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2011-10-27
The Palestine Exchange (PEX) received the unaudited
interim condensed financial statements from
Palestine Commercial Bank (
PCB). 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 provided. 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 754,809
USD, compared with a net
profit before taxes of 1,784,263
USD from the first nine months of
2010, a net
decrease of
57.7%. Total assets of the company have reached 167,720,832
USD as of September 30th,
2011, compared to total assets of 171,495,617
USD as of December 31st,
2010, a net
decrease of
2.2%. Total liabilities of the company have reached 139,581,118
USD as of September 30th,
2011, compared to total liabilities of 143,618,289
USD as of December 31st,
2010, a net
decrease of
2.8%. Net ownership equity of the company has reached 28,139,714
USD as of September 30th,
2011, compared with a net ownership equity of 27,877,328
USD as of December 31st,
2010, a net
increase of
0.9% in the last nine months
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