Ramallah, Palestine October 31, 2021- Bank of Palestine Group (BoP) announced its financial results reporting net profit for the third quarter of 2021 of USD 44.8 million and revenues of USD 194.5 million compared to net profit of USD 14.9 million and gross profit of USD 165.2 million for the third quarter of 2020. Total assets increased to USD 6.4 billion compared with USD 5.8 billion at the end of 2020. The Bank’s total shareholders' equity also increased to USD 484.1 million compared with USD 433.5 million at the end of 2020.
Chairman and CEO Commentary
Commenting on the results, Mr. Hashim Shawa, Bank of Palestine Group Chairman said: “The Bank’s standout performance shows robust results as it continues to play a significant role in supporting the economic recovery post COVID- 19. We are very proud of the Group’s achievements in terms of financial performance and also in terms of its engagements with its stakeholders as we attracted a new strategic and international partner and shareholder – FISEA/Proparco - in line with the Bank’s capital adequacy plan. The Bank continues to uphold its commitment to growing the economy despite the macroeconomic challenges in Palestine”.
Mr. Mahmoud Shawa, the Bank’s CEO commented: “Throughout the nine months of 2021, the bank finalized its segmentation project for better customer service and being more efficient on operations and better risk management. The Bank continues to support SMEs and developing new product programs for Retail. Furthermore, the Bank will adopt a different mindset reference ESG and digital banking in all its operations as part of its sustainability strategy. As for our employees, the Bank has started a new project in performance evaluation in line with the new organizational restructuring and career development plans.”