BoP's Net Profit for the year 2009

Mr. Hashim Shawa: “BoP’s Assets Has Reached USD 1.28 Billion and Deposits Exceeded One Billion”


BoP’s Net Profit for the Year 2009 was USD 28.37 Million with an Increase of 20.16%


Mr. Hashim Shawa, Chairman and General Manager of BoP, declared that BoP’s net profit after taxes for the year 2009 was USD 28,371,928 with an increase of 20.16% compared to the year 2008 when it was USD 23,610,956. The financial reports also showed that the total assets increased to reach USD 1,281,830,469 with an increase of 22.57 % contrasted with USD 1,045,784,065 in the previous year. The total deposits reached to USD 1,018,679,647 with an increase of 21.20 % as compared to USD 840,497,297 in the previous year. The net credit facilities given in the year 2009 amounted to USD 343,311,231 with an increase of 20.32 % as compared to the year 2008. As for the shareholders’ equity, it has increased to USD 150,879,817 with an increase of 22.49%.


Mr. Shawa added that these results show a growth rate of more than 20% at all the financial statements of the Bank despite the difficult conditions our country suffers and despite the global financial crisis, all of which indicate the publics’ trust in BoP as the First National Bank as well as their trust in its wise management and the sound bases it was established on.


On the other hand, Mr. Shawa mentioned the Bank’s preparations to celebrate the Golden Jubilee on the fiftieth anniversary of its foundation under the slogan "Fifty Years of Building" through which the Bank has actively contributed in all aspects of development and support for all sectors of Palestinian society.


During the year 2009, Mr. Shawa said, ‘the Bank has launched more distinctive services and programs that are added to its package of services, e.g., the launching of Easy Life Card Program, the first of its kind in Palestine, as well as launching a distinctive program for saving accounts through a weekly withdrawal of a lifetime monthly salary, besides to Student Loan Program, Cars Loan Program, Housing Loan Program. In addition, the Bank has opened 9 new branches and sub-branches during 2009 most of which in rural areas so as to deliver the Bank’s services wherever the customer is. Accordingly, Bank of Palestine with its 40 branches and sub-branches has maintained its place as the most geographically distributed bank among all operating banks in Palestine. The Bank has a strategic plan for expansion locally and regionally during the next three years by opening 15 branches and sub-branches in the Palestinian Territories and opening a new branch in the Hashemite Kingdom of Jordan’ .


Concerning electronic services, Mr. Shawa added that BoP has the biggest network of ATM machines of 65 machine spread all over the country besides to 4000 POS units located wherever the customer is found.


As a national institution, the Bank has played a major role in supporting the national economy through granting loans with comfortable terms to small-medium companies operating in all economic sectors to support all members of the society and to provide all companies with the financial support. Concerning cooperation with big corporations and private institutions, Bank of Palestine has supported both of the tourism sector and the telecommunications sector through offering big loans jointly with other banks.


Concerning the social responsibility, BoP has played a major role during the past fifty years as it has sponsored several humanitarian and social activities; e.g., For The Children of Gaza Campaign in which the Bank donated one USD dollar for each buying transaction on credit and debit cards through its points of sale that are spread all over the country, sponsoring the children program Star Kids, offering a financial support for Al Amal Institution for orphans to build their own handicrafts center, and the exclusive sponsorship for Palestino Team in Chili.


In addition, Bank of Palestine won more international awards for speedy, accurate, and mistake free US Dollar Clearing operations from JPMorgan Chase Bank for the seventh consecutive year, and it has also been awarded from Commerz Bank for first time. Locally, it has obtained the first place as the best bank in Palestine and the fourth as the best economic institution in 2009 according to the survey conducted by Ma`an News Agency.


On the other hand, Mr. Shawa said, ‘we had signed a number of important agreements and the most important one was risk management and corporate governance system with IFC so as to reach Basel 2 .


Al-Wasata Co. , the investment arm of BoP is now ranked the first among other brokerage firms in the number of newly opened accounts, and the third in trading volume.


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