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Palestine Islamic Bank earns a pretax income of $5.38 million in the year of 2011

2012-02-16

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Palestine Islamic Bank ( ISBK). 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 the General Manager, CFO, and internal auditor of the company. The disclosed information includes: The Balance Sheet, the Income Statement, 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 reached 5,376,109 USD, compared with a net profit before taxes of 2,491,526 USD in the audited data for 2010, a net increase of 115.8%. Total assets of the company reached 392,905,894 USD as of December 31st, 2011, compared to total assets of 357,351,081 USD as of December 31st, 2010, a net increase of 9.9%. Total liabilities of the company reached 131,651,212 USD as of December 31st, 2011, compared to total liabilities of 110,279,494 USD as of December 31st, 2010, a net increase of 19.4%. Equity of Unrestricted Investment Accountholders totaled 208,821,886 as of December 31st, 2011, compared with 199,025,230 USD as of December 31st, 2010, a net increase of 4.9%. Net ownership equity of the company reached 52,432,796 USD as of December 31st, 2011, compared with a net ownership equity of 48,046,357 USD as of December 31st, 2010, a net increase of 9.1%.

 


 

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