send to a friend by email

The National Bank earns a pretax income of $3.02 million; up by 288.1% in the year 2012

2013-02-06

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from The National Bank (TNB). PEX disclosure rules give all PEX listed companies 45 days to report their preliminary annual 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.

TNB is the second listed company to disclose its year-end preliminary financial statements for the year 2012.

The disclosed information includes:          

1)       A copy of the year-end preliminary financial statements. The disclosed information includes: The Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements (26 notes).

2)        The company attached with the disclosure “the summary of  year-end preliminary financial statements” form for PEX, and it includes: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication  of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2012 compared with the audited results of 2011. 

3)       The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector. 

4)       A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

According to company data for year-end preliminary financial statements for year 2012, net profit before taxes reached 3,020,100 USD, compared with a net profit before taxes of 778,262 USD in the audited data for 2011, a net increase of 288.1%. Total assets of the company reached 350,890,034 USD as of December 31st, 2012, compared to total assets of 247,399,123 USD as of December 31st, 2011, a net increase of 41.8%. Total liabilities of the company reached 299,568,841 USD as of December 31st, 2012, compared to total liabilities of 218,139,556 USD as of December 31st, 2011, a net increase of 37.3%. Net ownership equity of the company reached 51,321,193 USD as of December 31st, 2012, compared with a net ownership equity of 29,259,567 USD as of December 31st ,  2011, a net  increase of  75.4%. Furthermore, paid-in capital increased from 29,875,642 USD on December 31st, 2011 to 49,875,642 USD by December 31st, 2012, an increase of 66.9%.