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Bank of Palestine reports pretax income of $35.63 million; up by 12.6% in the first nine months of 2012

2012-10-17

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Bank of Palestine Company ( BOP). 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.

The disclosed information includes: 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 ( 8 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 nine months of the year.

According to company data for the first nine months of the year, net profit before taxes reached 35,628,801 USD, compared with a net profit before taxes of 31,651,986 USD from the first nine months of 2011, a net increase of 12.6%. Total assets of the company reached 1,815,130,286 USD as of September 30^th, 2012, compared to total assets of 1,653,960,732 USD as of December 31^st, 2011, a net increase of 9.7%. Total liabilities of the company reached 1,599,289,946 USD as of September 30^th, 2012, compared to total liabilities of 1,459,560,970 USD as of December 31^st, 2011, a net increase of 9.6%. Net ownership equity of the company reached 215,840,340 USD (including 624,688 USD in Minority Rights) as of September 30^th, 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 11.0% in the first nine months. Furthermore, paid-in capital increased from 120,000,000 USD on December 31^st, 2011 to 134,000,000 USD by September 30^th, 2012, an increase of 11.7%.