Bank of Palestine recommends the distribution of profits on shareholders in the amount of 25.3 million dollars for the year 2016
22 | 3 | 2017
The Board of Directors of Bank of Palestine decided during its meeting that was held on Sunday, 12 March, 2017 to raise a recommendation to the General Assembly to distribute profits in the amount of $25,351,129, which is equivalent to 13% of the paid capital, on shareholders registered at the Palestine Stock Exchange, in the following manner: $20,359,814 in cash from paid capital, and $4,991,215 as free shares, or 2.56% of paid capital. Accordingly, the bank’s capital increased from approximately 195 million dollars to 200 million dollars, making it the largest financial institution in Palestine capital wise, and allowing it to promote its banking stability and financial position.
The bank’s Board of Directors also decided to set the 6th of April 2017 as the date for the next meeting of the General Assembly, and invite shareholders to attend the meeting that will be held at the headquarters of Bank of Palestine in Ramallah., along with a videoconference with the Roots Hotel in Gaza, to discuss and approve the bank’s agenda.
The financial results of Bank of Palestine revealed exceptional growth rates during 2016, whereby data indicated a 23% growth in net profits to reach 53 million United States Dollars, compared with 43.1 million during 2015. Bank assets increased to reach approximately 4.1 billion United States Dollars at a growth rate of 48%, which is a considerable increase from 2.7 billion at the end of December 2015.
Other financial indicators achieved by the bank include increasing total income at a growth rate of 30% to reach 177.4 million United States Dollars, compared with 136.7 million United States Dollars achieved by the bank during 2015. Clients’ deposits increased by 40% to reach 3.1 billion United States Dollars, compared with 2.2 billion that was registered at the end of December 2015. The credit portfolio also grew to by approximately 60% to register 2.2 billion United States Dollars, compared with 1.3 billion registered at the end of 2015.
Mr. Hashim Al Shawa, the General Director and Chairman of Bank of Palestine, , declared that the recommendations of the Board of Directors and the amounts determined form part of the bank’s responsibility to distribute profits annually on its shareholders. He also revealed the bank’s plan to expand investment in Palestine, which will achieve additional returns to shareholders in the following years.
Al Shawa expressed appreciation in the confidence of shareholders who placed their trust and money to invest in Bank of Palestine shares. He also conveyed his gratefulness for the ever continuous trust of shareholders in Palestinian companies and their ability to adapt under the various circumstances, expressing his hope that 2017 would be a good year for Palestinians, where national unity is achieved and a Palestinian state is established with Jerusalem as its capital.