PIB announces its financial results for the first quarter of 2022
The Palestine Islamic Bank announced its financial results for the first quarter of 2022, showing growth in most of the bank's financial indicators.
The bank indicated in its financial statements as disclosed to the Palestine Stock Exchange that its total assets amounted to USD 1,662,969,167 up from USD 1,656,425,003 in 2021, with an increase of 0.40%.
The bank’s financial statements also showed that total liabilities went from USD 1,517,775,923 in 2021 to USD 1,520,756,915, an increase of 0.19%, while property rights amounted to USD 142,212,252, up from USD 138,649,080 in 2021, an increase of 2.57%. The bank’s net profit after tax amounted to USD 3,361,754, compared to USD 3,460,751 for the same period in 2021, with a drop of 2.86%.
Commenting on the results, PIB General Manager, Dr. Imad Al-Sadi, said that despite the current political turmoil, the uncertainty surrounding public sector salaries, and the fluctuation in exchange rates, the bank achieved growth in most of its financial indicators, confirming the strength of its financial position. Al-Sadi indicated that PIB is proceeding according to the plans set for the year 2022, thanks to its commitment to best practices in good governance, risk management and increased investment in digital technologies. Al-Sadi also made sure to thank PIB’s customers and shareholders for their continued trust in the bank.
PIB’s General Manager added that during the first quarter of this year, the bank continued its achievements in the field of digital transformation by enhancing its electronic services. In fact, the number of companies listed in the electronic payment service was increased and the ATM network was modernized with new ATMs containing advanced services designed specifically for the bank. PIB also continued its preparations for the launch of new cards to enhance the orientation of its customers towards electronic payment solutions and finalized its preparations for the launch of the new banking system.
Al-Sadi stressed that the positive results achieved at the level of financial performance will be reflected in an increase of the Bank's contributions within the community through its program for sustainable social responsibility. PIB’s program focuses mainly on the health and education sectors, in line with the Bank's efforts to achieve the global sustainable development goals.
The mission and vision of PIB revolve around providing comprehensive high quality and modern banking solutions, following the provisions of the Islamic Sharia laws, and investment within an advanced technological perspective. It also sets a deliberate strategy to proceed with the digital transformation process, which resulted in launching pioneering digital services such as the 24-hour digital contact center, Islami Online, and Islami Mobile, which offer a distinctive package of banking services through an easy and secure environment that enhances the digital experience for its individual and corporate customers. PIB has also recently won "The Best Islamic Bank Award" and " The Best Digital Bank Award" in Palestine for the year 2021, according to International Business Magazine (INTLBM).