AL QUDS BANK(QUDS) disclosed its financial statements for the second quarter of the year 2020.
| Disclosure Year | 2020 | 2019 | ||
| Disclosure Period | End of 3006 | End of 3006 | ||
| Disclosure Start Date | 01/01/2020 | 01/01/2019 | ||
| Disclosure End Date | 29/06/2020 | 29/06/2019 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company's Name | AL QUDS BANK | AL QUDS BANK | ||
| Company Symbol | QUDS | QUDS | ||
| Sector | Banking & Financial Services Sector | Banking & Financial Services Sector | ||
| Currency | USD | USD | ||
| End date of legal disclosure period | 30/08/2020 | 21/08/2019 | ||
| Actual Disclosure Date | 09/08/2020 03:47:00 PM | 22/08/2019 11:53:00 AM | ||
| Hard Copy Disclosure | ||||
| PMA financial Data approval Attachment | ||||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Auditing Status | Reviewed | Reviewed | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax | ||
| PMA Approval | Not Approved | Approved |
The attached notes form part of these financial statements
Financial Statements is not approved by PMA. It may be modified or changed materially by PMA.
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | As a 29/06/2020 | As a 31/12/2019 | ||
| Note | Reviewed | Audited | ||
| Cash and cash equivalents | 114,097,199 | 118,322,065 | ||
| Balances at Palestine Monetary Authority | 93,382,935 | 124,134,440 | ||
| Balances at banks and financial institutions | 163,161,055 | 191,629,137 | ||
| Financial assets at fair value through profit or loss | 162,244 | 86,340 | ||
| Credit Facilities | 841,405,024 | 790,511,855 | ||
| Financial assets at fair value through other comprehensive income | 7,545,950 | 8,189,255 | ||
| Investment in associates | 1,510,311 | 1,510,311 | ||
| Financial assets at amortized cost | 19,351,799 | 17,965,360 | ||
| Right of use assets | 16,276,190 | 17,663,603 | ||
| facilities in fair value | 5,077,573 | 5,077,573 | ||
| Property, plant and equipment | 28,086,606 | 27,452,357 | ||
| Projects in progress | 6,064,403 | 5,966,349 | ||
| Intangible assets | 1,821,946 | 2,019,548 | ||
| Other Assets | 25,605,436 | 20,143,848 | ||
| Total assets | 1,323,548,671 | 1,330,672,041 | ||
| Palestine Monetary Authority's deposits | 82,976,000 | 87,858,600 | ||
| Banks and Financial Institutions' Deposits | 43,091,346 | 19,411,962 | ||
| Customers' Deposits | 921,876,026 | 937,378,335 | ||
| Loans and borrowings | 213,645 | 213,645 | ||
| Cash Margins | 88,691,873 | 93,573,137 | ||
| Sundry Provisions | 7,049,080 | 6,594,549 | ||
| Subordinated loan | 14,000,000 | 15,000,000 | ||
| Tax Provision | 3,890,035 | 3,364,323 | ||
| Current lease liability | 15,815,852 | 17,298,389 | ||
| Other Liabilities | 28,349,738 | 32,453,308 | ||
| Total Liabilities | 1,205,953,595 | 1,213,146,248 | ||
| Paid-in Capital | 93,172,750 | 90,172,750 | ||
| Statutory reserve | 8,730,503 | 8,730,503 | ||
| General Banking Risks Reserve | 3,182,400 | 3,182,400 | ||
| Pro-cyclicality Reserve | 4,757,269 | 4,757,269 | ||
| Fair value adjustment reserve | (3,792,705) | (3,067,876) | ||
| Retained earnings | 11,420,298 | 13,750,747 | ||
| Non-controlling interests | 124,561 | - | ||
| Total Owners' Equity | 117,595,076 | 117,525,793 | ||
| Total Liabilities & Owners' Equity | 1,323,548,671 | 1,330,672,041 |
The attached notes form part of these financial statements
Financial Statements is not approved by PMA. It may be modified or changed materially by PMA.
