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Alrafah Microfinance Bank earns a pretax income of $2.35 million; up by 421.2% in the first nine months of 2012

2012-10-17

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Alrafah Microfinance Bank Company ( AMB). 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.

AMB is the fifth 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 and Notes to the interim financial statements ( 23 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 2,349,060 USD, compared with a net profit before taxes of 450,708 USD from the first nine months of 2011, a net increase of 421.2%. Total assets of the company reached 288,734,268 USD as of September 30^th, 2012, compared to total assets of 247,399,123 USD as of December 31^st, 2011, a net increase of 16.7%. Total liabilities of the company reached 248,060,785 USD as of September 30^th, 2012, compared to total liabilities of 218,139,556 USD as of December 31^st, 2011, a net increase of 13.7%. Net ownership equity of the company reached 40,673,483 USD as of September 30^th, 2012, compared with a net ownership equity of 29,259,567 USD as of December 31^st, 2011, a net increase of 39.0% in the first nine months. Furthermore, paid-in capital increased from 29,875,642 USD on December 31^st, 2011 to 39,875,642 USD by September 30^th, 2012, an increase of   33.5%.