Bank of Palestine (BOP), the largest Palestinian bank, disclosed its draft interim consolidated financial statements for 2014.
Results Highlights:
- Net profit reached USD 18.98 million, compared with USD 18.71 million at the end of June 2013.
- Assets increased to reach USD 2.63 billion - an increase of 11.83%.
- Owner’s equity reached USD 261 million - an increase of 3.56%.
- The bank’s market share in Palestine reached 24.29% and 21.27% in loans and deposits respectively.
- Loans increased to reach USD 1.19 billion - an increase of 7.9%.
- Deposits increased to reach USD 1.86 billion - an increase of 6.84%.
In 2014, Bank of Palestine continued to be profitable and resilient, showing strong increases in several key performance indicators, despite regional instability and a challenging macroeconomic environment; net profit reached USD 18.89 million, compared with USD 18.71 million at the end of June 2013; assets increased to reach USD 2.63 billion compared to USD 2.35 billion at the end of 2013 (an increase of 11.83%); and owner’s equity reached USD 261 million compared to USD 252 million at the end of 2013 (an increase of 3.56%).
The bank’s market share reached 24.29% and 21.27% in loans and deposits respectively. During the first half of the year, the bank continued its efforts in playing a vital role in economic growth by increasing our lending to all segments of the economy, thus increasing the loans portfolio by 7.9% to reach USD 1.19 billion, compared with USD 1.1 billion as at end of December 2013. Deposits also witnessed a steady increase of 6.84% to reach USD 1.86 billion at end of June 2014, compared with USD 1.75 billion at end of 2013.
As a tribute to the bank’s consistent performance, solid balance sheet, range and quality of its services, strong risk management and corporate governance, and positive impact on the Palestinian economy and society, Bank of Palestine has been recognized once again by several prestigious international institutions (including Euromoney, Global Finance, EMEA Finance, The Banker, Banker ME and several others) as the “Best Bank 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 $160 million, and assets of over $2.6 billion, with more than 1,250 employees serving over 675,000 customers. 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 MasterCard 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 adopts a 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 around 15% of total PEX market capitalization.