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Bank of Palestine reports net profit of $34m for the year 2011

Palestine: Wednesday, February 22 - 2012 @ 09:51

As at the end of 2011, Bank of Palestine’s total assets reached $1,653,960,732 – maintaining the top rank as the largest Palestinian company in terms of financial assets, total shareholders’ equity reached $193,827,503 and paid-up capital also increased by 20% to reach $120,000,000.

During this period, deposits reached $1,296,568,931, and the credit facilities’ portfolio reached $720m compared with $545m at the end of 2010; an increase of 32.1%.

Hashim Shawa, Chairman and General Manager of Bank of Palestine, said: “The disclosure of these solid financial results coincides with being recognized by EMEA Finance as ‘Best Bank in Palestine’ in their Middle East Awards Charity Dinner held in Dubai on February 15, 2012. Our strong financial performance and management are being recognized not only by clients and shareholders, but also by significant international financial institutions and magazines. In 2011, magazines such as Euromoney, Global Finance, and EMEA Finance have added Palestine to their award categories, proving that Palestinian banks are worthy of being reviewed, analyzed and recognized.”

Bank of Palestine continues to enjoy the widest banking presence in Palestine with 46 branches, and over 100 ATMs. The bank has also increased its effort to reach new customers not only in Palestine, but also outside the country, by establishing a dedicated Diaspora Unit, aimed at reaching out to the 8 million Palestinians in the Diaspora to provide them with banking and business advisory services.

During the last few months, the bank also expanded the range of services it provides to its customers, by introducing new diversified products such as Bancassurance and mortgages.

During 2011, the bank established PalPay, a subsidiary company that provides electronic payment solutions, to enable the payment of different utility bills and topping-up mobile phone credit, through the bank’s extensive Point of Sale network spread throughout Palestine.

Shawa also attributed the strong performance to the bank’s conservative approach, which helped it weather several regional and international crises, as well as BoP’s strong corporate governance and sound risk management.

During 2011, Bank of Palestine implemented the second phase of the Operational Risk Management project in cooperation with the International Finance Corporation (IFC), paving the way to becoming the first bank in Palestine to implement “Basel II” standards.

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Wednesday, February 22- 2012 @ 9:51 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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