PIB publishes its financial statements for Q3 of 2024
Palestine Islamic Bank (PIB) announced its earnings for the third quarter of 2024, showing the robustness and stability of its financial position despite all circumstances and challenges, in line with its plans for the next stage.
According to the financial statements disclosed by the bank, total assets reached $1,507,426,667 at the end of Q3 of 2024, total liabilities reached $1,356,724,284, and equity amounted to $150,702,383.
The financial results also showed that customer deposits amounted to $1,299,772,680, while net direct financing amounted to $942,810,462, and net profit after tax recorded $2,062,522.
PIB General Manager, Dr. Imad Al-Sadi, said that despite all the difficult circumstances and challenges that our people are going through, moving forward with our work and achievement is an important resilience factor. He explained that the financial results achieved by the bank until the end of September confirm the strength and stability of its financial position and are consistent with its plans developed in light of the difficult political and economic conditions that our people and the Palestinian economy is facing. Al-Sadi pointed out that these results took into account the instructions of regulatory authorities related to the damage resulting from the difficult circumstances that Palestine is currently going through, and that the decline in profits comes as a result of the bank's provisions to face the impact of the situation in Gaza.
Al-Sadi added: "These results, despite the difficult circumstances, are attributed to the Board of Directors and its various committees adopting best practices in terms of good governance, institutional excellence and risk management. It is also the result of the distinguished efforts of PIB employees in various branches and departments, and under the supervision of the Sharia Supervisory Board, which ensures that the bank's business adheres to the provisions and principles of Islamic Sharia."
Al-Sadi stressed that the bank's teams in the Gaza Strip were still operating with available resources to provide services to the bank's customers through the Deir Al-Balah branch, given PIB’s commitment to serving its customers and providing its services regardless of circumstances and challenges.
Al-Sadi confirmed that the bank continues to implement its strategic plan for the years 2023-2026, based on leadership in digital transformation, developing its human cadre, enhancing the work environment, excellence in customer relationship management, and maintaining the bank's outstanding performance in sustainable social responsibility.
Al-Sadi added: "Since the beginning of 2024, we have worked to provide more advanced banking services and products to customers to enhance their banking experience. The latest of those was the launch of a new and updated version of the Islami Mobile application, ring and smart payment bracelet. At the same time, we were keen to enhance our contributions in the field of sustainable social responsibility, especially programs that contribute to the relief and assistance of our people in the Gaza Strip."