Bank of Palestine Group (BoP) announced its financial results reporting net profit for the three-month period ended 2022 of USD 17.6 million and revenues of USD 70.5 million compared to net profit of USD 11.3 million and gross profit of USD 61.5 million for the same period ended 2021. Flat assets with slight change to USD 6.48 billion compared with USD 6.51 billion at the end of 2021. The Bank’s total shareholders' equity also increased to USD 514.6 million compared with USD 496.1 million at the end of 2021. Table: Net Profit Bridge Chairman and CEO Commentary Mr. Hashim Shawa, Bank of Palestine Group Chairman said: “We are proud of Bank of Palestine’s Group’s results for the first quarter of 2022 demonstrating growth and strength in its capital structure and financial performance. While we are observing global and local risks and uncertainties in 2022, we continue the implementation of our strategies in sustainability and digitization, cognizant of our responsibilities towards our stakeholders. Our risk mitigation strategies coupled with our commitment to growing the economy will remain our dual approach moving ahead”. Commenting on the results of the first quarter of 2022 Mr. Mahmoud Shawa, the Bank’s CEO commented: “The Group’s financial results and the growth in net profits reflect both improved efficiencies as well as the increase in business activities. The Group achieved a net profit of USD 17.6 m which is the highest quarterly profit in its history with solid capital adequacy ratio of 15.19%. We continue providing our clients with enhanced and up-to date digital banking services as well as employing our financial inclusion and sustainability strategies in lending to women, youth and disabled. The Bank continues to support SMEs, energy efficiency and renewable energy projects in addition to developing new product programs for Retail & SMEs. Furthermore, the Bank also is focused on growing the business banking portfolio in tandem with additional demand by corporates for finance as a result of economic recovery post COVID-19 ramifications.” +55.1 QoQ% 3 Annex: Bank of Palestine Group Financials As of March 31, 2022 3/31/2022 12/31/2021 USD USD Assets Cash and balances with Palestine Monetary Authority 1,814,154,000 1,779,579,889 Balances and investments at banks and financial institutions 674,188,026 782,230,313 Financial assets at fair value through profit or loss 10,903,287 10,253,849 Direct credit facilities and Islamic financing 3,489,477,924 3,453,207,160 Financial assets at fair value through other comprehensive income 46,591,724 42,255,262 Financial assets at amortized cost 236,721,327 228,845,417 Investment in associates and a joint venture 9,810,558 9,671,052 Investment properties 26,142,678 25,962,178 Property, plant and equipment and right of use assets 113,125,398 115,897,814 Projects in progress 1,298,524 1,366,792 Intangible assets 15,023,588 14,613,893 Other assets 47,277,647 44,338,187 Total Assets 6,484,714,681 6,508,221,806 Liabilities and Equity Liabilities Palestine Monetary Authority’s deposits 196,562,586 242,439,107 Banks and financial institutions’ deposits 107,342,806 120,061,868 Customers’ deposits 4,996,781,440 5,013,551,326 Cash margins 319,967,892 291,588,276 Subordinated loan 72,500,000 72,500,000 Loans and borrowings 55,756,063 48,442,500 Istidama loans from Palestine Monetary Authority 28,065,083 22,307,552 Lease liabilities 30,690,893 31,900,160 Sundry provisions 52,299,472 50,983,323 Taxes provisions 14,502,370 21,492,314 Other liabilities 95,612,353 96,855,951 Total Liabilities 5,970,080,958 6,012,122,377 Equity Paid-in share capital 217,433,527 217,433,527 Additional paid-in capital 29,575,688 29,575,688 Statutory reserve 61,883,607 61,883,607 Voluntarily reserve 246,361 246,361 General banking risks reserve 10,311,877 10,311,877 Pro-cyclicality reserve 40,000,000 40,000,000 Fair value reserve (726,511) (1,692,549) Retained earnings 93,319,789 77,612,532 Total equity holders of the Bank 452,044,338 435,371,043 Non-controlling interests 62,589,385 60,728,386 Total Equity 514,633,723 496,099,429 Total Liabilities and Equity 6,484,714,681 6,508,221,806 Bank of Palestine Consolidated Statement of Financial Position 4 2022 2021 USD USD Interest Income 40,818,153 40,593,941 Interest Expenses (7,441,729) (10,381,476) Net Interest Income 33,376,424 30,212,465 Net financing and investment income 13,295,536 10,869,936 Net commissions income 13,282,887 10,693,526 Net Interest and Commissions Income 59,954,847 51,775,927 Foreign Currency Gain 6,090,455 6,078,284 Net gains from financial assets portfolio 1,093,360 582,892 Change in fair value of investment properties - - Bank’s share of results of associates and a joint venture 139,506 113,715 Other revenues 3,246,781 2,913,955 Gross Profit 70,524,949 61,464,773 Expenses Personnel Expenses (20,435,671) (19,585,947) Other operating expenses (12,929,226) (12,250,180) Depreciation and amortization (4,497,940) (4,691,745) Provision for expected credit losses, net (5,592,440) (7,018,778) Credit facilities not previously provided for and written off (523,122) (577,465) Palestine Monetary Authority’s fines (25,000) (10,000) Total Expenses (44,003,399) (44,134,115) Profit before taxes 26,521,550 17,330,658 Tax expense (8,929,801) (5,991,600) Profit after taxes 17,591,749 11,339,058 2022 2021 USD USD Profit for the period 17,591,749 11,339,058 Comprehensive Income Items: Change in the fair value of financial assets 942,545 1,204,449 Total Other Comprehensive Income items 942,545 1,204,449 Total comprehensive income for the period 18,534,294 12,543,507