Mr. Shawa : These positive results show great increase in the financial performance of the bank and its operations.
Mr. Hashim Shawa, the Chairman and General Manager of Bank of Palestine announced that the profits before tax of the bank for the first quarter of 2011 reached USD 13,788,557 compared with USD 8,772,535 at the end of the first quarter of 2010, a growth of 57.18%. Mr. Shawa noted that these profits were generated by the financial assets of the bank, as well as an increase in the operations of the bank, and are not from non-recurrent activities. This shows that there is a distinctive leap in the performance of the bank.
Mr. Shawa announced that profits have increased shareholder’s equity, which has reached to USD 178,967,248 at the end of the first quarter, compared with USD 163,884,250 at the end of the year 2010, giving a growth of 9.2%. Total assets of the bank reached USD 1,508,813,694 while total liabilities were USD 1,329,846,446.
The bank’s expansion policy had continued by opening modern and up to date branches in all the country’s provinces, number of branches and offices reached 45 with more than 90 ATMs all around the country. The bank has bought a strategic share in InvestBank Jordan, a first step to start business in Jordan. The bank also established Pay Pal company to ease the process of paying water, electricity, and phone bills as a one-stop-shop for the public. The BOP will continue its efforts and operations based upon its policies and strategies as promised. Morover, the bank increased its credit facilities by 13.5% to reach USD 619,009,967 compared to USD 545,026,391 at the end of 2010. While the total value of deposits at the end of the first quarter was USD 1,221,626,014.
Mr. Shawa pointed to the bank’s celebration of the Golden Jubilee for the 50 years of establishment, and he confirmed that the bank will always support all of the sectors. He also confirmed that the bank seize opportunities in investing in the local market, as well as the development of financial services and credit facilities products that support Microfinance projects and the corporate sector>
Mr. Shawa thanked bank’s customers, shareholders, and staff for all the support and commitment to the growth of the bank. He also praised the Palestinian Monetary Authority for their efforts in implementing controlling procedures in the banking sector to guarantee its safety. Mr. Shawa also expressed his satisfaction of the PMA’s vision which aims to strengthen the role of the Palestinian banks in the development of the economic sector.