“Palestine Islamic Bank” Earnings Exceed USD 9 million The Bank announced its unaudited financial reports for Q3 of 2017

Palestine Islamic Bank announced its financial report for the third quarter of 2017. The report showed that the Net-Profit after tax at the end of the mentioned period reached USD9.46 million.

Mr. Bayan Qasem, the General Manager of the Palestine Islamic Bank, said that the bank’s indicators showed a remarkable strength and promise with the closing of this fiscal year as well as with other important financial achievements. He indicated that the total earnings of the Bank increased by %14.47. Mr. Qasem pointed out that the Bank's earnings before taxation has exceeded USD $12.5 million; he confirmed that such an increase is a result of the Bank's activities and expansion during the past fiscal period which included the opening of new branches in several cities and governorates around the country.

Mr. Qasem also indicated that the Bank's direct financing increased to USD 588 million, while the assets were close to $1 billion US dollars. This indicates a rise in the Bank’s net equity to USD 104.5, while the total income reached USD 36.59 million.

Mr. Qasem attributed this growth in PIB’s indicators to the ambitious financial and economic policies that were endorsed by the Board at the end of last year. He also attributes the growth to the launch of a large package of electronic services that greatly strengthened the Bank’s position among its customers. This package eased their banking transactions in a way that meets the financial inclusion policy the Palestine Monetary Authority is aiming to achieve. At the same time Mr. Qasem cited that such success has been supported with a great effort by the Bank’s staff, and to the new ideas and products that they are constantly presenting.

Mr. Qasem affirmed that the trust that the Palestine Islamic Bank has gained from investors, depositors, and customers is a corner stone of the bank. It has become a consistent source of profit and the consequent growth of investments for depositors and investors.

Mr. Qasem praised the great efforts made by the Palestine Monetary Authority, which follow up closely on the sector players to ensure and help creating a good environment for all of banks in Palestine and particularly gives special attention to Islamic bank, so they can conduct their business in a manner that continues and increases its profits, as well as is in line with the best international banking practices.

It is worth mentioning that the Palestine Islamic Bank operates through 35 branches and offices, as well as a wide network of over 60 ATMs supported by services such as cash deposit and the use of people with hearing and visual disabilities