The Palestine Exchange (PEX) received the annual report of Al-Quds Bank Company ( QUDS). It includes audited financial statement for the fiscal year 2011. PEX disclosure rules give all PEX listed companies three months from the date of the end of the company's fiscal year to report their annual financial statements audited by the companies' independent external 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) Approval from the Capital Markets Authority (CMA) to print and publish the annual report.
2) Approval from the Palestinian Monetary Authority (PMA).
3) The company also provided its financials via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector.
In addition to the non-financial data, the annual report included audited financial statements for the fiscal year 2011, which included: an Independent Auditors' Report, 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 financial statements ( 36 notes).
Within the conclusion in the Independent Auditors' Report ( Saba & Co.), the following was conveyed: In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of Al-Quds Bank P. L. C. as of December 31, 2011 and its financial performance and its cash flows for the year then ended in conformity with International Financial Reporting Standards.
According to the audited financial statements for year 2011, net profit after tax reached 4,581,794 USD, compared with a net profit after tax of 4,404,155 USD in 2010, a net increase of 4.0%. Total assets of the company reached 467,680,177 USD as of December 31st, 2011, compared to total assets of 426,533,834 USD as of December 31st, 2010, a net increase of 9.6%. Total liabilities of the company reached 413,101,431 USD as of December 31st, 2011, compared to total liabilities of 376,100,638 USD as of December 31st, 2010, a net decrease of 9.8%. Net ownership equity of the company reached 54,578,746 USD as of December 31st, 2011, compared with a net ownership equity of 50,433,196 USD as of December 31st, 2010, a net increase of 8.2%.
QUDS stated that there were no differences between accompanying audited financial statements and the preliminary audited financial statements disclosed previously for the same period.
© Press Release 2012
