PALESTINE INVESTMENT BANK(PIBC) discloses its Annual Report 2018 Approved by the PMA. ( Modified )
| Disclosure Year | 2018 | 2017 | ||
| Disclosure Period | End of 3112 | End of 3112 | ||
| Disclosure Start Date | 01/01/2018 | 01/01/2017 | ||
| Disclosure End Date | 31/12/2018 | 31/12/2017 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company's Name | PALESTINE INVESTMENT BANK | PALESTINE INVESTMENT BANK | ||
| Company Symbol | PIBC | PIBC | ||
| Sector | Banking & Financial Services Sector | Banking & Financial Services Sector | ||
| Currency | USD | USD | ||
| End date of legal disclosure period | 29/04/2019 | 31/03/2018 | ||
| Actual Disclosure Date | 04/04/2019 12:18:00 PM | 05/04/2018 11:04:00 AM | ||
| Hard Copy Disclosure | ||||
| PMA financial Data approval Attachment | ||||
| Consolidation Status | Consolidated | Consolidated | ||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Preliminary or Annual? | Annual Report | Annual Report | ||
| Auditing Status | Audited | Audited | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax | ||
| PMA Approval | Approved | Approved | ||
| Expected date to disclose the annual report | 03/04/2019 | 31/03/2018 | ||
| Suggested date for the General Assembly meeting for the financial year | 22/04/2019 | 23/04/2018 | ||
| Where the annual report will be placed as shareholders can have access on it | www.pibc.com | الموقع الرسمي للبنك |
The attached notes form part of these financial statements
| - | 2018 | 2017 | ||
| - | USD | USD | ||
| - | As a 31/12/2018 | As a 31/12/2017 | ||
| Note | Audited | Audited | ||
| Cash and cash equivalents | 58,322,878 | 50,109,105 | ||
| Balances at Palestine Monetary Authority | 28,824,356 | 27,821,488 | ||
| Balances at banks and financial institutions | 82,000,186 | 100,048,382 | ||
| Credit Facilities | 218,082,858 | 210,578,198 | ||
| Held for trading financial assets through profit and loss | 7,511,468 | 5,488,791 | ||
| Financial assets at fair value through other comprehensive income | 1,631,280 | 2,690,391 | ||
| Financial assets at amortized cost | 23,441,949 | 15,850,074 | ||
| Property, plant and equipment | 24,997,359 | 21,855,386 | ||
| Intangible assets | 1,164,836 | 1,232,648 | ||
| Differed Tax Assets | 815,917 | 808,199 | ||
| Other Assets | 8,018,939 | 6,808,449 | ||
| Total assets | 454,812,026 | 443,291,111 | ||
| Banks and Financial Institutions' Deposits | 43,350,610 | 45,347,030 | ||
| Customers' Deposits | 282,689,956 | 276,844,431 | ||
| Cash Margins | 21,868,716 | 20,819,529 | ||
| Sundry Provisions | 3,110,005 | 2,722,142 | ||
| Other Liabilities | 6,247,448 | 6,658,621 | ||
| Total Liabilities | 357,266,735 | 352,391,753 | ||
| Paid-in Capital | 75,000,000 | 68,000,000 | ||
| Statutory reserve | 8,978,821 | 8,544,589 | ||
| General Banking Risks Reserve | 2,481,489 | 3,011,000 | ||
| Pro-cyclicality Reserve | 3,788,055 | 2,918,681 | ||
| Fair value adjustment reserve | (112,942) | (70,948) | ||
| External branch reserve | 935,211 | 935,211 | ||
| Change in fair value of financial assets | 3,212,555 | 3,212,555 | ||
| Retained earnings | 3,262,102 | 4,348,270 | ||
| Total Owners' Equity | 97,545,291 | 90,899,358 | ||
| Total Liabilities & Owners' Equity | 454,812,026 | 443,291,111 |
| - | 2018 | 2017 | ||
| - | USD | USD | ||
| - | End of 31122018 | End of 31122017 | ||
| Note | Audited | Audited | ||
| Interest Income | 20,018,256 | 15,727,796 | ||
