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Arab Islamic Bank earns pretax income of $1.60 million in the first nine months of 2011

2011-10-20

The Palestine Exchange (PEX) received the unaudited 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 one month to report their third quarter interim financial statements as reviewed by the company’s internal 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.

AIB is the fifth listed company to disclose its interim financial statements for the first nine months of 2011.

The disclosed information includes: the Balance Sheet, the Income Statement, Changes in Equity Ownership, the Statement of Cash Flows. Notes to the interim financial statements were not included. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first nine months of the year.

According to company data for the first nine months of the year, net profit before taxes reached 1,603,490 USD, compared with a net profit before taxes of 1,375,770 USD from the first nine months of 2010, a net increase of 16.6%. Total assets of the company have reached 297,460,477 USD as of September 30th, 2011, compared to total assets of 285,727,916 USD as of December 31st, 2010, a net increase of 4.1%. Total liabilities of the company have reached 92,290,787 USD as of September 30th, 2011, compared to total liabilities of 90,730,464 USD as of December 31st, 2010, a net increase of 1.7%. Equity of unrestricted investments of the company has reached 148,570,129 USD as of September 30th, 2011, compared with equity of unrestricted investments of 146,961,386 USD as of December 31st, 2010, a net increase of 1.1% in the last nine months. Net ownership equity of the company has reached 56,599,561 USD as of September 30th, 2011, compared with a net ownership equity of 48,036,066 USD as of December 31st, 2010, a net increase of 17.8% in the last nine months. Furthermore, paid-in capital increased from 40,696,939 USD on December 31st, 2010 to 47,672,484 USD by September 30th, 2011, an increase of 17.1%.

AIB has not yet provided interim financial reports for the first half of 2011 which have been approved by the Palestine Monetary Authority (PMA).