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Bank of Palestine BOP reports pretax income of $49.97 million; up by 19.3% in 2012

2013-02-14

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Bank of Palestine ( BOP). 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: The Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements ( 25 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 49,966,888 USD, compared with a net profit before taxes of 41,868,275 USD in the audited data for 2011, a net increase of 19.3%. Total assets of the company reached 2,004,494,095 USD as of December 31st, 2012, compared to total assets of 1,653,960,732 USD as of December 31^st, 2011, a net increase of 21.2%. Total liabilities of the company reached 1,783,520,186 USD as of December 31st, 2012, compared to total liabilities of 1,459,560,970 USD as of December 31^st, 2011, a net increase of 22.2%. Net ownership equity of the company reached 220,973,909 USD (including 583,859 USD in Non-controlling interest) as of December 31st, 2012, compared with a net ownership equity of 194,399,762 USD (including 572,259 USD in Non-controlling interest) as of December 31^st, 2011, a net increase of 13.7%. Furthermore, paid-in capital increased from 120,000,000 USD  on December 31^st, 2011 to 134,000,000 USD  by December 31st, 2012, an increase of 11.7%.