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2012-08-15
The Palestine Exchange (PEX) received a draft of
interim consolidated financial statements from
Palestine Investment Bank Company (
PIBC). 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 and Notes to the interim financial statements (
20 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 780,574
USD, compared with a net profit before taxes of 922,216
USD from the first six months of
2011, a net
decrease of 15.4%. Total assets of the company reached 226,398,816
USD as of June 30th,
2012, compared to total assets of 243,475,131
USD as of December 31st,
2011, a net
decrease of 7.0%. Total liabilities of the company reached 162,278,486
USD as of June 30th,
2012, compared to total liabilities of 179,070,102
USD as of December 31st,
2011, a net
decrease of 9.4%. Net ownership equity of the company reached 64,120,330
USD as of June 30th,
2012, compared with a net ownership equity of 64,405,029
USD as of December 31st,
2011, a net
decrease of 0.4% in the last six months.
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