The National Bank (TNB) announced today the results of its financial statements for the first quarter of 2022, achieving a growth of 36.5% in profits of the bank’s shareholders to reach USD 2.77 million, compared to USD 2.03 million during the same period last year. The results that the bank disclosed to the Palestine Stock Exchange showed that its total assets amounted to USD 1.57 billion, and its clients deposits to 1.16 billion US dollars. The net direct credit facilities portfolio grew to USD 878 million as on March 31, 2022, and the bank’s total income at the end of the first quarter of the current year amounted to USD 15 million, while net interest income increased to USD 9.58 million.
TNB Chairman of the Board Samir Zraiq commented on these results stating that the bank’s financial portfolios are growing effectively and efficiently, and this is due to the success of the development plans it pursued, and the strength of its financial position, noting that the bank relies on a solid capital base supporting its growth and development. Zraiq stressed that TNB is the second largest Palestinian bank today in terms of paid-in capital, amounting to about USD 105 million. He also noted the intention of TNB to further enhance its capital, especially since the Board of Directors had made a recommendation to the General Assembly at its previous meeting to distribute dividends to shareholders for the year 2021 in the form of free shares of 8.13% of the paid-in capital, to raise the paid-up capital upon approval of the Assembly and completion of procedures to USD 113.1 million.
Zraiq stressed that TNB has made great strides in implementing its development plans, and that it continues with determination to achieve what it started in the year 2021. This is clearly reflected in its performance at various levels, starting from the results of its financial operations to the simplest service provided to customers. Zraiq highlighted the strengthening of the supervisory and corporate governance frameworks in the bank, pointing out that global consultants KPMG completed the most comprehensive project in the Palestinian banking sector in the field of corporate governance, which lasted for a whole year, whereby a comprehensive plan was developed. TNB worked to complete most of the plan’s items under the supervision of the competent advisor, assisting TNB in applying the highest international standards in corporate governance.
For his part, TNB CEO Salameh Khalil indicated that the financial statements fulfilled the goals set by the bank’s Board of Directors for the first quarter of this year, emphasizing the increase in the efficiency and effectiveness of its financial portfolios to continue growth in a prudent, planned and feasible manner.
Khalil explained the bank's continued investment in digital technology and its development, stressing that during the year 2022, the bank increased the size of this investment to develop banking systems and digital channels with the aim of providing customers with a unique, easy and high-quality banking experience. He explained that one of these projects is to replace all of the bank's ATMs with more modern ones that enjoy advanced global features and provide a greater number of more diverse and comprehensive services to customers. This project is expected to be completed before the end of 2022.
Khalil thanked TNB employees and the executive management staff for these results and for the collective effort made to enhance the bank’s position in the Palestinian banking system, and to achieve the goals set by the bank’s Board of Directors for further development and growth.