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 30062020 | End of 30062019 | ||
| Note | Reviewed | Reviewed | ||
| Interest Income | 28,238,023 | 27,747,226 | ||
| Interest Expense | (7,560,619) | (6,734,628) | ||
| Net Interest Income | 20,677,404 | 21,012,598 | ||
| Net Commissions | 4,939,857 | 4,689,032 | ||
| Net Interest and Commissions Income | 25,617,261 | 25,701,630 | ||
| Foreign currencies exchange gains/Losses | 4,080,598 | 4,362,661 | ||
| Gains from Financial Assets | 144,336 | 281,568 | ||
| Other revenues (expenses) | 299,475 | 261,530 | ||
| Recovery of Impairment allowance for Direct Credit Facilities | 2,048,718 | 1,639,204 | ||
| Employees Expenses | (11,113,446) | (10,203,338) | ||
| Other operating expenses | (6,192,088) | (6,108,696) | ||
| Depreciation and amortization | (2,524,026) | (2,515,385) | ||
| Impairment allowance for Credit Facilities | (5,837,641) | (5,561,978) | ||
| Provision for employees' indemnity | 0 | (736,463) | ||
| Impairment allowance on assets acquired in settlement of debt | (80,314) | 0 | ||
| Investments Gains/ (Losses) | 0 | (32,823) | ||
| Net Income before tax | 6,442,873 | 7,087,910 | ||
| Income tax expense | (363,396) | (1,363,413) | ||
| Net Income after tax | 6,079,477 | 5,724,497 | ||
| Basic and diluted earnings (loss) per share | 0.065 | 0.063 | ||
| Change in fair value of available-for-sale-financial assets through other comprehensive income | (724,829) | (223,425) | ||
| Net Comprehensive Income | 5,354,648 | 5,501,072 |
The attached notes form part of these financial statements
Financial Statements is not approved by PMA. It may be modified or changed materially by PMA.
| - | Paid-in Capital | Statutory Reserve | General Banking Risks Reserve | Pro-cyclicality Reserve | Fair Value Reserve | Retained Earnings | Non-controlling interests | Total Owners' Equity | |
| Note | USD | USD | USD | USD | USD | USD | USD | USD | |
| 2020 | - | - | - | - | - | - | - | - | - |
|
Balance - Beginning of the period
|
90,172,750 | 8,730,503 | 3,182,400 | 4,757,269 | (3,067,875) | 13,750,746 | 0 | 117,525,793 | |
|
Net profit or (loss) for the period after tax
|
- | - | - | - | - | 6,079,916 | (439) | 6,079,477 | |
|
investment
|
- | - | - | - | - | - | 125,000 | 125,000 | |
|
Change in the fair value of financial assets through other comprehensive income
|
- | - | - | - | (724,829) | - | - | (724,829) | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 0 | 0 | (724,829) | 6,079,916 | - | 5,479,648 | |
|
Cash Dividends Paid
|
- | - | - | - | - | (5,410,365) | - | (5,410,365) | |
|
Stock Dividends
|
3,000,000 | - | - | 0 | - | (3,000,000) | - | 0 | |
|
Balance - End of the period
|
93,172,750 | 8,730,503 | 3,182,400 | 4,757,269 | (3,792,704) | 11,420,297 | 124,561 | 117,595,076 | |
| 2019 | - | - | - | - | - | - | - | - | - |
| Balance - Beginning of the period | 83,570,667 | 7,607,752 | 3,182,400 | 4,757,269 | (2,603,011) | 8,325,949 | - | 111,443,109 | |
| Net profit or (loss) for the period after tax | - | - | - | - | - | 5,724,497 | - | 5,724,497 | |
| Change in the fair value of financial assets through other comprehensive income | - | - | - | - | (223,425) | - | - | (223,425) | |
| Total Comprehensive Income for the Period | 0 | 0 | 0 | 0 | (223,425) | 5,724,497 | - | 5,501,072 | |
| Increase of paid-in capital | 0 | - | - | - | - | 0 | - | (6,602,083) | |
| Cash Dividends Paid | - | - | - | - | - | (4,679,958) | - | (4,679,958) | |
| Stock Dividends | 6,602,083 | - | - | 0 | - | 0 | - | 6,602,083 | |
| Balance - End of the period | 90,172,750 | 7,607,752 | 3,182,400 | 4,757,269 | (2,826,436) | 9,370,488 | - | 112,264,223 |
The attached notes form part of these financial statements
Financial Statements is not approved by PMA. It may be modified or changed materially by PMA.
