Financial Results Highlights
- Net profit of USD 43.16 million for the year 2015 with a 7.32% increase compared to 2014.
- Operating Income of USD 136.78 million, up by 13.7%, compared with USD120 million in 2014
- Total assets up 14.86% at USD 2.78 billion compared with USD 2.42 billion at the end of 2014
- Loans at USD 1.38 billion, up by 20.57% compared to USD 1.15 billion at the end of 2014
- Customer deposits at USD 2.24 billion, up by 8.74% from USD 2.06 billion at the end of 2014
- Total shareholders' equity reached USD 305.75 million, an increase of 9.16%, compared with USD 280 million in 2014
- The NPL ratio remained low at only 1.7%
Ramallah; Palestine: Bank of Palestine (BOP), announced its end of year 2015 preliminary financial results reporting an operating income of USD 136,787,234 in 2015, compared with USD 120,288,657 for the same period in 2014, reflecting an increase of 13.7%. The bank’s net profit reached USD 43,167,433, achieving a 7.32% increase in comparison with USD 40,222,506 in 2014.
Commenting on the results, Mr. Hashim Shawa - Chairman and General Manager of Bank of Palestine said: “Our operating results indicate our prudence in managing risks while maintaining another year of growth and expansion. We have paid attention in 2015 to the economic base of the country; the Micro, Small and Medium Enterprises -MSMEs and increased our overall loan portfolio to USD 1,388,805,441 with a marked increase of 20.57%; contributing to productivity and employment generation among this large engine of the economy. We have done this while preserving a Non-Performing Loan Ratio of only 1.7%.”
“Customer satisfaction remains our primal concern. The bank’s customer deposits reached USD 2,242,782,298 at the end of 2015, marking an increase of 8.74% compared with USD 2,062,524,075 at the end of 2014. The bank’s team worked hard to ensure their customer outreach is inclusive and expansive via increasing the branch network foot print inside Palestine; in addition to launching E-banking services intended to deliver online banking interface and mobile customer experience.”
Bank of Palestine pioneered a special program “Felestineya” in 2015 focusing on economic and social empowerment for women both at the bank and in the market place. The program provided access to more women jobs at the bank including senior positions; raising the number of women employees to 32%. The program through novelty interventions such as the Mini-MBA in partnership with the IFC enabled skill set training in financial and non-financial knowhow allowing women to gain immediate access to finance and the confidence to create their own businesses.
Other financial indicators that were indicative of the year end 2015 results were; total assets grew by 14.86% reaching USD 2,785,203,240 compared with USD 2,424,773,961 at the end of 2014. The Bank’s total shareholders' equity reached USD 305,756,304 with an increase of 9.16% compared with 280,106,578 in 2014.
In 2015 Bank of Palestine has opened its first representative office in International Financial Center (DIFC) in Dubai, UAE in pursuit of providing services to Palestinian Diaspora communities in the region and working with corporate entities to meet their expanding financial services’ needs domestically and abroad.
Mr. Shawa concluded: “Our shareholders trust has enabled us to embark upon growth strategies both at home and abroad while we explore more innovations and opportunities to provide our banking services with confidence and international standards.”
Awards & Recognition
In 2015 Bank of Palestine was recognized by several prestigious institutions as the “Best Bank in Palestine”. These institutions included: Euromoney, The Banker, EMEA Finance, Global Finance and the Middle East Investor Relations Society for best company in Palestine in Investor Relations 2015 and best Investor Relations professional in Palestine 2015.
About the Bank of Palestine
Bank of Palestine remains the country’s largest bank with a branch network of 57 branches and with more than 1,400 employees serving more than 750,000 customers. The Bank’s trading shares were listed in the Palestinian Exchange in 2005; becoming the second largest company listed by its market value; with 15% market capitalization. The bank’s subsidiaries include PalPay® – Palestine Payments - with the mission of facilitating electronic payments through a large network of more than 5,500 Points of Sale distributed throughout the country in shops, supermarkets, restaurants, and hotels.
Al-Wasata Securities is another subsidiary, operating as the bank’s investment arm. Al-Wasata continues to be recognized for being the most active brokerage firm on the Palestine Exchange. It now has a 29% market share in terms of number of investors, USD 372 million trading volume in local regional markets, and more than USD 470 million worth of shares under management. In 2015, Al-Wasata won EMEA Finance award for Best Broker in Palestine for three consecutive years.