Bank of Palestine (BoP) was awarded the EMEA Finance award for “Best Bank in Palestine” for the year 2011, in an award ceremony held in Dubai on February 15, 2012. EMEA Finance is a leading financial markets magazine which singles out outstanding institutions in finance recognizing institutions and individuals that demonstrate leadership, innovation, and momentum.
Bank of Palestine won the EMEA Finance Award for Best Bank in Palestine in recognition of the bank’s continued success. Since its founding in 1960, and despite the challenges in Palestine and the region and the recent financial crisis, the bank has been growing steadily enabling it to play a major role in developing a sustainable Palestinian economy. Since 2007, BoP’s capital increased from $36 million to $120 million in 2011; net profit increased from $14 million to $30 million; number of branches increased from 29 to 46; number of employees also increased from 635 to 1,100. During the same period, deposits, credit facilities, and number of clients more than doubled; deposits increased from $480 million to $1.2 billion; credit facilities increased from $260 million to $680 million; and the number of clients increased from 222,866 to around half a million. These solid results have enabled us to distribute dividends to our shareholders of a minimum of 20% consistently each year.
Furthermore, the award recognized BoP's efforts to be a sustainable bank through its commitment to dedicating 5% of its net profits towards Corporate Social Responsibility (CSR). Led by the belief that true progress begins with social and economic development on a community level. In 2010 alone, BoP's CSR budget reached around $1.5 million and covered the following sectors: youth and sports, education and entrepreneurship, health, community development and environment, arts, culture, tourism and other humanitarian work.
Chairman and General Manager of BoP, Mr. Hashim Shawwa, stated that it is a great honor for BoP to receive this award, and is pleased that BoP's success, perseverance and dedication to the Palestinian market and society was recognized by EMEA Finance. "We are committed to our shareholders, clients, employees, country and society, and will continue to work tirelessly to achieve shareholder value and to build a sustainable economy and society in Palestine" expressed Mr. Shawwa.
The EMEA Finance Middle East Banking Award is one of several other awards that BoP won this year, including Euromoney's Award for Excellence- Best Bank in Palestine, and the JP MPorgan Award for Outstanding Achievement of best-in-class MT103 STP Rate 99%.