Hashim Shawa, Chairman and General Manager of Bank of Palestine (BOP), announced that BOP's Board of Directors recommended the distribution of USD 26,050,000 (19.44% of the nominal value of the share) from realized profits. The board also scheduled the bank's Annual Assembly General Meeting (AGM) to take place on Friday, April 26, 2013 at 10:00 am at the bank's headquarters in Ramallah and via videoconference at the bank's headquarters in Gaza.
Shawa stated the recommendation of the board to divide the realized profits to USD 10,050,000 in cash dividends (7.5% of the nominal value of the share) in proportion to each shareholder's ownership in paid capital as of April 25, 2013, and to USD 16 million in stock dividends (11.94% of the nominal value of the share) in proportion to each shareholder's ownership in paid capital as of April 25, 2013, will increase the bank's paid up capital to USD 150 million. The board's decision comes as part of BOP's plan to increase its capital to USD 200 million within the next few years, as well as increase its competitive advantage and ability to meet its clients' increasing needs. The distributions seek to serve the interests of the shareholders and to meet their cash needs in the market.
BOP's Results in 2012:
- Profits before tax reached USD 49.97 million an increase of 19.34% compared with USD 41.87 million
- 2012 net profit of USD 38.4 million, up 12.9% compared with USD 33.98 million in 2011
- Total assets up 21.19 % at USD 2 billion compared with USD 1.65 billion at the end of 2011
- Loans at USD 976 million, up 35.58 % compared to USD 720 million at the end of 2011
- Customer deposits at USD 1.55 billion, up 19.89% from USD 1.29 billion at the previous year end
- Total shareholders' equity reached USD 221 million, an increase of 13.67% compared with 2011