Results Highlights
• Profits before tax reached USD 49.97 million an increase of 19.34% compared with USD 41.87 million
• 2012 net profit of USD 38.4 million, up 12.9% compared with USD 33.98 million in 2011
• Total assets up 21.19 % at USD 2 billion compared with USD 1.65 billion at the end of 2011
• Loans at USD 976 million, up 35.58 % compared to USD 720 million at the end of 2011
• Customer deposits at USD 1.55 billion, up 19.89% from USD 1.29 billion at the previous year end
• Tota l shareholders' equity reached USD 221 million, an increase of 13.67% compared with 2011
February 13, 2013: Bank of Palestine (BOP), the largest Palestinian bank, has reported its preliminary and unaudited financial results for 2012. BOP reported pro fits before tax of USD 49,966,888 an increase of 19.34% compared with 2011. The bank’s net profit reached USD 38,347,397 for the year 2012; an increase of 12.85% compared with 2011 despite the increase of income tax this year from 15% to 20% reflecting the bank’s strong financial standing.
As at the end of 2012, Bank of Palestine's total assets reached USD 2,004,494,095 maintaining the top rank as the largest Palestinian company in terms of financial assets, tota l shareholders' equity reached USD 220,973,909, an increase of 13.67% compared with 2011, and paid up capital also increased by 11.67% to reach USD 134,000,000. During this period, deposi ts reached USD 1.55 billion, an increase of 19.89% compared with 2011 and the loans portfolio reached USD 976 million compared with USD 720 million at the end of 2011; an increase of 35.58 %.
During 2012, the bank continued to expand its banking network; last year, the bank opened two new branches maintaining its position as the largest bank in Palestine in terms of number of branches. Moreover, a few new products were introduced during 2012, which include mortgages, a children’s savings account, and a Visa prepaid card “Cash Card”.
Bank of Palestine was recognized in 2012 by several prestigious institutions as the “Best Bank in Palestine”. These institutions include: Euromoney, Global Finance, EME A Finance, Banker Middle East, and the Middle East Investor Relations Society. The bank was also nominated by the Financial Times and the International Finance Corporation (IFC) as the Sustainable Bank of the year.
Hashim Shawa – Chairman and General Manager of Bank of Palestine attributed this sustainable profitable growth of the bank, especially with the challenges in the region, to the resilience of the bank and that of its clients, in addition to the bank’s sound strategies and strong brand in Palestine”.
About Bank of Palestine (BOP)
Bank of Palestine has a long embedded presence and experience in Palestine dating back to 1960.
The bank is now the largest Palestinian bank with the most widespread branch network in Palestine, a paid up capital of $134 million, and assets of over USD 2 billion, with 1,100 employees serving around 600,000customers. Operating as a universal bank, BOP is engaged in retail, corporate, micro and SME, and Diaspora banking operations, with the largest card processing operations in Palestine;BOP is the sole agent for issuing and acquiring Visa and Master Card in Palestine with over 5,000 Point of Sale merchant terminals nationwide. Recently, BOP has also been playing a leading role in some of the largest project finance loan syndications in Palestine Bank of Palestine adoptsa holistic sustainability strategy and has been the leader in Corporate Social Responsibility (CSR) in Palestine dedicating 5% of its net profit to community development.
Bank of Palestine’s stock (PEX: BOP) has been listed on the Palestine Exchange (PEX) since 2005. It is among the market’s blue chip stocks, and represents more than 15 % of total PEX market capitalization.
For more information, please contact:
Raya Sbitany
Head of Investor Relations
[email protected]
Mobile: +972595746555
www.bop-ir.com