PIB reports financial indicators’ growth and profits increase by 12.1% in 2022

PIB reports financial indicators’ growth and profits increase by 12.1% in 2022

Palestine Islamic Bank’s financial indicators achieved growth in 2022, where profits increased by 12.1%, reaching USD 15.3 million from USD 13.7 million in 2021.

The financial statements submitted before Palestine Exchange reported a growth rate of 7.08% in intellectual property rights that amounted to USD 148.5 million, upon increasing from USD 138.6 million. PIB’s paid-in capital was increased in 2022, reaching USD 90 million from USD 85 million in 2021. Moreover, direct credit financing grew by 0.88% from USD 890.4 in 2021 to USD 898.2, whereas the Bank’s assets amounted to USD 1.516 billion.

Commenting on the financial results, Maher Masri, Chairman of PIB’s Board of Directors, stated that the 2022 achievements are in line with the Board’s policies seeking to maintain the required growth rate, further reiterating the Bank’s robust financial position and stability, as well as the success of its development plans aimed at fostering customer service quality and fulfilling investors’ interests.

He added: “Achieving those results wouldn’t have been possible if it weren’t for the team’s cooperation and efficiency of the plans’ execution. In fact, teamwork and good planning have enabled us to address the recurring political and economic challenges. Moreover, we’ve also adopted the best risk management and investment increase standards in terms of digital transformation, thus furthering such achievements.”

Masri also stated that the Bank’s performance is aligned with the constant development of the services and products it offers to the public. In fact, numerous new Islamic finance-based products were launched simultaneously with the digital transformation process providing customers with various digital channels. In addition, new companies joined the e-payment network. Moreover, World Mastercard and Platinum Mastercard, the first of their kind, were launched in Palestine while efforts are underway to launch new cards aimed at encouraging customers to opt for e-payment solutions. He also noted that the Bank has upgraded its ATM network and supplemented it with new machines featuring services specifically designed for PIB.

He thanked customers and investors for their perpetual trust in the Bank and confirmed that their trust shall keep on motivating PIB to continue delivering new Sharia-compliant products and services in accordance with its 2023 – 2026 strategic objectives. These objectives include pioneering digital transformation, promoting internal and external partnerships for creating new Islamic banking products, and achieving excellence in terms of service quality and customer relationship management.

Finally, he stated that the excellent financial results will positively impact the Bank’s ability to increase its annual contribution to sustainable community development, upon noting that PIB has already executed more than 140 projects within this field in 2022. Such projects benefited various community segments, namely the health and educational sectors, as the basis for achieving sustainable development.

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.