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 30062020 | End of 30062019 | ||
| Note | Reviewed | Reviewed | ||
| Net Income before/after tax | 6,442,873 | 7,087,910 | ||
| Depreciation and Amortization expense | 1,851,402 | 1,783,316 | ||
| Change in Impairment Allowance for Credit Facilities | (2,048,718) | 3,966,556 | ||
| Change in end of service allowance payments | 923,456 | 736,463 | ||
| Gains/Losses of sale of held for trading financial assets through profit and loss | 7,225 | (188) | ||
| Gains/(Losses) from financial assets portfolio | 5,837,641 | 0 | ||
| Share of results of Associates | 80,314 | 32,823 | ||
| discount intrest rate-leases | 270,871 | - | ||
| Gains/Losses of Property, Plant and Equipment | 190,536 | 173,670 | ||
| Change in Statutory reserve at Palestine Monetary Authority | (1,453,693) | (488,573) | ||
| Right of use assets depreciation | 672,624 | 732,069 | ||
| Change in Direct Credit Facilities | (54,682,092) | (39,417,502) | ||
| Banks and Financial Institutions' Deposits | 0 | 56,033,400 | ||
| Change in Customers' Deposits | (15,502,309) | (24,419,390) | ||
| Change in Cash Margins | (4,881,264) | 3,758,499 | ||
| Change in other credit balances | (5,963,552) | 3,954,441 | ||
| Change in Other assets | (4,746,799) | (543,778) | ||
| Employees' indemnity paid | (468,924) | (649,443) | ||
| Net Cash Flow from Operating Activities | (73,470,409) | 12,740,273 | ||
| Purchase of Property, Plant and Equipment | (2,478,585) | (799,795) | ||
| Change in Projects in Progress | (98,055) | (731,777) | ||
| Deposits at banks and financial institutions matures in more than three months | 0 | 7,052,186 | ||
| Purchase of financial assets at amortized cost | (317,118) | (7,231,312) | ||
| Proceeds of financial assets at amortized cost | (1,386,439) | 7,764,946 | ||
| Purchase of financial assets at fair value through other comprehensive income | 0 | (2,990,083) | ||
| Proceeds from sale of Property, Plant and Equipment | 0 | 4,180,201 | ||
| Net Cash Flow from Investing Activities | (4,280,197) | 7,244,366 | ||
| Cash Dividends | (5,074,603) | (4,405,335) | ||
| Loans and borrowings | 0 | (59,163) | ||
| Subordinated loan | (1,000,000) | 10,000,000 | ||
| Change in Non-controlling Interests | 125,000 | - | ||
| Lease Payments | 0 | (850,437) | ||
| Net Cash Flow from Financing Activities | (5,949,603) | 4,685,065 | ||
| Net change in cash and cash equivalents | (83,700,209) | 24,669,704 | ||
| Cash and cash equivalents, beginning of Period | 296,902,010 | 215,740,612 | ||
| Cash and cash equivalents, end of period | 213,201,801 | 240,410,316 |
The attached notes form part of these financial statements
Financial Statements is not approved by PMA. It may be modified or changed materially by PMA.
Palestine Exchange: Received Disclosed Interim Financial Statements of AL QUDS BANK(QUDS) for the First Half of 2020
The Palestine Exchange (PEX) received the Reviewed interim financial statements for first half of 2020 from AL QUDS BANK(QUDS).
According to financial statements for first half of 2020, Net profit after tax of the period reached 6,079,477 USD Compared with Net profit after tax 5,724,497 USD for 2019, a net increase in profit of 6.20%.Total assets of the company reached 1,323,548,671 USD compared with total assets of 1,330,672,041 USD at the end of year 2019, a net decrease of 0.54%.Total liabilities of the company reached 1,205,953,595 USD compared with total liabilities of 1,213,146,248 USD at the end of year 2019, a net decrease of 0.59%. Net ownership equity of the company reached 117,595,076 USD (Including None-Controlling Interests of 124,561 USD) compared with total owner equity of 117,525,793 USD at the end of year 2019, a net increase of 0.06%.Noting that paid-in capital increased from 90,172,750 USD in year 2019 to 93,172,750 USD of this year,a net increase of 3.33%
The attached notes form part of these financial statements
Financial Statements is not approved by PMA. It may be modified or changed materially by PMA
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