PIB profits grow by 18.84% in the third quarter of 2022

The Palestine Islamic Bank (PIB) announced its financial results for the third quarter of 2022, which showed growth in the bank's profits compared to the same period of last year 2021.

According to the data disclosed by the bank to the Palestine Exchange, PIB’s net profit after tax amounted to 11,611,131 million US dollars up from 9,770,799 million dollar in the same period in 2021, scoring an increase of 18.84%. Total equities amounted to 144,179,284 million US dollars, up from 138,649,080 million dollars in 2021, with an increase of 3.99%. Total assets of the Bank amounted to 1,527,716,976 billion US dollars, and the total liabilities amounted to 1,383,537,692 billion US dollars.

Commenting on the financial results, the General Manager of PIB, Dr. Imad Al-Sadi said that the positive financial results achieved confirm the strength and stability of the Bank's financial position, as they come in accordance with what was planned in advance and are in line with the policies of the Board of Directors that ensure maintaining the required pace of growth.

Al-Sadi added: “These positive results come despite the ongoing unstable political and economic conditions, especially with regard to irregular salaries of public sector employees and fluctuations in currency exchange rates as we were able to overcome these challenges thanks to the Board of Directors and its various committees following the best practices of good governance, institutional excellence, the outstanding efforts of the bank’s employees in various branches and departments in different regions, their sense of belonging to their institution and their work in a team spirit, and certainly the supervision of the Sharia Supervisory Board, which maintains the commitment of all the bank’s business to the provisions and principles of Islamic Sharia.”

Al-Sadi also indicated that this performance comes in parallel with a continuous development in the nature of the services and products that the bank provides to the public, as many new products that adopt multiple Islamic financing formulas were launched, in addition to proceeding with the digital transformation process by providing various digital channels to customers and strengthening the charging and payment network. This comes in addition to launching the World Mastercard and Platinum Mastercard credit cards, the first of their kind in Palestine, and preparing to launch new cards to enhance customers’ orientation towards electronic payment solutions. PIB also worked on modernizing its ATM network and providing it with modern ATMs equipped with services specially designed for the bank.

In parallel with the growth in financial indicators, the bank worked to enhance its contributions in the field of sustainable social responsibility. As Al-Sadi indicated, the bank has provided support to more than 100 institutions since the beginning of the year, with a focus on the health and education sectors considered to be basis for achieving sustainable development.

Al-Sadi stressed that the bank will work to preserve and develop these achievements in the coming years through its ambitious strategy, which relies on a number of aspects, including: leadership in digital transformation, strengthening the work environment, developing human cadres, excelling in customer relationship management, enhancing the use of available income sources, and maintaining outstanding performance in the field of sustainable social responsibility.

PIB’s mission and vision focus on providing quality and modern Sharia-compliant banking solutions and investing in technology. PIB also has a digital transformation strategy, which led to the launch of pioneering digital services such as the 24-hour digital call center, Islami Online and Islami Mobile services. Such products and services provide a unique package of easy and safe banking services which enhance the digital experience for individual and corporate customers. The bank was recently awarded the 2022 “Best bank for providing Islamic banking services and products in Palestine” award by The Arab Bankers Association and “The Banking Executive” magazine.