Bank of Palestine Group achieved a growth in its net profits for the first half of the year 2022 by 20.4%, as the profits after calculating taxes and expenses amounted to $34.9 million, compared to a net profit of $28.9 million for the same period last year. Assets also recorded a slight decrease in the first half, to record $6.30 billion.

The consolidated financial results of the Bank of Palestine group, which were disclosed to the stock exchange, showed an increase in total income by 15.3%, amounting to $133.5 million for the second quarter of this year, compared to $115.8 million achieved by the group in the corresponding period of last year. In light of the financial statements disclosed by the Bank of Palestine Group, the total equity has increased to reach $512.6 million, achieving a growth of 3.3%, compared to $496.1 million at the end of 2021. While the paid-up capital amounted to ,577223,958 million American dollar.

With regard to credit facilities, they recorded a slight decrease in their numbers for the first half of this year, at the level of $3.43 billion, compared to $3.45 billion recorded at the end of 2021. Customer deposits also decreased slightly during the aforementioned financial period, by 2.1%, to reach $5.19. One billion dollars, compared to $5.31 billion recorded at the end of 2021. This is due to the depreciation of the dollar against the shekel and other currencies.

Mr. Hashim Shawa, Chairman of the Board of Directors of Bank of Palestine Group, expressed his happiness with the group’s financial performance for the first half of the year 2022. He said: “We are proud of the financial results that the group was able to achieve, which were evident, especially in light of the political and economic challenges that Palestine is experiencing, to represent As a reflection of our directions towards promoting economic development, sustainability, and financial digitization that we have adopted in the group.

Shawa added that the group is looking forward to meeting the needs of its customers and shareholders by providing the best and advanced financial services, stressing that the Bank of Palestine Group is constantly reviewing its strategy with regard to its operations and financial activities for the coming years, in search of growth opportunities at home and abroad, in addition to focusing on diversifying its sources of income. Revenues by increasing the share of its subsidiaries in the local and regional market, and investing in new financial and commercial businesses.

In line with its strategy for digital transformation, the Chairman of the Board stated that the Bank of Palestine Group has recently invested in Mada Al-Arab Company, which is considered one of the leading companies in the field of optical fibers, in line with the long-term vision of the Board of Directors of the Group, to support efforts in preparing the infrastructure Able to accelerate the process of digital transformation in Palestine. In addition to its role in supporting leading companies, including startups, and business incubators, as the Intersect incubator of the group accelerates the time in order to enhance the role of young people in the fields of financial technology, develop their ideas, open markets for them at home and abroad, and connect them with investors and financiers.

In his turn, Mr. Mahmoud Shawa, General Manager of Bank of Palestine, said that the financial results achieved during the first half of this year were based on the expansion of financial inclusion to include all segments of society, and focus on distinguished customer service, including the productive sectors.

Mahmoud Shawa confirmed that these profits would not have been achieved had it not been for Bank of Palestine’s continued investment in developing and designing modern digital services, by providing multiple digital channels that keep pace with changes in the local and global environment, and are in line with the needs of its customers and meet their banking financial aspirations, in a way that achieves the principle of financial inclusion and creating A sustainable development environment for both our society and our economy.

Mahmoud Shawa referred to a number of the group's achievements within the sustainability efforts and investment initiatives, including the bank's joining as a member of the Global Impact Investing Network, to explore prospects for searching for new opportunities to build relationships and partnerships with international organizations, to create a better world. For future generations, taking into account climate change, working to reduce carbon, and meeting community investments.

It is noteworthy that Bank of Palestine won the award for the best bank in treasury and cash management during this year, and the best bank in Palestine for the year 2022 from Global Finance magazine, and the bank also won the silver award for gender and economic inclusion from the European Bank for Reconstruction and Development.