send to a friend by email

Palestine Islamic Bank earns a pretax income of $5.38 million; up by 268.4% in the first nine months of 2012

2012-10-30

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Palestine Islamic Bank Company ( ISBK). 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, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, and the Statement of Cash Flows. The report also included .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 5,379,263 USD, compared with a net profit before taxes of 1,460,076 USD from the first nine months of 2011, a net increase of 268.4%. Total assets of the company reached 411,718,718 USD as of September 30^th, 2012, compared to total assets of 392,675,894 USD as of December 31^st, 2011, a net increase of 4.8%. Total liabilities and unrestricted investments accounts of the company reached 355,636,000 USD as of September 30^th, 2012, compared to total liabilities of 340,595,390 USD as of December 31^st, 2011, a net increase of 4.4%. Net ownership equity of the company reached 56,082,718 USD as of September 30^th, 2012, compared with a net ownership equity of 52,080,504 USD as of December 31^st, 2011, a net increase of 7.7% in the first nine months. Furthermore, paid-in capital increased from 46,021,665 USD on December 31^st, 2011 to 47,172,207 USD by September 30^th, 2012, an increase of 2.5%.