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The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Al-Quds Bank (QUDS). 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.
The disclosed information includes: the Statement of Financial Position, 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 5,113,736 USD, compared with a net profit before taxes of 6,121,147 USD from the first nine months of 2010, a net decrease of 16.5%. Total assets of the company have reached 458,930,218 USD as of September 30th, 2011, compared to total assets of 426,533,834 USD as of December 31st, 2010, a net increase of 7.6%. Total liabilities of the company have reached 404,767,759 USD as of September 30th, 2011, compared to total liabilities of 376,100,638 USD as of December 31st, 2010, a net increase of 7.6%. Net ownership equity of the company has reached 54,162,459 USD as of September 30th, 2011, compared with net ownership equity of 50,433,196 USD as of December 31st, 2010, a net increase of 7.4% in the last nine months.