The National Bank (TNB) today announced its financial results for the third quarter of 2021, highlights include:
•    A shareholder return of $6.6 million, a five-fold increase on the same period last year:
•    A growth in customer deposits to $1.19 billion in Q3;
•    The bank’s total assets amounted to $1.6 billion;
•    TNB’s portfolio of credit facilities reached $860 million;
•    A growth in total equity by around 20% to reach $142.80 million (due to raising the bank’s paid-up capital by $12.8 million, which is expected to be completed in November). 

Commenting on the results, TNB’s Chairman Samir Zraiq said that the financial results met the bank’s targets and fulfilled its strategic goals. He  indicated that the bank is in the process of completing a paid-up capital increase, in accordance with the decision of TNB’s General Assembly. Upon the successful completion of this process, TNB will become the second largest Palestinian bank in terms of paid-up capital, which will cement the bank’s position and support its growth plans.  

TNB’s CEO Salameh Khalil said that the economic recovery from the coronavirus pandemic had begun to show in the performance of Palestinian companies and banks, with TNB’s own financial statements showing that it had begun to achieve the goals set by its board of directors, with the effect of its development plans being felt at all levels of the organization. Mr Khalil stressed that the deconsolidation in financial reporting with PIB would not have any financial impact on TNB and its profitability, or the return attributed to the shareholders; TNB will still maintain its share of profits from PIB without any change*.

Looking back at the past 9 months of 2021, Mr Khalil highlighted TNB’s achievements, beginning with the implementation of the bank’s strategic plans, including the development of human capital, a comprehensive development process for the core banking systems and technological infrastructure, and the advancement of work procedures and policies with the aim of promoting and adopting best practices of corporate governance and strengthening regulatory measures to achieve the ambitious plans and goals of the bank. 

Mr. Khalil pointed to the bank’s future plans, noting that the bank is in the process of adopting a new strategic plan for 2022 to 2025, with bold and ambitious goals to ensure continued growth, effectiveness in performance and enhanced efficiency and to continue to progress its digital transformation to further improve customer service, expand its client base and grow the return to shareholders.  

* Due to special accounting measures, PIB’s profits are shown in TNB’s financial statements as an investment in an affiliated company.