Wed 17 May 2023 9:43 am - Jerusalem Time
Bank of Palestine Group achieves profits of $20.6 million for the first quarter of 2023
The Bank of Palestine Group achieved a 17% growth in its net profits for the first quarter of the year 2023, as the net profit after calculating taxes and expenses amounted to $20.6 million, compared to a net profit of $17.5 million for the same period last year. As for the group’s assets, they exceeded $6.563 billion for the first quarter of this year, compared to $6.487 billion achieved by the bank until the end of 2022. These results contribute to enabling the bank to assume its development responsibilities for the benefit of all segments of society.
The consolidated financial results of the Bank of Palestine group, which were disclosed to the Palestine Exchange, showed an increase in total income after deducting provisions by 17%, amounting to $76.2 million for the first quarter of the current year, compared to $64.9 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 of the bank’s shareholders increased to reach 593,571,165 USD, achieving a growth of 8.7% compared to 545,922,621 USD recorded at the end of 2022. The paid-up capital amounted to 223,958,577 million USD.
For his part, Mr. Hashim Shawa, Chairman of the Board of Directors of Bank of Palestine Group, expressed his pride in the financial performance achieved by the group during the first quarter of this year 2023. He pointed out that the stable and normal growth rates are the result of a strategy that focused on two areas; Representing financial performance and societal impact. Referring to the group, it has achieved its results set by the growth rate achieved by serving our customers and providing the best banking services and products in modern ways. As for the community impact, it was devoted through the group’s assumption of its developmental responsibilities in supporting the relief efforts of the World Food Program “WFP” during the blessed month of Ramadan. Bank of Palestine, in cooperation with the international organization, distributed smart food purchase cards to 5,000 chaste families in the West Bank and Gaza Strip. During the holy month of Ramadan, with a budget of half a million dollars, in addition to a group of other community projects. This demonstrates the bank's commitment to engaging with the needs of our society through partner institutions.
Shawa also pointed out that the bank continues to adopt a sustainable development strategy that serves our society, starting with strengthening the controls and teachings of good governance in the bank’s operations and board committees, and enhancing women’s participation in decision-making, as the participation of women in the board of directors has reached 50%, which constitutes an advanced situation at the level of Palestine and the world. In addition, the bank issued the first sustainability report according to GRI international standards during the first quarter of 2023, which reflects a measure of transparency and disclosure of the results of the bank's business to society.
On the other hand, Shawa indicated that the Bank signed the first investment agreement with the Japanese International Cooperation Agency (JICA), which invested $30 million in the additional first tranche of Bank of Palestine’s capital base, which is the first of its kind implemented by JICA at the international level. Palestine and the world and will contribute to enhancing the financial solvency to support and finance small and medium enterprises in Palestine. In addition to signing an agreement with Proparco, the investment arm of the French Development Agency (AFD), funded by the European Union, to renew support and financing for small and medium enterprises, through the ARIZ MENA portfolio, at a value of $9.2 million. He pointed out that these international companies did not It would not have been possible without the distinguished strategy that the Board of Directors set in mind to promote economic development, sustainability, and financial digitization that we adopted in the group.”
For his part, Mr. Mahmoud Shawa, the General Manager of Bank of Palestine, said that the financial data achieved during the first quarter of this year, and the community partnerships that were strengthened, came as an actual result of implementing the Bank’s strategy in line with its developmental role and based on caring for all segments of society, including small and medium-sized companies, women and regions. most in need of economic development. He referred to the bank's efforts to meet the needs of its customers in all economic and social segments, and to provide the best advanced financial and banking services with a sustainable development vision, which maintained its leading position on the map of the banking sector, and to maximize the provision of comprehensive financial services. Digital transformation in services, mechanisms and procedures, as well as the development of these channels to include institutions and small and large companies, as well as individual customers, to ensure a financial inclusion strategy that enables them to keep pace with the era of technological progress.
As a result of these efforts, General Manager Mahmoud Shawa said that the figures achieved reflect the confidence of our customers in the services we provide, as the value of credit facilities provided increased from $3.57 billion to $3.66 billion, with a growth rate of 2.37%. As for customer deposits, they amounted to 5.38 billion dollars, compared to 5.27 billion dollars.
Shawa concluded his speech by emphasizing his commitment to continue working and advancing the Bank of Palestine Group, expressing his gratitude to all customers who have chosen the Bank to be their banking institution entrusted with their savings and future aspirations. He also praised the efforts made by the Palestinian Monetary Authority and the regulatory authorities, for their support of the financial and economic environment in Palestine, and the confidence of the Board of Directors and the efforts of the executive management and the group’s family in its employees, male and female, who worked in exceptional circumstances despite the complex events in terms of the political and economic conditions in the homeland and the economic challenges in the country. the world, concentrating their efforts on providing the best services to customers.