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Palestine Investment Bank PIBC achieves a pretax income of $1.56 million; up by 3.5% in the first nine months of 2012

2012-11-04

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Palestine Investment Bank Company ( PIBC). 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 Statement of Comprehensive Income, Changes in Equity Ownership, and 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 1,560,702 USD, compared with a net profit before taxes of 1,507,423 USD from the first nine months of 2011, a net increase of 3.5%. Total assets of the company reached 244,017,944 USD as of September 30th, 2012, compared to total assets of 243,475,131 USD as of December 31st, 2011, a net increase of 0.2%. Total liabilities of the company reached 179,171,848 USD as of September 30th, 2012, compared to total liabilities of 179,070,102 USD as of December 31st, 2011, a net increase of 0.1%. Net ownership equity of the company reached 64,846,096 USD as of September 30th, 2012, compared with net ownership equity of 64,405,029 USD as of December 31st, 2011, a net increase of 0.7% in the first nine months.


 

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