|
|
 |
Income Statement |
|
|
|
 |
|
Income |
Notes |
|
|
2003 |
|
|
|
|
|
|
Interest Income |
|
|
|
|
|
Loans and advances
|
|
113,061,340 |
|
79,526,979 |
|
Surplus fund
|
|
3,576,212 |
|
2,483,265 |
|
Total interest income
|
|
|
116,637,552 |
82,010,244 |
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
Interest paid on deposits
|
|
|
(40,763,454) |
(30,057,945) |
|
|
|
75,874,098 |
51,952,299 |
|
Less: provision for doubtful loans
and advances |
|
|
(15,738,231) |
(23,111,000) |
|
|
|
60,135,867 |
60,135,867 |
|
Other income
|
|
|
|
|
|
Service income
|
|
11,284,629 |
|
8,753,826 |
|
Letters of credit opening charges |
|
6,888,014 |
|
4,699,494 |
|
commissions |
|
17,869,865 |
|
11,386,429 |
|
Gains on foreign exchange |
|
32,557,563 |
|
21,907,050 |
|
Sundry income |
10 |
5,569,224 |
|
4,763,800 |
|
Investment income from
Tana Building
|
|
1,216,485 |
|
295,312 |
|
|
|
75,385,780 |
51,805,911 |
|
EXPENSES |
|
|
|
|
|
Salaries and benefits
|
|
23,020,100 |
|
18,662,328 |
|
Rent
|
|
8,195,599 |
|
6,748,203 |
|
General and administrative
|
11 |
18,272,877 |
|
11,823,090 |
|
Depreciation
|
|
6,912,815 |
|
6,130,966 |
|
Directors’ remuneration |
|
457,904 |
|
302,222 |
|
Audit fee and expenses
|
|
110,000 |
|
121,898 |
|
|
|
(56,969,295) |
(43,788,707) |
|
PROFIT BEFORE PROVISION |
|
|
|
|
|
FOR TAXATION
|
|
|
78,552,352 |
36,858,503 |
|
Provision for taxation |
13 |
|
(22,289,956) |
(10,331,984) |
|
|
|
|
|
|
NET PROFIT AFTER PROVISION |
|
|
|
|
|
FOR TAXATION
|
|
|
56,262,396 |
26,526,519 |
|
Transfer to legal reserve (25%)
|
|
|
(14,065,599) |
(6,631,630) |
|
Transfer to retained earnings
|
|
|
(42,196,797) |
(19,894,889) |
|
Earnings per share
|
|
|
608 |
354 |
|
|
|
