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Palestine Islamic Bank earns a pretax income of $7.14 million; up by 42.2% in the year of 2012

2013-02-13

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Palestine Islamic Bank Company ( ISBK). 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.

The disclosed information includes:           

1) A copy of the year-end preliminary financial statements. The disclosed information includes: A summary report of financial performance for 2012, the Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows. Notes to the financial statements were not included.

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 7,145,101 USD, compared with a net profit before taxes of 5,023,817 USD in the audited data for 2011, a net increase of 42.2%.Total assets of the company reached 422,861,243 USD as of December 31st, 2012, compared to total assets of 392,675,894 USD as of December 31st, 2011, a net increase of 7.7%. Total liabilities and unrestricted investments accounts of the company reached 365,432,489 USD as of December 31st, 2012, compared to total liabilities and unrestricted investments accounts of 340,595,390 USD as of December 31st, 2011, a net increase of 7.3%. Net ownership equity of the company reached 57,428,754 USD as of December 31st, 2012, compared with a net ownership equity of 52,080,504 USD as of December 31st, 2011, a net increase of 10.3%. Furthermore, paid-in capital increased from 46,021,665 USD on December 31st, 2011 to 47,172,207 USD December 31st, 2012, an increase of 2.5%.

 

 

 

 

 

 


 

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