Bank of Palestine Group achieves nets profits in the amount of $54.1 million in 2018 with its assets reaching $4.6 billion
18 | 2 | 2019
Mr. Hashim Al Shawa, the Chairman of Bank of Palestine Group, announced the preliminary financial date for the fiscal year ending 2018. He pointed out that the financial group managed to achieve net profits after tax in the amount of $53,110,093, compared with $54,008,928 during the same period in 2017. He also indicated that before tax, profits were recorded at $70 million.
According to Al Shawa, the Group’s revenue increased to $232 million compared with $221 million in 2017, at a growth rate of 4.97%, and the Group’s assets recorded $4.65 billion, allowing the Group to maintain its standing in Palestine as one of the biggest financial institutions and banks in the West Bank. Property rights were recorded at $415 with paid-in capital of $200 million.
In terms of the credit portfolio, Al Shawa stated that credit facilitations recorded an increase to reach $2.69 billion, compared with $2.52 billion during the year ended 2017, while facilitations granted by the Group to support sectors of the economy and small enterprise managed to create many job opportunities, contributed to decreasing unemployment and achieving economic growth, which it turn, achieved the sustainability that is part of the bank’s financial inclusion policy. Customer deposits reached $3.7 billion, reflecting the bank’s success in achieving growth and expansion.
Al Shawa pointed out that Bank of Palestine Group managed to stabilize profits and achieve growth in financial indicators, despite the decrease in several economic sectors, the GDP, unemployment rates and the difficult circumstances that Palestine endured in 2018. He also stated that the Group will continue to implement developmental projects within the bank in various fields, including concentration banking and customer classification methods to promote the quality of products offered to the various economic and social sectors.
Al Shawa stressed that the year 2019 will witness the direct upgrading and advancement of many services, programs and projects that would enhance the status of the bank as a partner in economic and social development. He confirmed that the Group’s strategy, which entails continuity in managing activities and banking operations with flexibility and a high level of precaution, would allow the bank to overcome obstacles.
Al Shawa indicated that the financial results of the year ended 2018 are direct results of operational activities in Palestine and could be utilized to achieve sustainable development and growth. At the same time, Al Shawa stressed that the bank will continue to implement the strategy set forth by the Board of Directors to expand by investing in digital entrepreneurship.
Al Shawa pointed out the bank’s efforts in developing electronic channels to facilitate banking operations for customers anywhere, anytime, and allow them to access their accounts and conduct their transactions quickly and easily. The bank is also working on the development of electronic services for merchants and companies through the services offered by internet banking and the Banki mobile application.
In terms of corporate social responsibility, Bank of Palestine continued to support developmental and humanitarian projects and various activities in the fields of education, health, culture, sports and human endeavors, to name a few, and contributed to the field of healthcare by launching the mobile clinic that offers examinations for the early detection of breast cancer among women in the various Palestinian cities and villages.
In conclusion, Al Shawa expressed his gratitude towards the work team at Bank of Palestine Group for their support, commitment and high sense of belonging, and most of all for contributing to the growth of the largest financial group in Palestine. He also thanked customers and shareholders for their continuous trust in the services offered by the Group, and praised the efforts conducted by the Palestine Monetary Authority in applying the concept of comprehensive monitoring on banks and adopting control procedures that aim to ensure the safety and stability of the banking system.