|
|
 |
Income Statement |
|
|
|
 |
|
Income |
Notes |
2002 |
|
2001 |
|
|
|
|
|
|
Interest Income |
|
|
|
|
|
Loans and advances
|
|
74,205,236 |
|
61,521,339 |
|
on
deposit with foreign banks |
|
1,796,890 |
|
7,398,416 |
|
on
Government Bonds/ Treasury bills |
|
1,019,779 |
|
926,208 |
|
Total interest income
|
|
|
77,021,905 |
69,845,963 |
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits
|
|
|
35,596,992 |
30,520,855 |
|
|
|
41,424,913 |
39,325,108 |
|
Less: provision for doubtful debts |
|
|
4,126,798 |
5,351,073 |
|
Bad debts written off |
|
|
2,229,239 |
4,044,516 |
|
Net interest income |
|
|
35,068,876 |
29,929,519 |
|
|
|
|
|
|
Other income
|
|
|
|
|
|
Service charges |
|
6,503,144 |
|
6,574,861 |
|
Letters of credit opening charges |
|
2,902,412 |
|
3,134,839 |
|
commissions |
|
7,420,933 |
|
6,295,446 |
|
Gains on foreign exchange |
|
17,499,704 |
|
17,253,858 |
|
Sundry income |
14 |
3,711,736 |
|
3,287,775 |
|
|
|
38,037,929 |
36,546,779 |
|
EXPENSES |
|
|
|
|
|
Salaries and employment benefits
|
|
14,122,872 |
|
11,241,655 |
|
Rent
|
|
5,817,311 |
|
4,561,666 |
|
General expanses |
15 |
9,840,929 |
|
8,680,763 |
|
Directors’ remuneration |
|
168,000 |
|
168,000 |
|
Audit fee
|
|
80,000 |
|
78,000 |
|
|
|
(30,029,112) |
(24,730,084) |
|
Depreciation and Amortization |
|
|
|
|
|
Depreciation fixed assets |
|
|
(4,648,835) |
(5,001,131) |
|
income
before tax |
|
|
38,428,858 |
36,745,083 |
|
Provision for taxation - current
year |
|
|
14,645,941 |
14,704,620 |
|
-previous year |
|
|
|
554,582 |
|
Net
income after tax |
|
|
23,782,917 |
21,485,881 |
|
less : 25% legal reserve
|
|
|
5,945,729 |
5,371,470 |
|
proposed dividend
|
|
|
15,000,000 |
5,000,000 |
|
Retained
earnings
|
|
|
2,837,188 |
11,114,411 |
|
Earnings per share
(paid up) |
16 |
|
476 |
430 |
|
|
|
