PIB announces its financial results for the first half of 2023

Palestine Islamic Bank (PIB) announced its financial results for the first half of 2023, which showed a natural growth of its financial indicators, in line with the Bank’s plans and orientations for the upcoming period.

According to the financial statements, PIB’s net profit after tax amounted to 8,466,903 million US dollars up from 7,168,478 million US dollars in the same period in 2022, scoring an increase of 18.11%. Total assets of the Bank amounted to 1,543,386,349 billion US dollars by the end of the first half of 2023, up from 1,516,335,930 billion US dollars by 2022 yearend, with a growth of 1.78%. Total liabilities amounted to 1,391,338,689 billion US dollars, up from 1,367,874,819 billion US dollars, increasing by 1.72%.

Total equities amounted to 152,047,660 million US dollars, up from 148,461,111 million US dollars by 2022 yearend, with an increase of 2.42%. Customers’ deposits grew by 5.30%, from 1,236,609,601 billion US dollars in 2022 to 1,302,186,126 billion US dollars. Net direct credit financing achieved a growth rate of 2.38%, growing from 898,219,397 million US dollars by 2022 yearend to 919,627,064 million US dollars.

The General Manager of PIB, Dr. Imad Al-Sadi said that the positive financial results achieved by the Bank during the first half of 2023 confirm the strength and stability of the Bank's financial position, as they come in accordance with sound advance planning and are in line with Board policies that ensure maintaining the required growth pace.

Al-Sadi added: “Such results were achieved thanks to complying with the best principles and practices of good governance, risk management, and furthering investment in digital technologies. These steps have enabled us to overcome a number of challenges, namely the ongoing unstable political and economic conditions, especially with regard to irregular salaries of public sector employees and fluctuations in currency exchange rates.”

He also noted that achieving these results would not have been possible if it were not for the outstanding efforts of the Bank’s employees in various branches and departments in different regions, their sense of belonging to the institution and their team work, and 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 stated that the positive financial performance is in line with the Bank’s Strategic Plan (2023 – 2026), which relies on a number of aspects, including: leadership in digital transformation, strengthening the work environment, developing our human cadre, excelling in customer relationship management, enhancing the use of available income sources, and maintaining outstanding performance in the field of sustainable social responsibility.

He also mentioned that PIB has been keen, since the beginning of the year, to continue offering advanced banking services to its customers, namely through developing digital channels and preparing for launching new cards, as well as campaigns and products aimed at meeting customers’ expectations and enhancing their banking experience. This comes in parallel with the Bank’s work toward expanding its contributions in the field of sustainable social responsibility through supporting dozens of institutions, since the beginning of the year, focusing on institutions working in the health and education sectors, as pillars of sustainable development.