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Al-Quds Bank earns pretax income of $1.79 million inQ1 2012

2012-04-30

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Al-Quds Bank Company (QUDS). 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, the Statement of Comprehensive Income, 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 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 1,791,475 USD, compared with a net profit before taxes of 1,810,661 USD from the first three months of 2011, a net decrease of 1.1%. Total assets of the company reached 461,069,090 USD as of March 31st, 2012, compared to total assets of 467,680,177 USD as of December 31st, 2011, a net decrease of 1.4%. Total liabilities of the company reached 404,923,473 USD as of March 31st, 2012, compared to total liabilities of 413,101,431 USD as of December 31st, 2011, a net decrease of 2.0%. Net ownership equity of the company reached 56,145,617 USD as of March 31st, 2012, compared with net ownership equity of 54,578,746 USD as of December 31^st, 2011, a net increase of 2.9% in the first three months.