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Arab Islamic Bank earns pretax income of $0.87 million in H1 2012

2012-08-15

The Palestine Exchange (PEX) received a draft of interim condensed financial statements from Arab Islamic Bank Company ( AIB). PEX disclosure rules give all PEX listed companies 45 days to report their first half interim financial statements as reviewed by their independent external 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 draft financials were not approved by the Palestinian Monetary Authority (PMA) and there may be some material changes. The bank must disclose the reviewed financials by the independent external auditor once approved by the PMA

The disclosed information includes: an unsigned Independent Auditors’ Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, Changes in Restricted Investment Accounts, Sources and Uses of Zakat and Charity Fund Statement, and Notes to the interim financial statements ( 24 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 also should include information required by Article (38/2) 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 half of the year.

According to company data for the first six months of the year, net profit before taxes reached 873,335 USD, compared with a net profit before taxes of 1,688,562 USD from the first six months of 2011, a net decrease of 48.3%. Total assets of the company reached 339,444,301 USD as of June 30^th, 2012, compared to total assets of 300,088,560 USD as of December 31^st, 2011, a net increase of 13.1%. Total liabilities of the company reached 104,752,450 USD as of June 30^th, 2012, compared to total liabilities of 81,397,059 USD as of December 31^st, 2011, a net increase of 28.7%. Equity of unrestricted investments of the company has reached 177,283,934 USD as of June 30^th, 2012, compared with equity of unrestricted investments of 161,838,063 USD as of December 31^st, 2011, a net increase of 9.5%. Net ownership equity of the company reached 57,407,917 USD as of June 30^th, 2012, compared with a net ownership equity of 56,853,438 USD as of December 31^st, 2011, a net increase of 1.0% in the last six months.