According to the preliminary semi-annual data
Quds Bank has realizedpretax profit of 5.1 million U.S. Dollars, at a growth rate of 45%
Ramallah – 2014 – Akram Abdel-Latif Jerab, Chairman of Quds Bank, has announced the preliminary semi-annual financial results of year 2014, indicating therein the realization of net profits before taxes amounting to 5.1 million U.S. Dollars , at a growth rate of 45% compared to the same period of year 2013.
Abdel-Latif has attributed this growth in the indicators of the Bank to the implementation of the Bank’s administration of ambitious plans in developing the Bank’s various businesses and the launching of new banking services and products and the improvement of existing services, to meet all the needs of individuals, organizations and companies, enabling the administration to distribute assets in an optimal, improved and effective way.
Abdel-Latif has also added that these results come in line with our expectations and plans which are aimed at realizing balance between growth, profitability, compliance with the adopted rules and policies for risk management, assets’ quality and procedural safety, consistent with the requirements of the Palestinian Monetary Authority. These results also demonstrate the extent of growth and progress realized by the Bank in its various financial indicators; whereas the Bank has succeeded in developing its deposits and credits, contributing to raising its share in the Palestinian Banking Market and enhancing the Bank’s Capital Base. Moreover, the Bank has continued the management of assets and liabilities in accordance with cohesive policies and outstanding practices.
Furthermore, Abdel-Latif has declared that the Bank’s assets have grown at a rate of 12% compared to the end of year 2013, whereas they have amounted to 600 million U.S. Dollars as at 30/06/2014. Also, net credit has reached 320 million U.S Dollars at a growth of 33 million U.S. Dollars and at a rate of 11% compared with the end of year 2013. The Bank has also realized a growth in deposits amounting to 47 million U.S. Dollars at a rate of 11%.
He also added by declaring that: “gross income has grown at a rate of 17.5%, whereas it reached 15.8 million U.S. Dollars for the first half of year 2014 compared to 13.5 million U.S. Dollars for the same period of the previous year.
The Bank was able to realize a tangible growth in the basic indicators, indicating the strength of the Bank’s capital base and the growing confidence of customers in the Bank. Proceeding from the Bank’s strategy of expansion and growth, Quds Bank has opened a number of new branches and offices to reach 27 branches and offices, emphasizing the faultlessness of the strategic plans implemented by the Bank’s higher administration which bears its fruit in realizing a balanced growth in all the Bank’s businesses and activities under the guidance of the Board of Directors.
Moreover, Abdel-Latif has illustrated that within the strategic vision adopted by the Bank comes the effective contribution in the sustainable community and economic development, and the Bank’s constant quest to attract investors who wish to enter the Palestinian market in order tobenefit this industry and increase its position and capacities, and enhance the Bank's capital adequacy and achieve return on shareholders' funds.
In conclusion, Abdel-Latif thanked the members of the Board for their cooperation and contribution, and praised the efforts of the higher administration and all the Bank staff for doing all that is possible and for their cooperation in realizing the Bank’s goals.
It is noted that Quds Bank has been offering its services to Palestinian people since 1995, and is considered the second largest bank in terms of propagation, whereas it offers its services through 27 branches and offices and a wide network of ATMs spread across Palestine. Quds Bank has continued its progress with unwavering determination to become one of the leading banks in Palestinian.