The National Bank Announces Full Year 2018 Financial Results
The National Bank (TNB) announced today its full year results for 2018.
- TNB becomes the second largest Palestinian banking group
- Total assets double in 2018 to USD 2.2 billion from USD 1.08 billion in 2017
- Net profits reach USD 19.25 million in 2018 up from USD 9.2 million in 2017
- Customer deposits more than double in 2018 reaching USD 1.7 billion from USD 808.8 million in 2017
- TNB’s credit facilities portfolio reaches USD 1.3 billion in 2018 compared to USD 653.8 million the previous year
- Gross income hits USD 85.6 million in 2018 up from USD 37.4 million in 2017
Presenting the results, TNB’s chairman Talal Nasereddin said:
“2018 has been a landmark year for The National Bank with an outstanding financial performance following the acquisition of Palestine Islamic Bank (PIB) in the first quarter of the year and a significant investment in technology to digitize the customer experience.”
The acquisition of PIB, the largest transaction in the history of the Palestine Stock Exchange, was achieved through the creation of an innovative buy-out vehicle. The deal broadens the products and services that TNB is able to offer to include traditional and Islamic Sharia compliant products in addition to covering a wider geographic area, allowing for the launch of services in new markets, with a special focus on Gaza.
Mr Nasereddin added:
“The opening of TNB’s award-wining Digital Service Centre, the first of its kind in Palestine and the Middle East region, has allowed the bank’s existing and potential customers to interact with the bank via social media platforms. Adding to our objective of using technology to streamline and improve the customer experience, we have invested in upgrading our ATMs, online banking site and mobile app in 2018. Our investment in technology has paid off with the new Digital Service Centre serving more than 10,000 customers in its first 6 months and TNB being named ‘Most Innovative Bank’ in Palestine by the renowned International Finance magazine.”
Consolidating its position as the second largest Palestinian banking group, TNB signed two agreements with the European Bank for Reconstruction and Development (EBRD) and the Sanad Fund to increase its lending portfolios for Micro, Small & Medium Enterprises (MSME). In addition, TNB opened two new branches in Tulkarem and Sinjil, fulfilling its aim to serve both the financial demands of the big cities in Palestine as well as introducing banking services to rural areas. With two more new branches planned to open in 2019, TNB currently operates 26 branches and offices throughout the West Bank.