The National Bank (TNB) announced the results of its financial statements for the six months ending on the 30th of June 2022 with a net profit for shareholders of around USD 7 million, compared to USD 4 million during the first half of 2021, with a rise of 73% per annum.
Financial statements also showed that total assets of the bank reached USD 1.5 billion while client deposits amounted to 1.15 billion. Net loans and credit advances during the past 6 months of 2022 reached USD 872 million. Growth in net equity scored 5.8% to reach USD 154.2 million compared to USD 145.7 million at the end of 2021. Total income achieved by the bank reached approximately USD 33 million, net interest revenues grew as well by 11% to reach approximately USD 19.2 million compared to the same period last year where it was equal to USD 17.3 million approximately.
Commenting on the mid-year financial results of the bank, TNB Chairman, Samir Zraiq, indicated that “the results achieved by the National Bank during the first half of 2022 were historic and unprecedented when compared to the Bank’s performance during the same periods in the past year. He also confirmed that TNB will continue with its efforts to fulfil the ambitions of its shareholders and further grow their dividends.”
Zraiq clarified that “this distinguished financial performance is based on the success of the bank’s development plans and their implementation by the Executive Management using wisdom and accuracy”. He added that “efficiency in managing the bank’s resources and portfolios, its robust capital base, professional banking standards and the implementation of the highest standards in control, supervision and governance were the main pillars supporting TNB”.
For his part, TNB CEO, Salameh Khalil, confirmed that the mid-year financial results of the bank reflect its strong financial performance and robust financial portfolios, noting that capital adequacy during the first half of the current year reached 15.54% and is higher than local and international requirements. This further shows that the bank is basing its performance on solid ground that can support the next phase of growth and development. Khalil pointed out that the bank worked on increasing the quality of its client deposits and the efficiency and diversification of its credit portfolio. It also made efforts to enhance the efficient management of credit risks during the first half of 2022, this had an impact on operational revenues in the financial statements
Khalil added that TNB will continue to implement its ambitious goals and vision this year in full determination and confidence in order to witness new achievements in the Palestinian banking market. He also noted that the Board was currently working on adopting a new 3-year strategic plan based on enhancing growth effectively and efficiently, boosting dividends, ensuring customer satisfaction, increasing TNB’s market share in all sectors while focusing on investments in digital technology to satisfy increasingly growing client needs in an innovative manner.
