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FinancialNews
29-08-19
9 percent drop in Bank of Palestine profit
(MENAFN) Net profit of Bank of Palestine Group declined by 9 percent from January to June 2019, standing at USD22.5 million after government employees were struck with wage reductions.
However, Bank of Palestine recorded a 4 percent boost in its gross income to reach USD115.4 million, amid tough economic conditions in the country.
Chairman of the Bank of Palestine Group, Hashim Shawa explained that "the economy in Palestine has entered a recession because the economic cycle remains dependent on the Palestinian National Authority salaries to public sector employees."
According to the bank's chairman, "the salary cut from March 2019 has negatively affected funding to private sector suppliers."
MENAFN2908201900450000ID1098939819
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