PIB Reports 77% Profit Growth in First Half of 2021

Palestine Islamic Bank (PIB) reported a remarkable increase of 77% in profits during the first half of 2021, to reach USD 6,397,477 compared to USD 3,608,002 for the same period last year, 2020.

According to the Bank’s financial statements, disclosed to PEX, total shareholders' equity increased by 5.79%, from USD 123,334,804 to USD 130,472,46 during the same period; total assets reached USD 1,581,919,488 compared to USD 1,511,331,316 for the same period in 2020, an increase of 4.67%; and total liabilities increased by 4.57% to reach USD 1,451,447,027, compared to USD 1,387,996,512 for the same period in 2020. The Banks financial results also revealed growth in customers’ deposits by 5.81%, compared to USD 1,164,958,120 for the same period in 2020.

Commenting on these results, Maher al-Masri, Chairman of PIB, stated that these financial results signal the start of the recovery from the implications of the Covid-19 pandemic for PIB, and the banking sector in general, and it was as planned.

“These results give rise to optimism that this performance will continue through the second half of the year”, Al-Masri added, “We thank our customers and shareholders for their confidence in the Bank, which has been an enduring motivator for us to develop and serve them with new everything.”

Al-Masri mentioned that these accomplishments are in line with the vision and plans of the Board of Directors and its pre-prepared policies, which ensure maintaining the required pace of growth while addressing and overcoming any obstacles that may result from political, economic, and health fluctuations. He added that this wouldn’t have been achieved without efficient implementation by the executive management, teamwork at all levels in the Bank, and supervision of the Sharia Supervisory Board (SSB).

“Despite the negative consequences of the pandemic in 2020 and its impact on the current year, we managed to handle it efficiently and professionally,” al-Masri added. “We preserved investors’ interest and provided our customers with outstanding services by adhering to best practices of good governance, risk management, and investment in digitization.”

According to al-Masri, this distinctive performance at the financial level comes in parallel with ongoing achievements in the Bank’s plan for digital transformation, which aims to enable customers to enjoy banking services quickly, easily, and around the clock. In this regard, the Bank signed many new relevant agreements, enhanced its electronic services, and completed an essential part of the new banking system that will provide higher quality services to customers and shareholders by establishing an advanced digital system capable of coping with any development.

The Chairman said that the achieved financial results are positively reflected on the Bank’s ability to increase its contribution to social service under its sustainable social responsibility program. He indicated that 75 projects have been implemented under this program since the beginning of the year, benefiting various segments and sectors, especially health and education which constitute the basis for achieving sustainable development.

In this regard, al-Masri pointed out to the Bank’s support for hospitals and medical centers in facing Covid-19 pandemic implications, as well as its support for tens of educational institutions through building classrooms, restoration work, and support of scientific research through the annual “Palestine Islamic Bank Award for Scientific Research”, etc.

Al-Masri continued, “We shall go ahead in pursuing our goals and implementing our plans in the coming period, supported by a solid foundation of commitment to Sharia provisions and principles, adherence to governance best standards, and using an advanced digital system.”

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.