| Interest Expense | (2,548,200) | (2,484,052) | ||
| Net Interest Income | 17,470,056 | 13,243,744 | ||
| Net Commissions | 2,481,554 | 4,138,260 | ||
| Net Interest and Commissions Income | 19,951,610 | 17,382,004 | ||
| Gains/Losses of foreign currency translation differences | 1,029,460 | 1,049,699 | ||
| Dividends income | (187,592) | 176,987 | ||
| Recovery of impairment allowance for direct credit facilities | 0 | 381,520 | ||
| Other revenues (expenses) | 300,547 | 273,108 | ||
| Employees Expenses | (6,728,090) | (6,512,202) | ||
| Other operating expenses | (6,474,335) | (5,520,889) | ||
| Impairment allowance for Credit Facilities | (553,386) | (644,497) | ||
| Depreciation and amortization | (1,443,252) | (1,056,216) | ||
| Palestine Monetary Authority fines | 0 | (5,643) | ||
| Other Expenses | (23,968) | 0 | ||
| Net Income before tax | 5,870,994 | 5,523,871 | ||
| Income tax expense | (1,581,339) | (1,604,613) | ||
| Net Income after tax | 4,289,655 | 3,919,258 | ||
| Basic and diluted earnings (loss) per share | 5.6 | 0.062 | ||
| Net Profit / Losses of financial assets at fair value through other comprehensive income | 0 | (58,899) | ||
| Change in fair value of available-for-sale-financial assets through other comprehensive income | (41,994) | 0 | ||
| Total Other Comprehensive Income | 0 | (58,899) | ||
| Net Comprehensive Income | 4,247,661 | 3,860,359 |
| - | Paid-in Capital | Statutory Reserve | General Banking Risks Reserve | Pro-cyclicality Reserve | Fair Value Reserve | Retained Earnings | External branch reserve | Total Owners' Equity | |
| Note | USD | USD | USD | USD | USD | USD | USD | USD | |
| 2018 | - | - | - | - | - | - | - | - | - |
|
Balance - Beginning of the period
|
68,000,000 | 8,544,589 | 3,011,000 | 2,918,681 | 3,141,607 | 4,348,270 | 935,211 | 90,899,358 | |
|
Net profit or (loss) for the period after tax
|
- | - | - | - | - | 4,289,655 | 0 | 4,289,655 | |
|
Other Comprehensive Income
|
- | - | - | - | (41,994) | - | - | (41,994) | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 0 | 0 | (41,994) | 4,289,655 | 0 | 4,247,661 | |
|
Stock Dividends
|
3,299,068 | - | - | - | - | (3,299,068) | - | 0 | |
|
Subscription of capital, closed subscriptions
|
3,700,932 | - | - | - | - | - | - | 3,700,932 | |
|
Transferred to reserves
|
- | 434,232 | (529,511) | 869,374 | - | (2,076,755) | - | (1,302,660) | |
|
Balance - End of the period
|
75,000,000 | 8,978,821 | 2,481,489 | 3,788,055 | 3,099,613 | 3,262,102 | 935,211 | 97,545,291 | |
| 2017 | - | - | - | - | - | - | - | - | - |
| Balance - Beginning of the period | 59,600,000 | 8,152,663 | 2,861,000 | 2,336,393 | 2,908,481 | 4,180,462 | 0 | 80,038,999 | |
| Net profit or (loss) for the period after tax | - | - | - | - | - | 3,919,258 | 0 | 3,919,258 | |
| Other Comprehensive Income | - | - | - | - | 233,126 | - | - | 233,126 | |
| Total Comprehensive Income for the Period | 0 | 0 | 0 | 0 | 233,126 | 3,919,258 | 0 | 4,152,384 | |
| Stock Dividends | 8,400,000 | - | - | - | - | (1,400,000) | - | 7,000,000 | |
| External branch reserve | - | - | - | - | - | 0 | 935,211 | 935,211 | |
| Cash Dividends Paid | - | - | - | - | - | (292,025) | - | (292,025) | |
| Transferred to reserves | - | 391,926 | 150,000 | 582,288 | - | (2,059,425) | - | (935,211) | |
| Balance - End of the period | 68,000,000 | 8,544,589 | 3,011,000 | 2,918,681 | 3,141,607 | 4,348,270 | 935,211 | 90,899,358 |
| - | 2018 | 2017 | ||
| - | USD | USD | ||
