send to a friend by email

Bank of Palestine reports pretax income of $13.17 million in Q1 2012

2012-05-02

The Palestine Exchange (PEX) received the unaudited interim consolidated financial statements from Bank of Palestine Company ( BOP). 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, and Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 6 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 13,169,970 USD, compared with a net profit before taxes of 13,788,557 USD from the first three months of 2011, a net decrease of 4.5%. Total assets of the company reached 1,653,525,568 USD as of March 31^st, 2012, compared to total assets of 1,653,960,732 USD as of December 31^st, 2011, a net decrease of 0.03%. Total liabilities of the company reached 1,444,029,980 USD as of March 31^st, 2012, compared to total liabilities of 1,459,560,970 USD as of December 31^st, 2011, a net decrease of 1.1%. Net ownership equity of the company reached 209,495,588 USD (including 574,048 USD in Minority Rights) as of March 31^st, 2012, compared with a net ownership equity of 194,399,762 USD (including 572,259 USD in Minority Rights) as of December 31^st, 2011, a net increase of 7.8% in the first three months.