send to a friend by email

Arab Islamic Bank earns pretax income of $0.79 million in the year first quarter of the year 2012

2012-04-19

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Arab Islamic Bank Company ( AIB). 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.

The disclosed information includes: the Statement of Financial Position, the Income Statement, Changes in Equity Ownership and the Statement of Cash Flows. 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 did not include information regarding management, issued shares, material changes or 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 790,382 USD, compared with a net profit before taxes of 1,103,574 USD from the first three months of 2011, a net decrease of 28.4%. Total assets of the company reached 330,458,510 USD as of March 31^st, 2012, compared to total assets of 300,088,560 USD as of December 31^st, 2011, a net increase of 10.1%. Total liabilities of the company reached 114,553,601 USD as of March 31^st, 2012, compared to total liabilities of 91,525,967 USD as of December 31^st, 2011, a net increase of 25.2%. Equity of unrestricted investments of the company has reached 158,315,331 USD as of March 31st, 2012, compared with equity of unrestricted investments of 151,709,155 USD as of December 31st, 2011, a net increase of 4.4% in the first three months. Net ownership equity of the company reached 57,589,578 USD as of March 31st, 2012, compared with a net ownership equity of 56,853,438 USD as of December 31^st, 2011, a net increase of 1.3% in the first three months.