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Bank of Palestine earns pretax income of $31.65 million in the first nine months of 2011

2011-10-30

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Bank of Palestine (BOP). 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 and Notes to the interim financial statements. 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 31,651,986 USD, compared with a net profit before taxes of 27,730,826 USD from the first nine months of 2010, a net increase of 14.1%. Total assets of the company have reached 1,543,827,915 USD as of September 30th, 2011, compared to total assets of 1,545,038,022 USD as of December 31st, 2010, a net decrease of 0.1%. Total liabilities of the company have reached 1,354,445,597 USD as of September 30th, 2011, compared to total liabilities of 1,381,153,772 USD as of December 31st, 2010, a net decrease of 1.9%. Net ownership equity of the company has reached 189,382,318 USD (including 615,521 USD in Minority Rights) as of September 30th, 2011, compared with a net ownership equity of 163,884,250 USD (including 574,339 in Minority Rights) as of December 31st, 2010, a net increase of 15.6% in the last nine months. Furthermore, paid-in capital increased from 100,000,000 USD on December 31st, 2010 to 120,000,000 USD  by September 30th, 2011, an increase of 20.0%.