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BOP release draft financials, net profit for H1 2014 hits $18.9 million

August 17, 2014



The Palestine Exchange (PEX) received a draft of interim consolidated financial statements from Bank of Palestine Company (BOP). PEX disclosure rules give all PEX listed companies 45 days to report their first half interim financial statements as reviewed by their independent external auditor.

The disclosed draft financials were not approved by the Palestinian Monetary Authority (PMA) and there may be some material changes. The bank must disclose the reviewed financials by the independent external auditor once approved by the PMA

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 (30 notes). 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 also should include information required by Article (38/2) 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 half of the year.

According to company data for the first six months of the year, net profit after taxes reached $18,981,198, compared with a net profit after taxes of $18,712,082 from the first six months of 2013, a net increase of 1.4 per cent. Total assets of the company reached $2,625,933,331 as of June 30th, 2014, compared to total assets of $2,348,045,943 as of December 31st, 2013, a net increase of 11.8 per cent.

Total liabilities of the company reached $2,364,933,196 as of June 30th, 2014, compared to total liabilities of $2,096,026,969 as of December 31st, 2013, a net increase of 12.8 per cent. Net ownership equity of the company reached $261,000,135 (including $691,662 in Non-controlling interest) as of June 30th, 2014, compared with a net ownership equity of $252,018,974 (including $631,739 in Non-controlling interest) as of December 31st, 2013, a net increase of 3.6 per cent in the last six months. Furthermore, paid-in capital increased from $150,000,000 on December 31st, 2013 to $160,000,000 by June 30th, 2014, an increase of 6.7 per cent.

With total assets at year-end 2013 of TRY 4.0 billion ($1.9 billion), T-Bank is one of the smaller banks in the Turkish banking system, ranking number 28 of the country's 49 banks by total assets.


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Source: CPI Financial


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