The Ordinary General Assembly of "Bank of Palestine" Approves Distribution of Cash Dividends and Free Shares to Shareholders Worth a Total of 21.5 Million Dollars

SadaNews - The General Assembly of Bank of Palestine held its annual ordinary meeting on Wednesday, April 8, 2026, at the bank's headquarters in Ramallah, attended by Mr. Hashim Al-Shawa, Chairman of the Board, Mr. Mahmoud Al-Shawa, General Manager, members of the Board, the company registrar in the Ministry of National Economy, representatives from the external auditor, the Palestinian Monetary Authority, the Palestine Stock Exchange, and a large number of shareholders with a quorum of 79.31%.

The agenda included reciting the Board of Directors' report, discussing and approving it, presenting the auditor's report, discussing the bank's financial statements, and approving both for the fiscal year 2025. The meeting also included discharging the Chairman and Board members from liability for the previous fiscal year, approving bonuses for the Board members for the same period, and electing a new auditor for 2026. Additionally, there was a recommendation from the Board of Directors to the General Assembly to distribute profits earned in 2025 in the form of cash dividends and free shares, and to elect a new Board of Directors.

During the meeting, the General Assembly approved the Board's recommendation to distribute 21.5 million US dollars to shareholders as dividends for the fiscal year 2025, equivalent to 8% of Bank of Palestine's paid-up capital, in the form of cash dividends and free shares. It was agreed to distribute 10,751,443 US dollars as cash dividends, representing 4% of the paid-up capital, and to distribute free shares worth 10,751,443 US dollars, also equivalent to 4% of the paid-up capital. Meanwhile, shareholders elected a new Board of Directors for the next four years and approved the Board's recommendation to appoint Ernst & Young as the external auditor for 2026, granting the Board the authority to determine its fees.

In his speech at the General Assembly meeting, Mr. Hashim Al-Shawa welcomed the shareholders and guests, recalling the 65th anniversary of the bank's founding, which coincides with the launch of the bank's new visual identity that reflects its values and reinforces its Palestinian roots with a fresh appearance – "the Bank for All." He emphasized that the financial results achieved by the bank clearly reflect the trust of shareholders in its vision and sustainable strategy, embodying its steadfast commitment to principles of sound governance and its ability to adapt and overcome challenges efficiently and effectively. He noted that the approval for profit distribution reaffirms our firm commitment to enhancing sustainable value for our shareholders, even amid challenges and exceptional circumstances, contributing to supporting the national economy and stimulating growth." He added that the bank continued to engage with various community segments over the past year by developing its financial tools and improving the quality of its banking and digital services.

Regarding the bank's future plans, Al-Shawa clarified that the bank is steadily moving forward with its regional expansion strategy, embodying the vision and aspirations of its shareholders and partners. We have opened a representative office in Cairo, Egypt, and received preliminary approval to license a full-fledged category 1 bank (CAT1) in the Abu Dhabi Global Market (ADGM) to serve Palestinians in Palestine and around the world.

The consolidated financial results for the fiscal year 2025 showed significant growth across all indicators, including the growth achieved in profits, reflecting the strength of the bank's financial position. Total revenues (gross income) reached 389.5 million US dollars in 2025, compared to 354.0 million US dollars in 2024. The profits before tax amounted to 66.3 million US dollars compared to a loss of 45.5 million US dollars in 2024, while net profit reached 57.0 million US dollars compared to a loss of 27.9 million US dollars, reflecting a growth rate of 304%.

According to the financial results for 2025, total assets rose to 10.65 billion US dollars compared to 8.36 billion US dollars at the end of 2024. Total shareholders' equity increased to 670.8 million US dollars compared to 573.6 million US dollars at the end of 2024.

Regarding the election of the new Board of Directors for the bank, Al-Shawa explained that the elected Board for the next four years consists of: Mr. Hashim Al-Shawa, Mr. Abdullah Al-Ghanem (representing the Kuwaiti Al-Muhlath Real Estate Company), Mr. Tareq Al-Aqqad (representing the Arab Palestinian Investment Company APIC), Dr. Tufida Al-Jarbaoui, Ms. Lana Abu Hajal, Ms. Maha Awad, Mr. Tawfiq Habash, Mr. Eric Shahada, and Mr. Adil Al-Dajani.

For his part, Mr. Mahmoud Al-Shawa, General Manager of Bank of Palestine, confirmed that the results of the General Assembly meeting granted a clear mandate to move forward with the strategic priorities outlined by the bank. Al-Shawa added, "We will continue to focus our efforts on enhancing our capital base as the bank successfully increased its capital in 2025 through private share offerings with the participation of our strategic partners: Proparco – the French Development Agency, the International Finance Corporation (IFC), and the European Bank for Reconstruction and Development (EBRD). This is to support the bank's strategy in executing growth and regional expansion plans and investing in innovation to develop our products and continuously improve our customers' experience."

The General Manager emphasized the continued leadership role of Bank of Palestine in supporting the local community through social responsibility programs and sustainability strategies adopted by the bank. The latest of the bank's initiatives is the launch of the "Noor" program to sponsor war orphans in the Gaza Strip, in partnership with the Cooperation Foundation, as part of the bank's deep commitment to providing humanitarian and social support to the most needy segments.

By achieving significant financial results despite challenges and unprecedented circumstances, Bank of Palestine renews its commitment to adhering to the highest standards of corporate governance, transparency, and accountability, ensuring the sustainability of its operations based on essential pillars, which prioritize risk management in line with prudent directions and global compliance standards.

Bank of Palestine maintains an optimistic outlook towards the future, especially regarding growth prospects, supported by a solid financial position and a clear strategic roadmap while remaining mindful of regional and global economic fluctuations, as the bank's management trusts in its ability to overcome challenges with strength and resilience.