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Arab Islamic Bank earns pretax income of $0.28 million in the first nine months of 2012

2012-10-17

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Arab Islamic Bank Company ( AIB). PEX disclosure rules give all PEX listed companies one month to report their third 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.

AIB is the third listed company, to disclose its interim financial statements for the first nine months of 2012.

The disclosed information includes: the Statement of Financial Position, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, 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 nine months of the year.

According to company data for the first nine months of the year, net profit before taxes reached 279,628 USD, compared with a net profit before taxes of 1,603,490 USD from the first nine months of 2011, a net decrease of 82.6 %. Total assets of the company reached 370,178,994 USD as of September 30^th, 2012, compared to total assets of 300,088,560 USD as of December 31^st, 2011, a net increase of 23.4%. Total liabilities of the company reached 129,415,007 USD as of September 30^th, 2012, compared to total liabilities of 81,397,059 USD as of December 31^st, 2011, a net increase of 59.0%. Equity of unrestricted investments of the company has reached 184,449,043 USD as of September 30^th, 2012, compared with equity of unrestricted investments of 161,838,063 USD as of December 31^st, 2011, a net increase of 14.0%. Net ownership equity of the company reached 56,314,944 USD as of September 30^th, 2012, compared with a net ownership equity of 56,853,438 USD as of December 31^st, 2011, a net decrease of 0.9% in the first nine months.