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Arab Islamic Bank earns pretax income of $1.69 million in 1H 2011

2011-08-15

The Palestine Exchange (PEX) received a draft of reviewed interim condensed financial statements from Arab Islamic Bank (AIB). The PEX disclosure rules in place give all of the PEX listed companies a period of 45 days to report their first half interim financial statements as reviewed by their independent external auditor. Their disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release.

The disclosed draft financials were not approved by the Palestinian Monetary Authority (PMA) and there may be some material changes. The bank must disclose the reviewed financials by the independent external auditor once approved by the PMA.

The disclosed information includes: an unsigned Independent Accountants" Review Report, the Statement of Financial Position, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, Changes in Restricted Investment Accounts, Sources and Uses of Zakat and Charity Fund Statement, and Notes to the interim financial statements (24 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking Sector. The interim report also includes the additional information required by Article (38/2) of the PEX disclosure rules in place concerning management, issued shares, material changes and significant events that may have affected financial performance during the first half of the year.

According to company data for the first half of this year, net profit before taxes reached 1,688,562 USD, compared with a net profit before taxes of 771,155 USD from the first half of 2010, a net increase of 119.0%. Total assets of the company have reached 298,854,831 USD as of June 30, 2011, compared to total assets of 285,727,916 USD as of December 31st, 2010, a net increase of 4.6%. Total liabilities of the company have reached 95,947,090 USD as of June 30, 2011, compared to total liabilities of 90,730,465 USD as of December 31st, 2010, a net increase of 5.7%. Equity of Unrestricted Investment Accountholders totaled 146,144,083 as of June 30, 2011, compared with 146,961,388 USD at the end of 2010, and net Ownership Equity of the company has reached 56,763,658 USD as of June 30, 2011, compared with a Net Ownership Equity of 48,036,063 USD as of December 31st, 2010, a net increase of 18.2% in the last six months. Furthermore, paid-in capital increased from 40,696,939 USD on December 31st, 2010 to 47,672,484 USD on June 30th, 2011, an increase of 17.1%.

Within the conclusion in the unsigned Independent Auditors’ Review Report (Ernst & Young), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements for them to be in conformity with the accounting polices outlined in note #2.