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Palestine Investment Bank earns a pretax income of $1.51 million in the first nine months of 2011

2011-10-31

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Palestine Investment Bank ( PIBC). 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 Statement of Comprehensive Income, 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 1,507,423 USD, compared with a net profit before taxes of 4,138,686 USD from the first nine months of 2010, a net decrease of 63.6%. Total assets of the company have reached 230,136,886 USD as of September 30th, 2011, compared to total assets of 264,544,839 USD as of December 31st, 2010, a net decrease of 13.0%. Total liabilities of the company have reached 167,138,742 USD as of September 30th, 2011, compared to total liabilities of 202,787,057 USD as of December 31st, 2010, a net decrease of 17.6%. Net ownership equity of the company has reached 62,998,144 USD as of September 30th, 2011, compared with a net ownership equity of 61,757,782 USD as of December 31^st, 2010, a net increase of 2.0% in the last nine months. Furthermore, paid-in capital increased from 50,000,000 USD  on December 31^st, 2010 to 53,000,000 USD  by September 30^th, 2011, an increase of 6.0%.