|
|
 |
Income Statement |
|
|
|
 |
|
Income |
Notes |
|
|
2002 |
|
|
|
|
|
|
Interest Income |
|
|
|
|
|
Loans and advances
|
|
79,526,979 |
|
74,205,236 |
|
Surplus fund
|
|
2,483,265 |
|
2,816,669 |
|
Total interest income
|
|
|
82,010,244 |
77,021,905 |
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
Interest paid on deposits
|
|
|
(30,057,945) |
(35,596,992) |
|
|
|
51,952,299 |
41,424,913 |
|
Less: provision for doubtful loans
and advances |
|
|
(23,111,000 |
(4,126,798) |
|
Bad
debts written off |
|
|
|
(2,229,239) |
|
|
|
|
28,841,299 |
35,068,876 |
|
Other income
|
|
|
|
|
|
Service income
|
|
8,753,826 |
|
6,503,144 |
|
Letters of credit opening charges |
|
4,699,494 |
|
2,902,412 |
|
commissions |
|
11,386,429 |
|
7,420,933 |
|
Gains on foreign exchange |
|
21,907,050 |
|
17,499,704 |
|
Sundry income |
10 |
4,763,800 |
|
3,711,736 |
|
Investment income from
Tana Building
|
|
295,312 |
|
|
|
|
|
51,805,911 |
38,037,929 |
|
EXPENSES |
|
|
|
|
|
Salaries and benefits
|
|
18,662,328 |
|
14,122,872 |
|
Rent
|
|
6,748,203 |
|
5,817,311 |
|
General and administrative
|
11 |
11,823,090 |
|
9,840,929 |
|
Depreciation
|
|
6,130,966 |
|
4,648,835 |
|
Directors’ remuneration |
|
302,222 |
|
168,000 |
|
Audit fee and expenses
|
|
121,898 |
|
80,000 |
|
|
|
(43,788,707) |
(34,677,947) |
|
PROFIT BEFORE PROVISION |
|
|
|
|
|
FOR TAXATION
|
|
|
36,858,503 |
38,428,858 |
|
Provision for taxation |
|
|
(10,331,984) |
(14,645,941) |
|
|
|
|
|
|
NET PROFIT AFTER PROVISION |
|
|
|
|
|
FOR TAXATION
|
|
|
26,526,519 |
23,782,917 |
|
Transfer to legal reserve (25%)
|
|
|
(6,631630) |
(5,945,729) |
|
Transfer to retained earnings
|
|
|
(19,894,889) |
(17,837,188) |
|
|
|
|
NIL |
NIL |
|
Earnings per share
|
13 |
|
354 |
476 |
|
|
|
