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Press release by the PSE: PIBC's disclosure of preliminary financials of 2007.

2008-02-04

Palestine securities exchange received the preliminary revised financial statements from the internal auditors of Palestine Investment Bank, as of December 31, 2007. This disclosure came within the applied disclosures system, which grants every listed company a month and a half as utmost period for disclosing the preliminary financial results of 2007.It is revealed by the in formations presented by the PIBC that, it had been disclosed using the electronic reporting standard, and a signed paper copy of the external audited preliminary financials was sent to be verified from the board of directors parallel with another copy that had been sent to the CMA and PSE. Also the annual report of the PIBC will be published after the auditing and convening the general assembly meeting that will be held in May. This preliminary financials were published on the PSE website as soon as it released by the PIBC. Also PIBC is considered the first listed company in banking sector that disclosed its financials completely and according to the common basis. PIBC"s financial results pointed out to gross income of $ 5,003,122 to the year 2007 versus $ 5,640,145 in 2006. Total assets amounted $ 250,967,250 in 2007 after amounting $ 208,178,070 in the year 2006. It is also noticed that the total liabilities had soared to amount $ 189,610,347 versus $ 150,413,302 in the same period of 2006. Shareholders" equity raised in 2007 to $ 61,356,903 after it had amounted $ 57,764,768 in 2006.