sPIB’s profits record a 29.98% growth for the first quarter of 2023
Palestine Islamic Bank announced its financial results for the first quarter of 2023. Compared to the same period in 2022, the results show growth by 29.98%.
The financial statements showed a net Earnings after Tax of USD 4,369,554, whereby the EAT recorded for the same period in 2022 was USD 3,361,754. The statements also noted that the Bank’s assets increased from USD 1,516,335,930 by 2022 yearend to USD 1,545,451,997 in the first quarter of this year, thus achieving a growth of 1.92%, whereas the Bank’s liabilities grew by 1.78% from USD 1,367,974,139 by the end of 2022 to USD 1,392,230,139.
The Bank’s statements showed an equity growth of USD 153,221,858 from USD 148,461,111 at the end of 2022, hence recording a growth rate of 3.21%. Customers’ deposits grew by 5.09%, from USD 1,236,609,601 in 2022 to USD 1,299,510,621. Moreover, direct credit financing achieved a growth rate of 3.29%, from USD 898,219,397 at the end of 2022 to USD 927,786,361.
Dr. Imad Al-Sadi, PIB General Manager, stated that these positive results are aligned with the Board of Directors’ adopted policies aimed at maintaining the required growth pace. He noted that such results were achieved due to applying the best good governance and risk management practices and standards, as well as increasing investment in digital technologies. Such step enabled the Bank to overcome surrounding and recurring challenges namely related to political instability, irregular salaries disbursement for public servants, and exchange rate fluctuation, among others. He also mentioned that these results further confirm the Bank’s financial status, stability, and the success of its development plans in fostering customer service quality and achieving investors’ interests.
Moreover, Al-Sadi stated: “Achieving those results wouldn’t have been possible if it weren’t for the Board of Directors’ instructions and pre-planning, whereby such plans were efficiently implemented by all the Bank’s administrative body, under the oversight of the Sharia Supervisory Board that is keen on maintaining PIB’s compliance with Sharia principles and rules.”
Al-Sadi further asserted the important role of the Palestine Monetary Authority in maintaining financial stability, strengthening the banking sector, and protecting it against any risks or challenges. He also praised the Higher Sharia Supervisory Board’s role in streamlining and consolidating Sharia principles, rules, and controls in force for offering Islamic banking services in Palestine.
He also noted that, during the first quarter of this year, the Bank continued its achievements in terms of offering advanced banking services to customers. This has been achieved through expanding the Bank’s ATM’s network, preparing for launching new cards to encourage customers to use e-payment solutions, and launching new campaigns and products that would meet our customers expectations, enhance their banking experience, and raise their satisfaction with the provided services.
As for social responsibility, Al-Sadi stated that the Bank supported more than 50 entities during this year’s first quarter. Support was mostly offered to the health and education sector, since both are vital and essential for achieving sustainable development. He also noted that these financial results will have a positive impact on the Bank’s Social Responsibility Program.