The National Bank (TNB) released its financial statements for the fiscal year ending on December 31, 2022, revealing that it achieved a 100% growth rate with $17 million in net profits for shareholders, compared to 8.5 million US dollars in 2021.
The financial statements of 2022 indicated that the total assets of the bank reached 1.53 billion US dollars, with customer deposits amounting to 1.21 billion US dollars. The portfolio of direct credit and financing facilities reached a net of 934 million US dollars compared to 879.6 million by the end of 2021, indicating a 6% growth. The paid-up capital increased to 113.1 million US dollars in 2022, compared to 104.5 million by the end of 2021.
The Chairman of TNB’s Board of Directors, Samir Zraiq, praised the exceptional results that the bank was able to achieve in 2022 and stressed that this outstanding performance was attributed to the continuous efforts of the Board of Directors and the executive management and the successful implementation of TNB’s business strategy and development plans. He pointed out that such results confirm TNB’s strong financial position, quality financial portfolios, and ability to continue to make progress towards ensuring shareholder satisfaction by improving returns on their investments.
Zraiq attributed the remarkable growth in TNB’s financial performance to the development plans adopted for 2022, noting that they included policies and procedures covering various fields. In addition, efforts were made to promote good governance, control and oversight, and to develop TNB’s IT infrastructure and digital electronic channels, which allows it to achieve more and compete with other national banks.
For his part, TNB’s CEO, Salameh Khalil, said he was happy with the results achieved by the bank in 2022. He noted that in addition to the bank achieving the highest profitability since its establishment, the capital adequacy ratio reached 15.27% at the end of last year, which is higher than the local and international requirements confirming the solid base on which the Bank relies to support growth, development and expansion plans. He also pointed out that TNB has become the second largest Palestinian bank in terms of market capitalization, which reached 201.3 million US dollars,
Khalil addressed the strategic plan approved by the Board of Directors for the next three years, pointing out that it includes ambitious goals, and focuses on effective and efficient growth. It also focuses on increasing TNB’s market share in various sectors, while continuing to invest in digital technology to keep pace with the progress in the global banking industry and provide customers with a unique, fast, safe and easy banking experience. Khalil confirmed that TNB continues to focus on achieving more success and improving the Palestinian banking system.
Khalil indicated that in 2022, TNB pursued a policy of determined expansion by establishing offices in public services centers affiliated with municipalities and courts, in order to reach citizens directly and facilitate their daily financial operations. He stressed that TNB will continue with this approach as part of its geographical expansion plan, and more offices and branches will be opened in 2023 after obtaining the necessary licenses from the Palestinian Monetary Authority.
