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Alrafah Microfinance Bank earns a pretax income of $0.61 million in the first quarter of the year 2012

2012-04-18

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Alrafah Microfinance Bank Company ( AMB). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.

AMB is the first company within the Banking & Financial Services Sector to disclose its interim financial statements for the first three months of 2012.

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 ( 21 notes). 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 three months of the year.

According to company data for the first three months of the year, net profit before taxes reached 610,300 USD, compared with a net profit before taxes of 322,370 USD from the first three months of 2011, a net increase of 89.3%. Total assets of the company reached 249,881,648 USD as of March 31^st, 2012, compared to total assets of 247,399,123 USD as of December 31^st, 2011, a net increase of 1.0%. Total liabilities of the company reached 214,868,806 USD as of March 31^st, 2012, compared to total liabilities of 218,139,556 USD as of December 31^st, 2011, a net decrease of 1.5%. Net ownership equity of the company reached 35,012,842 USD as of March 31^st, 2012, compared with a net ownership equity of 29,259,567 USD as of December 31^st, 2011, a net increase of 19.7% in the first three months. Furthermore, paid-in capital increased from 29,871,624 USD  on December 31st, 2011 to 34,875,642 USD by March 31st, 2012, an increase of 16.8%.