BOP Achieves USD 12.5 Million Profit and Operational Revenues Up to USD 28 Million

BOP operational revenues rose to USD 28,268,335 during the first quarter of this year compared to USD 26,477,664 for the same period last year, achieving an increase of 6.76 percent. Moreover, during the first quarter this year, BOP has achieved a pre-tax net profit of USD 12,543,622

The financial indexes achieved by BOP during the first quarter of 2014 point to a growth in the assets by 1.7 percent reaching USD 2.388 billion compared to USD 2.348 in 2013. Shareholders’ rights reached USD 266 million during the same period compared to USD 252 last year, achieving a rise of 5.5 percent. The financial statement also pointed to a growth in the deposit indexes and credit facilities.

BOP Chairman and General Manager Hashim Al-Shawa reported the bank’s deposits rose by 2.62 percent reaching about USD 1.8 billion this year compared to USD 1.745 billion last year. In addition BOP raised the volume of credit facilities during the first quarter of 2014 to reach USD 1.147 billion, compared to USD 1.103 billion for the same period last year, achieving an increase of 4 percent. Al-Shawa asserted BOP’s keenness to increase the volume of facilities portfolio in order to provide required funding to all social segments, economic sectors and projects aiming to incentivize national economy.

Al-Shawa added the financial results achieved were satisfactory in light of the challenging political and economic conditions Palestine is passing through. He stressed BOP’s determination to continue its contribution to all economic sectors. Indeed BOP has financed medium, small and micro enterprises with loans valued at USD 160 million. The loans have been offered though a full package of banking products and services. BOP has developed programs to meet the needs of a number of economic sectors within the small enterprises segment. BOP is currently developing other programs for these segments especially as these projects constitute 90 percent of the Palestinian economy and provide many employment opportunities.

BOP strategy aims as well to empower women, and for this purpose it has developed financial instruments that fulfill the needs of Palestinian women, enhance their role and encourage them to engage in business and launch money generating enterprises. BOP advocates equality of gender and diversity in the labor force.

Al-Shawa expressed pride in the clients’ confidence in BOP, adding the bank’s expansion and outreach strategy has maximized the BOP’s banking operations and diversified its services. BOP is now a leading bank in organizing campaigns and providing offers in the Palestinian market. 

Part of its development policy, BOP has enhanced the acceptance policy of plastic cards by way of websites and e-commerce. The bank has promised its clients to launch this service and provide cash and cheque deposit service through the ATM during the current year and provide. Moreover, BOP will provide kiosk equipment for clients to enable them complete transaction with the bank online.

It must be mentioned that BOP General Assembly convened last Friday in order to look into the recommendation made by the Board of Directors to distribute USD 22,5 million of the dividends acquired in 2013 to shareholders which is equivalent to 24.99 percent of the nominal value per share. The allocated amount was divided into two batches, the first in the form of free shares equivalent to USD 10 million at a ratio of 6.66 percent of the nominal value, bringing BOP paid-up capital from USD 150 million up to USD 160 million. The other batch has been approved as cash dividends for the value of USD 12.5 million which is equivalent to 8.33 percent of the nominal value. Shareholders registered in PEX on Thursday 24 April 2014 are entitled to the distribution of the profits each according to his share in the bank’s capital. BOP will start distributing cash dividends in all its branches starting Sunday 27 April 2014.

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