PIB achieves growth in all indicators for 2021
The Palestine Islamic Bank (PIB) achieved growth in all its financial indicators for the year 2021, as the bank’s net profit after tax reached USD 13,685,189, up from USD11,169,723 in 2020, with an increase of 22.52%.
The bank indicated in its financial statements as disclosed to the Palestine Stock Exchange that its total equity rose to USD 138,649,080 compared to USD 123,334,804 in the same period of 2020, with a growth rate of 12.42%. PIB’s total assets amounted to USD 1,656,425,003, compared to USD 1,511,331,316 for the same period in 2020, an increase of 9.60%, while total liabilities went up by 9.35% to reach USD 1,517,775,923, compared to USD 1,387,996,512 for the same period in 2020. Furthermore, the paid-in capital of the bank was raised from USD 80,000,000 in the year 2000 to USD 85,000,000 in 2021, with an increase of 6.25%.
PIB’s financial results also revealed a growth in customer deposits by 10.78% coming to USD 1,290,482,717, up from USD 1,164,958,120 in 2020.
While commenting on these financial results, PIB Chairman of the Board Maher Al-Masri said that they were consistent with the plan, vision and policies of the Board of Directors aiming at maintaining a steady growth rate. They also mark the beginning of the recovery of the bank and the banking sector from the negative effects of the Covid-19 pandemic.
Al-Masri stressed that these positive results would not have been possible without cooperation and teamwork at all levels of the bank and the effective implementation of PIB’s adopted plans. Al-Masri thanked both customers and shareholders for their constant trust in the bank, which constitutes a major incentive for developing and offering new features to better serve them, in accordance with the provisions of Islamic Sharia.
PIB Chairman described how “thanks to our commitment to best practices in good governance, risk management and increased investment in digital technologies, the bank was able to successfully overcome the negative repercussions of the pandemic and set a model in the banking sector.”
Al-Masri added that the positive results on the financial level were also in line with the bank’s advancements in the field of digital transformation, as it worked on enhancing its electronic services, and added a distinguished package of new digital services to the digital call center, in addition to launching the IslamiTalk service. PIB also completed an important part of the new banking system that will enable it to provide high-quality services to customers and shareholders through a flexible and advanced digital environment capable of keeping pace with rapid developments. Al-Masri also mentioned the recently launched World Mastercard and Platinum Mastercard credit cards, which will contribute to enhancing PIB’s customers shift towards electronic payment solutions.
The Chairman of the Board finally confirmed that these positive results for the year 2021 will boost the bank’s ability to increase its contributions to serve the community as part of its program for sustainable social responsibility. Al-Masri specifically mentioned the 109 projects undertaken by PIB in 2021 for the benefit of different social categories and sectors, especially health and education, in line with the Bank's efforts to support the implementation of the global sustainable development goals.