RAMALLAH, Palestine, February 21, 2012 /PRNewswire/ --
Bank of Palestine (BoP), the largest Palestinian bank, reported profits of $41,868,275 - net profit of $33.98 million - for the year 2011; an increase of 12.89%, reflecting the bank's strong financial standing.
As at the end of 2011, Bank of Palestine's total assets reached $1,653,960,732 - maintaining the top rank as the largest Palestinian company in terms of financial assets, total shareholders' equity reached $193,827,503 and paid-up capital also increased by 20% to reach $120,000,000. During this period, deposits reached $1,296,568,931, and the credit facilities' portfolio reached $720 million compared with $545 millionat the end of 2010; an increase of 32.1%.
Hashim Shawa, Chairman and General Manager of Bank of Palestine, said: "The disclosure of these solid financial results coincides with being recognized by EMEA Finance as 'Best Bank in Palestine' in their Middle East Awards Charity Dinner held in Dubai on February 15, 2012. Our strong financial performance and management are being recognized not only by clients and shareholders, but also by significantinternational financial institutions and magazines. In 2011, magazines such as Euromoney, Global Finance, and EMEA Finance have added Palestine to their award categories, proving that Palestinian banks are worthy of being reviewed, analyzed and recognized."
Bank of Palestine continues to enjoy the widest banking presence in Palestine with 46 branches, and over 100 ATMs. The bank has also increased its effort to reach new customers not only in Palestine, but also outside the country, by establishing a dedicated Diaspora Unit, aimed at reaching out to the 8 million Palestinians in the Diaspora to provide them with banking and business advisory services. During the last few months, the bank also expanded the range of services it provides to its customers, by introducing new diversified products such as Bancassurance and mortgages. During 2011, the bank established PalPay, a subsidiary company that provides electronic payment solutions, to enable the payment of different utility bills and topping-up mobile phone credit, through the bank's extensive Point of Sale network spread throughout Palestine."
Shawa also attributed the strong performance to the bank's conservative approach, which helped it weather several regional and international crises, as well as BoP's strong corporate governance and sound risk management. During 2011, Bank of Palestine implemented the second phase of the Operational Risk Management project in cooperation with the International Finance Corporation (IFC), paving the way to becoming the first bank in Palestine to implement "Basel II" standards.
About Bank of Palestine (BoP)
Established in 1960, BoP is the first and largest Palestinian bank with the most widespread branch network in Palestine, a paid up capital of $120 million, and assets of over $1.6 billion, with 1,100 employees serving over 500,000 customers. Operating as a universal bank, BoP is engaged in retail, corporate, SME and Micro banking operations, with the largest card processing operations in Palestine; BoP is the sole agent for issuing and acquiring Visa and Master Card in Palestine with over 5,000 Point of Sale machines nationwide. Recently, BoP has beenplaying a leading role in some of the largest project finance loan syndications in Palestine, such as Wataniya Mobile Palestine, and the Movenpick Hotel, Ramallah.
In 2007 BoP established a brokerage subsidiary, Al Wasata Securities, providing customers with trading access to stocks listed on the Palestinian Stock Exchange and regional markets. And in 2011, the bank established PalPay, a subsidiary company that provides electronic payment solutions.
In the past few years, the bank's development, achievements, and contribution to the Palestinian society and economy have been recognized by several institutions; In 2011, Bank of Palestine was awarded the prestigious Euromoney Award for Excellence, as "Best Bank in Palestine", EMEA Finance "Best Bank in Palestine" award, Global Finance Award for Best Trade Finance in Palestine, and the JP Morgan "2011 Elite Quality Recognition Award for Outstanding Achievement of Best-in-Class", for the tenth consecutive year. BoPis also a proud signatory of the United Nations Global compact.
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 13% of total PEX market capitalization.
SOURCE Bank of Palestine