| - | End of 31122018 | End of 31122017 | ||
| Note | Audited | Audited | ||
| Net Income before/after tax | 5,870,994 | 5,523,871 | ||
| Depreciation and Amortization expense | 1,443,252 | 1,056,216 | ||
| Gains/Losses of sale of held for trading financial assets through profit and loss | 161,504 | (145,033) | ||
| Release of Impairment Allowance for Direct Credit Facilities | (577,412) | (381,520) | ||
| Gains/Losses of Property, Plant and Equipment | (61,102) | 0 | ||
| Change in Sundry Allowances | 836,639 | 448,101 | ||
| Dividends income | 1,043,002 | (1,263,895) | ||
| Change in Impairment Allowance for Credit Facilities | 1,130,798 | 644,497 | ||
| Credit Facilities | (11,377,351) | (29,365,906) | ||
| Statutory cash reserve | 4,402,802 | (3,939,715) | ||
| Change in other Assets | (1,201,783) | (1,032,986) | ||
| Change in Customers' Deposits | 5,845,525 | 49,570,243 | ||
| Change in Cash Margins | 1,369,677 | 3,300,930 | ||
| Change in Other Liabilities | (434,350) | 1,598,562 | ||
| Paid Sundry Allowances | (446,228) | (401,380) | ||
| Tax paid | (1,840,768) | (1,683,631) | ||
| Net Cash Flow from Operating Activities | 6,165,199 | 23,928,354 | ||
| Sale of available-for-sale financial assets through other comprehensive income | 0 | 1,160,686 | ||
| Sale of held for trading financial assets through profit and loss | 134,084 | 1,687,928 | ||
| Maturity of financial assets | 4,002,765 | 3,827,172 | ||
| Purchase of financial assets at amortized cost | (1,001,524) | (3,268,222) | ||
| Purchase of held for trading financial assets through profit and loss | (367,087) | (1,061,528) | ||
| Purchase of Property, Plant and Equipment | (4,405,019) | (2,193,761) | ||
| Purchase of intangible assets | (153,986) | (493,581) | ||
| Investments proceeds | 1,256,294 | 1,263,895 | ||
| Sale of Property, Plant and Equipment | 102,694 | 0 | ||
| Other Financial Assets | (11,884,578) | 0 | ||
| Net Cash Flow from Investing Activities | (12,316,357) | 922,589 | ||
| Change in Paid-in Capital | 3,700,932 | 7,000,000 | ||
| Net Cash Flow from Financing Activities | 3,700,932 | 7,000,000 | ||
| Net change in cash and cash equivalents | (2,450,226) | 31,850,943 | ||
| Cash and cash equivalents, beginning of Period | 107,992,155 | 76,141,212 | ||
| Cash and cash equivalents, end of period | 105,541,929 | 107,992,155 |
Palestine Exchange: Received Final Financial Statement of PALESTINE INVESTMENT BANK(PIBC) for the year 2018
The Palestine Exchange (PEX) received the Annual Report that includes the Audited & Consolidated financial statements of 2018 from PALESTINE INVESTMENT BANK(PIBC).
According to financial statements for year 2018, Net profit after tax of the period reached 4,289,655 USD Compared with Net profit after tax 3,919,258 USD for 2017, a net increase in profit of 9.45%.Total assets of the company reached 454,812,026 USD compared with total assets of 443,291,111 USD at the end of year 2017, a net increase of 2.60%.Total liabilities of the company reached 357,266,735 USD compared with total liabilities of 352,391,753 USD at the end of year 2017, a net increase of 1.38%. Net ownership equity of the company reached 97,545,291 USD compared with total owner equity of 90,899,358 USD at the end of year 2017, a net increase of 7.31%.Noting that paid-in capital increased from 68,000,000 USD in year 2017 to 75,000,000 USD of this year,a net increase of 10.29%
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