hashim Shawa, Chairman and General Manager of Bank of Palestine, anticipates the results to continue to grow until the end of the year; he indicated that the level of the financial results achieved will enhance the trust of the investors and shareholders of Bank of Palestine. Shawa added that the Bank’s growing results are due to the adopted policy of expansion and spreading out and the application of good governance standards, in addition to the Bank’s sustainability strategy and the long-term flexible plans, which is capable to cope with various obstacles and political difficulties and challenges. He also indicated that the Bank adopted international standards for risk management through its partnership with the International Finance Corporation.

Shawa explained the other financial indicators achieved by the Bank during the nine months of the current year, which indicated an increase in the total income by 20.61%, as total income for the first nine months of this year reached 103.8 million dollars, in comparison with 86 million dollars achieved by the Bank during the same period of last year. The customers’ deposits increased by 6.06% to reach 2.18 billion dollars, in comparison with 2.06 billion dollars achieved by the Bank by the end of 2014.

According to Shawa, the Bank increased the volume of credit facilitations provided by the end of the third quarter of the current year to reach 1.23 billion dollars, in comparison with 1.15 billion dollars provided by the Bank by the end of December 2014, with an increase rate of around 7.22%; he indicated that the campaign launched by the Bank to support and finance small and medium-sized enterprises, in which the Bank dedicated a portfolio that can reach up to 300 million dollars by the end of the year and a credit facilitation portfolio for small-sized enterprises with a value of around 274 million dollars, contributed in enabling small-sized enterprises in the process of establishment and entrepreneurial projects that already began their activities. Shawa also confirmed the Bank’s efforts to increase the volume of the facilitations’ portfolio to provide the needed financing to all social segments, economic sectors and businesses that contribute in stimulating the national economy and enables its development under declining economic indicators in the country.

Shawa also explained that the Bank developed a group of programs and financial tools that meet the needs of Palestinian women, in order to enhance the role of women in the society and economy, through launching an exclusive program called “Felestineya”, which includes the provision of banking products for women. The program also includes conducting awareness workshops in various Palestinian governorates, with around 500 women who joined these workshops; in addition, the Bank created an exclusive awareness Facebook page that provides women with important tips and information in the fields of health, nutrition, upbringing of children, and career and self-development.

Shawa indicated that the shareholders’ equity continued to grow similar to other financial indicators, relative with the Bank’s paid capital in the value of 175 million dollars, with a rate of 5.16%, as it reached by the end of September 2015 a total of 294,570,309 dollars, in comparison with 280,106,578 million dollars by the end of 2014.

In closing, Shawa expressed his appreciation to the Bank’s staff, for their support, sincere commitment and loyalty and for their contribution in the Bank’s growth and development. He also expressed his gratitude to the Bank’s customers and shareholders for their continuous trust in its services; Shawa also commended the efforts by the Palestinian Monetary Authority to apply the concept of comprehensive control on the banks and adopt control procedures that aims to ensure the safety and durability of the banking system.

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