Bank of Palestine Ordinary Annual Assembly General Meeting approves board recommendations in its meeting on April 19th, 2022:

Bank of Palestine Ordinary Annual Assembly General Meeting approves board recommendations in its meeting on April 19th, 2022:  Distribution of USD 26.1 million in dividends for the year 2021 to shareholders  Election of a new Board of Directors Ramallah, Palestine (April 19 th, 2022): Bank of Palestine (BOP), convened its Assembly General Meeting (AGM) on 19 th of April, 2022 in Ramallah. The meeting approved the board recommendation to the General Assembly for the distribution of USD 26.1 million in dividends for the year 2021, a percentage of 12% of the bank’s paid up capital. During the meeting, the AGM elected a new Board of Directors. The AGM mandated the board to negotiate the fees of Ernst & Young as the external auditor and approved the financial and annual report of the Bank. Dividends distribution approved by AGM:  USD 19,569,017 as cash dividends, equivalent to 9% of the paid up capital  USD 4,587,847 as stock dividends, equivalent to 2.11% of the paid up capital  USD 1,937,203 as stock dividends, equivalent to 0.89% of the paid up capital through the capitalization of the General Banking Risk Reserves Commenting on the meeting, Mr. Hashim Shawa - Chairman of Bank of Palestine Group said: “We continue to reap the benefits of our strategic direction focused on internal alignment, efficiency, digitization and customer centricity. Our teams have increased our retail and business portfolios, they doubled collection efforts of bad debt, worked with clients to restructure their loans during the years of the pandemic and engaged our community with a sustainability agenda. All of this paid off with growth across all our operational indicators giving the bank a historic profit in 2021.” YE 2021 financial consolidated results; reported net revenues (gross income) of USD 237.6 million in YE 2021, compared with USD 182.8 million in YE 2020, reflecting an increase of 30.0%. The bank’s profit before tax is USD 84.6 million compared with USD 40.2 million in YE 2020, with a net profit of USD 56.3 million. Total assets increased to USD 6.51 billion compared with USD 5.81 billion at the end of 2020. The Bank’s total shareholders' equity increased to USD 496.1 million compared with USD 433.5 million at the end of 2020. “As we salute departing board members, we welcome new members who are bringing their wealth of experience to bear on our operations. The new board composition will help achieve a milestone of becoming a 50% female board. This gender equality at the highest level of decision making at the bank will be adding to the diversity, and inclusion of the board at par with our sustainability strategy”, added Mr. Shawa. Four new Board Members have joined the board; all with leadership positions in commercial, and private banking with regional and international exposure. Ms. Linda Tarazi, was Head of Digital for Wholesale Banking at MASHREQBANK – Dubai, UAE responsible for business transformation, her experience included senior positions at Jumeirah capital, and Citigroup, London. Today Ms. Tarazi is head of Transformation Banking at Capital Bank. She has a Master of Mechanical Engineering. Ms. Lama Kanaan, was Executive Director, Senior Relationship Manager at Julius Baer, Dubai, UAE in Private Banking. Her other positions were with Credit Suisse Private Banking, BSI Bank, Capivest Equitable Alliance Wealth Management, Saudi Hollandi Bank, KSA, National Commercial Bank, Al Bank Al Saudi Al Faransi and Arab National Bank. Mr. Adel Dajani is currently Founder and Managing Director at Maghreb Venture Partners. His other work positions were with Aman Bank Libya, International Maghreb Merchant Bank, London Court Ltd., HSBC Corporate Finance Division, Hong Kong, and HSBC London. Mr. Dajani has an Honours Degree Bachelor of Laws in International and Comparative Laws. He is a Barrister at Law and member of the UK, Hong Kong and Tripoli Bar Associations. Mr. Tewfic Habesch has had spent years in banking asregional manager at Union Bank for Savings and Investment in Palestine, the Palestinian Securities Co. Ltd., the Arab Development and Credit Co., and Arab Bank Limited New York. Mr. Habesch has an MBA in Finance & International Business from New York. Remaining current board members are: Hashim Shawa, Abdullah Al Ghanim, Tarek Aggad, Tafeeda Jarbawi, Maha Abu Shousha, Eric Shehadeh and Lana Abu Hijleh. Mr. Mahmoud Shawa, CEO of Bank of Palestine said: "With the appointment of new board members with a wide range of banking experience, we are well positioned to enhance our strategic direction with guidance and support from the current and new members. The bank is keen to leverage the collective experience of the board members with their rich and diversified experience in banking, private banking, international banking, business, management and sustainability.” 

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