By an increase of 4% compared to year 2017 .... Palestine Islamic Bank Generates Net Profit Exceeding 15 Million Dollars

Palestine Islamic Bank Company has shared its preliminary, unaudited and consolidated final financial statement for the year 2018, as per the provisions of the disclosure system applicable to the companies included within Palestine Stock Exchange.

His Excellency, the Chairman of Palestine Islamic Bank, Maher Masri, has explained that the year 2018 has experienced a growth in profits at a rate of 4.13%, consequently, the company has generated net profits at a value of 15.13 Million US. Dollars.

Masri has also indicated that growth has been a dominant feature of the bank’s most notable financial and non-financial indicators during 2018, pointing out to the expansion policy followed by the bank, which includes the increase in the number of branches and offices, or the increase in services and banking products which are sharia-complaint and supported by an advanced system of electronic services, along with the bank’s multiple partnerships with national companies and institutions.

In addition, Masri has considered 2018 as a year full of remarkable progress, whereas the bank’s paid-in capital has increased to reach 74 Million Dollars up from 69 Million Dollars. This was achieved through the capitalization of 5 Million Dollars of retained earnings, as well as the opening of 7 new offices, the election of a new board of directors that includes special economic and banking competencies, and the bank’s obtainment of the award of “The Most Innovative Islamic Bank in Palestine 2018” presented by the International Finance Magazine, and the award of “Best Islamic Banking Services 2018” presented by the World Union of Arab Bankers.

Masri has confirmed the bank’s eagerness to the rights of its shareholders and depositors, and its diligent work to develop their investments and savings in order to achieve the objectives and goals set forth when they placed trust in the Palestine Islamic Bank. Also, Masri has extended his gratitude to the bank’s clients for their confidence, trust and support, assuring that they are the bank’s center of attention, saying that “we consider our clients as our partners in all aspects of banking.”

Pursuant to the disclosure sent to Palestine Stock Exchange, the basic earnings per share amounted to 0.204 Dollars up from 0.196 Dollars per share. Moreover, the bank’s revenues increased to reach 55.76 Million Dollars in 2018, compared to 50.1 Million Dollars during the preceding year, with an increase of 11.3%.

The total assets reached 1.10 Billion US. Dollars, as compared to 1.01 Billion US. Dollars at the end of 2017, with an increase of 9.31%. Likewise, the clients’ deposits increased at the end of 2018, reaching 904.4 Million Dollars, up from 809.6 Million Dollars in 2017.

It is worth noting that Palestine Islamic Bank was founded in 1995, whereas it owns the widest Islamic banking network in Palestine which includes 43 branches and offices, 79 Automated Teller Machines (ATM) which cover all Palestinian governorates, the bank conducts its business under the provisions and principles of Islamic Sharia.