National Bank's Profits Top $9 Million before Taxes for Q3 2017 And Assets Stand at $1.14 Billion
The National Bank (“TNB”) has released its financial results for the first nine months of 2017 to the Palestine Stock Exchange today, which show profits of to $9.35 million before taxes, a growth rate of 23.1%, compared to the results of the same period last year, when profits amounted to $7.6 million. Results also show that TNB's assets continue to increase, reaching $1.14 billion, from $957.08 million at the end of last year, a rate of 19.51%.
Customer deposits at TNB at the end of July amounted to approximately $791 million, up from $655.96 million at the end of 2016, showing a growth of 20.58%. The bank’s direct credit facilities portfolio grew by 18.26% to reach $614.18 million as at July 30, 2017, compared to the end of last year’s result of $519.32 million.
Commenting on the results, TNB General Manager Ahmad Hajhasan praised the steady rise of TNB's financial indicators, affirming that 19% basic growth rates were the result of the effectiveness of its strategic plan, its long-term visionand its clear objectives. He noted that once again, these results affirm that the title of "fastest-growing bank in Palestine" is well deserved, and that the Bank is maintaining fixed and increasing growth rates and its solid financial position. According to Hajhasan, TNB will continue on its strategic path, ultimately expanding its market share in the Palestinian banking market. He thanked TNB’s customers for their continued confidence in the bank and its services.
Net income from interest and commissions for the first nine months of 2017 reached $24.86 million, growing by 19.06%, compared to the same period of 2016, when it reached $20.88 million. Hajhasan noted that the bank’s balanced and diversified lending strategy covers all economic sectors by distributing credit risk to ensure the lowest possible portfolio default rates.
Hajhasanwent on to talk about the National Bank's achievements for the nine months that passed from the current year, noting that it succeeded in reaping two regional awards in women economic empowerment, for the pioneering role the Bank is playing in this field. It received the "Best Women Empowerment Award at the Middle East banks' Level" from CPI Financial and its affiliated magazine The Middle East Banker, in addition to the entrepreneurial award in economic empowerment of women from the Arab Banks' Union. He expressed his happiness with these achievements that placed the National Bank on the regional banks' map. Hajhasan also mentioned that the Bank reaped, for the third year, the Fastest Growing Bank award for achieving outstanding growth rates in its financial indicators.
Hajhasan also highlighted TNB’s role in empowering women economically through its pioneering banking programs. Earlier in the year, the bank launched the first integrated banking program for Palestinian women that helps them fulfil their financial needs and provides them with concessions on interest rates, offers a repayment mechanism, as well as an exemption from commissions. Hajhasan added that the bank also works with women through its corporate social responsibility program, contributing to their empowermentin various social sectors. Hajhasansaid the TNB is the pioneer in the Palestinian market, launching the first savings account geared to women in 2015, the first education banking product in 2016, followed by the development of the first integrated women’s banking program in the country.
Hajhasan also spoke of the bank’s expansion throughout Palestine, with five new branches inaugurated this year, most prominent of which was the first branch of an operating Palestinian bank in Jerusalem, a governorate that has seen the absence national banks for 50 years. TNBcontinues to expand, with a strategy that will see it reach rural and un-served areas. He added that TNB has recently reinforced its presence Nablus and Ramallah, and he noted that the bank has plans to open a branch and an office in the city of Tulkarem and the justice building in Qalqilyah.