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Palestine Islamic Bank earns a pretax income of $3.35 million in H1 2012

2012-08-16

The Palestine Exchange (PEX) received a draft of interim condensed financial statements from Palestine Islamic Bank Company ( ISBK). 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, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 25 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 3,354,666 USD, compared with a net loss before taxes of (111,978) USD from the first six months of 2011. Total assets of the company reached 399,879,267 USD as of June 30^th, 2012, compared to total assets of 392,675,894 USD as of December 31^st, 2011, a net increase of 1.8%. Total liabilities of the company reached 133,145,996 USD as of June 30^th, 2012, compared to total liabilities of 131,773,504 USD as of December 31^st, 2011, a net increase of 1.0%. Equity of unrestricted investments of the company has reached 211,895,151 USD as of June 30^th, 2012, compared with equity of unrestricted investments of 208,821,886 USD as of December 31^st, 2011, a net increase of 1.5%. Net ownership equity of the company reached 54,838,120 USD as of June 30^th, 2012, compared with a net ownership equity of 52,080,504 USD as of December 31^st, 2011, a net increase of 5.3% in the last six months. Furthermore, paid-in capital increased from 46,021,665 USD on December 31^st, 2011 to 47,172,207 USD by June 30^th, 2012, an increase of 2.5%.