DUBAI, UAE, June 13, 2011 /PRNewswire/ --
Bank of Palestine (BoP) was awarded the Euromoney award for excellence as "Best Bank in Palestine" for the year 2011, in an award ceremony held in Dubai. Euromoney is the world's leading financial markets magazine which singles out outstanding institutions in finance recognizing institutions and individuals that demonstrate leadership, innovation, and momentum.
Named the "Best Bank in Palestine" is an accreditation of the bank's notable growth rate throughout its 50 years of establishment, positioning it as one of the most important financial institutions in Palestine. This is the first time that Euromoney considers Palestine in any of its awards. Such recognition is part of an increasing global institutional recognition of Palestinian readiness for a well governed state.
Chairman and General Manager of BoP, Mr. Hashim Shawa expressed great pleasure with the progress and sustained growth of the bank, leading to this award. He confirmed that the bank's continuous success reflects its vision and determination to be a leading financial institution. "This well-deserved award could not have been possible without the loyalty of the bank's motivated staff and valued customers. Our commitment to economic and social development in support of Palestine's nascent economy is also being honored today", concluded Mr. Shawa.
Despite the political instability and the various extrnal impediments to doing business in Palestinet, BoP was resiliant and continued to grow. Over the past 4 years (2007 - 2010), the Bank has achieved a compounded average growth rate (CAGR) that reached 13.54% in net profit, 22.57% in deposits, and 30.79% in net Credit Facilities.
Moreover, the Bank continued to have positive results in 2011, announcing profits before tax for Q1 2011 reaching USD 13,788,557 compared with USD 8,772,535 at Q1 2010, with a growth of 57.18%.
The award is not only based on the bank's financial performance; but also considered factors in the bank's sustainability strategy including corporate governance, risk management, and respect for the environment and human rights. In concert with the IFC, BoP has developed risk management structures, with systems strengthening corporate governance. BoP adopted IFC's Social and Environmental policies, launching distinctive credit facilities boosting local economy. Recently; BoP launched the Green Loan environment friendly program; while continuing to be the most widespread bank in Palestine with 45 branches and 90 ATMs reaching clients all over Palestine, including clients in under-banked areas. The bank is a leader in Community Development dedicating yearly 5% of its net profit to Social investments, spending in 2010 alone a budget of $1.5 million in support of developing the following sectors: youth, sports, education, health, arts, culture, tourism, and charities.
Dr. Jihad Al-Wazir, the Governor of the Palestine Monetary Authority was also present at the award ceremony and stated: "Achieving this award is not just a stamp of approval for Bank of Palestine alone, but for Palestine as a whole, as this is the first year Euromoney considers the Palestinian financial sector in its awards."
In its publication of April 2011, the International Monetary Fund (IMF) discussed how the banking sector in Palestine continues to grow and perform well. The IMF considers that Palestine is now able to conduct the sound economic policies expected of a future well-functioning Palestinian state, given the solid track record in reforms and institution-building in the public finance and financial areas. The Palestine Monetary Authority (PMA)'s institutional reforms have enabled it to fulfill core functions of a central bank. These functions include the application of a rigorous banking supervision and regulatory framework, providing a strong credit and payment infrastructure, and monitoring compliance with a governance code, and an anti-money laundering law.
Bank of Palestine (PEX: BOP) has been listed on the Palestine Exchange (PEX) since 2005, and is a blue chip stock with 13% of market capitalization.
Other awards: JP Morgan, Deutsche Bank, CitiBank, and Commerzbank.
For More Information: Raya Sbitany
SOURCE Bank of Palestine (BoP)