Maher Masri: Palestine Islamic Bank Reports 15% Growth in Net Profit
Mr. Maher Masri, Chairman of Palestine Islamic Bank (PIB) Board of Directors stated that PIB 2017 financial results reported that the net profit after tax have reached $14.5 million, with a 1.9$ million increase compared to the year 2016, and a growth rate of 15.25%, pointing that the Bank’s capital adequacy have increased with 10.40% to reach the total of 69 million US Dollars.
Mr. Masri said that the financial statements of the Bank are indicating a growth in its assets with 25%, exceeding the one billion US dollars, while clients deposits grew with 24% to be around 809.6 $ million, recording an increase of 158$ million compared to the year 2016, while direct financing have witnessed a growth with 15% to reach 619 million by the end of the year.
Mr. Masri also pointed that the basic earnings per share have increased with 21.48% in the year 2017. This positive growth have reflected on PIB share price at the Palestinian Exchange Market and have increased to 2.15$ by the end of 2017, in comparison with 1.71$ in the year 2016, property right on Owner´s Equity have increased with 15% to reach 109.6$ million by the end of 2017.
Mr. Masri stated that the” strong performance of Palestine Islamic Bank confirms the success of the Bank in dealing with the challenging and changing operating environment and reflects the Bank’s prudent operating policies”. He indicated that PIB opened seven offices and one branch during last year. “Currently, the bank runs a total of 36 branches and offices across Palestine.” he said, attributing this achievement to the joint efforts between the board of directors and its different committees in developing regulatory and operational policies following the highest standards of governance and transparency, and to the executive management which he described as efficient, professional and high credibility, and also to the Shari’a supervisory board that makes sure to commit to Islamic banking regulations according to Shari’a law, and finally to the support coming from investors and PIB clients.
He added:” In order to continue with achieving successes and gain trust from more clients, PIB contracted one of the biggest specialized companies in the world, to purchase a sophisticated banking system that includes all compliance control systems, risk management, anti-money laundering, financing system, operational and analytical systems that will contribute to raising the efficiency of work, developing customer services and reducing risks”
He added: “ We have obtained a membership with MasterCard International as a principal issuer, in addition to our membership with VISA, this step will accelerate the issuance of cards to our customers, thereby strengthening our position in the Palestinian banking sector. “
Mr. Masri considered the compatibility between the results that have been achieved and the PIB strategic plan for the years 2017-2020 a clear indication that the planning is accurate and based on a professional and scientific foundations, also, an indication to the possibility of achieving set goals for the year 2020, without disregarding at the same time the importance of investing in the human staff that runs the bank’s operations and enhance its responsibility towards the society, that’s why a budget with 850.000$ was allocated and the southern govern-orates got the biggest share due to the hard and catastrophic circumstances there.
Al-Masri concluded his statement with addressing his gratitude to the investors, staff, clients, Palestine Exchange Market and the corporate observer for their constructive and positive role in serving this important economic sector.