Housing Bank achieves profits of $12.5 million before tax in the first half of the year

The Housing Bank for Trade and Finance in Palestine achieved pre-tax profits of $12.5 million in the first half of 2023.

Under rational management and within a strategic and operational plan with clear goals, the Housing Bank demonstrated strong and growing performance in its main financial indicators throughout the network of its branches in Palestine during the year 2023. It achieved a growth in its assets by 3.75% to reach 807 million dollars, while the value of customer deposits reached 635 million dollars with a growth rate of 4.5%, and the value of the facilities portfolio reached 421.4 million dollars with a growth rate of 10.4% compared to last year, which confirms the solidity of the financial position. The bank and its financial solvency.

The Housing Bank was able to achieve these results while continuing to operate with a conservative policy in anticipation of facing any circumstances or challenges. The coverage ratio of the provisions made up reached 185% of non-performing debts, and the capital adequacy ratio reached 19.91%, which is a The minimum regulatory requirements of the Palestine Monetary Authority and the Committee Basel.

Confident strategic vision.

The Regional Director of the Housing Bank in Palestine, Mr. Osama Harzallah, stated that the increase in profitability confirms the strength of the bank’s position and the success of its development strategy, which is not only concerned with the commercial aspect, but also development, and that the solidity of the bank’s strong financial position and effective strategic vision have yielded strong results emerging from continuity. Developing in various aspects and focusing on sustaining growth, keeping pace with the best administrative, marketing and banking practices, enhancing customer and saver confidence and meeting their needs, stressing that we look forward to achieving further expansion, development and growth during the next stage and continuing to enhance efficiency, governance, control of operation, quality of services and their digitisation.

Herzallah praised the achievements achieved during the first half of the current year, noting that all financial indicators and ratios confirm the success of the bank’s strategic and operational plans, and also confirm customers’ confidence in the Housing Bank. The financial data also indicates a noticeable increase in the portfolio of facilities for individuals by 11.3%. The ratio of facilities to deposits grew to 66.3%, which enhanced the financing possibilities for various economic sectors.

Herzallah stressed that the positive results and achievements included the areas of internal development and systems, diversifying the basket of innovative banking campaigns and products, and increasing the budget allocated to social responsibility in order to strengthen community partnerships with the local community and its institutions in vital, developmental and humanitarian sectors.

It is noteworthy that the Housing Bank has crowned its path full of achievements in Palestine with promising results and exceptional achievements. The distinction was not limited to various financial performance indicators, but rather extended to include the growing scope of its community and institutional relationships and partnerships, and the launch of new services and products, consistent with the latest developments in the financial sector and global technological developments. Along with continuing the process of internal institutional development, and leaving clear imprints on the level of social responsibility, he also launched many marketing campaigns, such as the credit card campaign under the title “The Journey Wherever Were,” the housing loan campaign, and the “Our Workers Quantity” campaign to provide a package of… Distinctive products for internal workers, the distinctive “Save You Gold” campaign for savings account prizes, and encouraging payment through the Iskan Mobile application. Housing
Bank has also carried out distinctive campaigns aimed at encouraging the use of direct payment cards without commission.While the bank expanded its activities in social responsibility through many initiatives and programs with the aim of supporting local community institutions in important sectors and in various forms, in addition to supporting and providing assistance to charitable and humanitarian institutions and societies and providing equipment, supplies, etc., and with notable contributions in several sectors such as education, health, culture, etc., In this regard, the Bank is keen to ensure that its interventions are of a developmental and sustainable nature

Source: Maan News Agency

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