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Arab Islamic Bank earns pretax income of $1.38 million in the year of 2011

2012-02-14

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Arab Islamic Bank ( AIB). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal auditor. This disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in addition to this press release.

The disclosed information includes:          

1) A copy of the year-end preliminary financial statements signed by Assistant General Manager and internal auditor of the company. The disclosed information includes: The Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows. Notes to the financial statements were not included.

2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it include: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2011 compared with the audited results of 2010.

3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector.

4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

According to company data for year-end preliminary financial statements for year 2011, net profit before taxes and zakat reached 1,377,675 USD, compared with a net loss of (1,703,313) USD in the audited data for 2010. Total assets of the company reached 300,088,560 USD as of December 31st, 2011, compared to total assets of 285,727,916 USD as of December 31^st, 2010, a net increase of 5.0%. Total liabilities of the company reached 92,126,792 USD as of December 31st, 2011, compared to total liabilities of 90,730,465 USD as of December 31^st, 2010, a net increase of 1.5%. Equity of Unrestricted Investment Accountholders totaled 151,709,155 as of December 31st, 2011, compared with 146,961,388 USD as of December 31^st, 2010, a net increase of 3.2%. Net ownership equity of the company reached 56,252,613 USD as of December 31st, 2011, compared with a net ownership equity of 48,036,063 USD as of December 31^st, 2010, a net increase of 17.1%. Furthermore, paid-in capital increased from 40,696,939 USD  on December 31^st, 2010 to 47,672,484 USD  by December 31st, 2011, an increase of 17.1%.