Bank of Palestine profits reach $18.7 million

Bank of Palestine profits reach $18.7 million
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Published August 21st, 2013 - 10:47 GMT via SyndiGate.info

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Hashim Shawa, Chairman and General Manager of BOP, said,
Hashim Shawa, Chairman and General Manager of BOP, said, "We are hopeful that this initiative will take a comprehensive approach and lead to both political and economic developments in the near future." (Photo Credit: Haartez).

Bank of Palestine’s net profit reached $18.71 million, compared with $18.29 million at the end of June 2012 (an increase of 2.30 per cent); assets increased to reach $2.18 billion compared to $2 billion at the end of 2012 (an increase of 8.85 per cent); and owner's equity reached $229 million compared to $221 million at the end of 2012 (an increase of 3.62 per cent).

The bank's market share has also increased during the first half of 2013, to reach 25.24 per cent and 21.91 per cent in credit facilities and deposits respectively, compared with 23.75 per cent and 20.77 per cent as at end of 2012. During this period, 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 5.04 per cent to reach $1.03 billion, compared with $976 million as at end of December 2012. Deposits also witnessed a steady increase of 9.10 per cent to reach $1.696 billion at end of June 2013, compared with $1.554 billion at end of 2012.

Hashim Shawa, Chairman and General Manager of BOP, said, "We are hopeful that this initiative will take a comprehensive approach and lead to both political and economic developments in the near future. These major developments and their potential outcome will only contribute to even more positive results for the bank, since we are well positioned to capitalise on the improving situation, and our business strategy has been built factoring in existing market conditions, therefore any improvement, will only lead to further success."

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