Bank of Palestine Achieves a Total Pre-Tax Profit of USD 38.6 m during the third Quarter of 2013 with a Growth Rate of 4%

Chairman of the Board and General Manager of Bank of Palestine Mr Hashim Al-Shawa declared that Bank of Palestine has achieved a total pre-tax profit of USD 38,594,438 during the third quarter of 2013 with a growth rate of 4.07% compared to the same period in 2012.

Al-Shawa pointed to several indicators that have been realized during the first nine months of 2013. Customers’ deposits rose by USD 216m achieving an increase rate of 13.90% soaring to USD 1,770 billion. Net credit facilities rose by USD 92.3m to reach USD 1,068 billion achieving an increase rate of 9.45%. Likewise, net assets rose by USD 331m achieving an increase rate of 16.53% to reach USD 2,335 billion. Net shareholders’ equities rose by 8.5% achieving an increase of USD 18.7m to reach USD 239.76m.

Al-Shawa asserted the financial results achieved in 2013 are positive and reflect the distinctive level of financial performance notwithstanding the volatile political and economic situation in Palestine. He expressed hope that the next period will witness an opening up and a breakthrough in the political and economic condition. Finally, Mr Al-Shawa spoke with pride and gratification about the special trust of customers (there is over 600,000 customers) in the Bank of Palestine.

Al-Shawa concluded with an approbation of Bank of Palestine staff for their commitment, sincere loyalty and contribution to the bank’s development and growth. He also thanked Bank of Palestine customers and its shareholders for their unwavering trust in the bank’s services. Finally, Mr Al-Shawa extolled the efforts of the Palestinian Monetary Fund (PMA) for implementing the concept of overall control over the banks and adopting control procedures to safeguard the durability of the banking system.

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