The National Bank: Our Assets Have Exceeded $1.1 Billion, and Our Profits Grew by 15.25% in H1 of the Current Year
The National Bank (“TNB”) announced the results of its financial statements for the first half of the current year, with assets exceeding the $1.1 billion barrier, reaching $1.17 billion, a growth of 22.1% over 2016. TNB's net profits grew by 15.25% after reaching $5.36 million in the first six months of 2017, compared to the previous year, when profits amounted to $4.65 million.
Commenting on the results, Chairman of TNB's Board of Directors Talal Nasereddin said that the board was satisfied with the results and with the bank's continued financial growth and development. He added that growth rates in all indicators exceeded 15%, which signifies that TNB’s"fastest-growing" designation was well deserved, and that the bank has maintained its notable financial growth over the years. Nasereddin also addressed the change in the competitive classification that the bank’s assets have achieved, explaining that TNB is the second largest Palestinian bank today in terms of assets, signifying the solidity of its financial position.
TNB General Manager Ahmad Hajhasan affirmed that the bank's financial statements once again reflect the soundness of its strategies and the vision implemented by the board of directors and the executive management team. He added that TNB achieved a total income growth rate of 18.5%, amounting to $20.13 million, compared to $16.98 million during the same period the previous year. He attributed this increase to the strategic vision of diversifying the financing and lending portfolio to include numerous economic sectors and the best investment of funds, in addition to using non-traditional methods in managing the treasury and investments. He pointed out that the bank's facilities during the first half of the current year were $611.77 million, growing at the rate of 17.8% from $519.31 million at the end of 2016, which reinforced net revenues from interest and commissions to reach $16.51 million, from $13.90 million, a growth rate of 18.7%.
Financial statements for the first six months of 2017 also showed a growth in customer deposits, reaching $745.94 million, a growth of 13.7%, compared to 2016, which amounted to $655.96 million. Hajhasan noted that client confidence has risen, and that TNB has woven a close relationship with its customer base by providing them with high-quality services and by developing non-traditional banking products and programs that fulfil their actual financial needs. This has created greater confidence and reinforced TNB’s position in the Palestinian banking marketplace.
Hajhasan went on to add that the products and services that the bank has developed serve all Palestinians, such as “Hayati”, the first integrated banking program for Palestinian women. Hayati was created to be transformed from a saving product into a program that provides the entire suite of banking services needed by women, and includes all accounts, cards, loans with special features including interest rates and commissions, payment methods, as well as unique card designs and checkbooks. He confirmed that TNB has been recognized as the "Best Female Empowerment Bank" by CPI Financial - The Banker Middle East, for its pioneering Hayati program, which has contributed to the economic empowerment of Palestinian women and reinforced their financial inclusion, as they represent half of Palestinian society.
Mr. Hajhasan stated that the Bank is in the process of concluding agreements with local and international parties to finance women-led projects, reaching $7 million, concentrating on Jerusalem and areas "C," for the purpose of enhancing economic development there, and to complete the Bank's mission of empowering Palestinian women and contributing to developing areas that do not enjoy sufficient attention.
At the level of expansion and spreading, Hajhasan noted that the first half of 2017 witnessed the inauguration of three new branches of the National Bank in different geographical areas, foremost of which was Dahiet-Albarid Suburb, inaugurating the return of the Palestinian banking system to serve the residents of Jerusalem after 50 years of the presence of an operating Arab bank in the city. He affirmed that the National Bank now has 17 branches and 4 offices, and announced that the Bank is planning to open two new branches and two new offices before the end of the current year, to deliver banking services to the largest possible group of Palestinian citizens in order to reinforce financial inclusion.