|
|
 |
Income Statement |
|
|
|
 |
|
Income |
Notes |
|
|
2004 |
|
|
|
|
|
|
Interest Income |
|
|
|
|
|
Loans and advances
|
|
155,139,327 |
|
113,061,340 |
|
Surplus fund
|
|
6,746,819 |
|
3,576,212 |
|
Total interest income
|
|
|
161,886,146 |
116,637,552 |
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
Interest paid on deposits
|
|
|
(52,530,315) |
(40,763,454) |
|
|
|
190,355,831 |
75,874,098 |
|
Less: provision for doubtful loans
and advances |
|
|
(11,758,000) |
(15,738,231) |
|
|
|
97,597,831 |
60,135,867 |
|
Other income
|
|
|
|
|
|
Service income
|
|
13,822,754 |
|
11,284,629 |
|
Letters of credit opening charges |
|
5,862,085 |
|
6,888,014 |
|
commissions |
|
18,643,834 |
|
17,869,865 |
|
Gains on foreign exchange |
|
25,750,656 |
|
32,557,563 |
|
Sundry income |
11 |
7,542,653 |
|
5,569,224 |
|
Investment income from
Tana Building
|
|
1,031,074 |
|
1,216,485 |
|
|
|
72,653,056 |
75,385,780 |
|
EXPENSES |
|
|
|
|
|
Salaries and benefits
|
|
28,998,584 |
|
23,020,100 |
|
Rent
|
|
9,763,501 |
|
8,195,599 |
|
General and administrative
|
12 |
22,346,662 |
|
18,272,877 |
|
Depreciation
|
|
10,818,338 |
|
6,912,815 |
|
Directors’ remuneration |
|
600,308 |
|
457,904 |
|
Audit fee and expenses
|
|
119,922 |
|
110,000 |
|
|
|
(72,647,315) |
(56,969,295) |
|
PROFIT BEFORE PROVISION |
|
|
|
|
|
FOR TAXATION
|
|
|
97,603,572 |
78,552,352 |
|
Provision for taxation |
13 |
|
(26,447,616) |
(22,289,956) |
|
|
|
|
|
|
NET PROFIT AFTER PROVISION |
|
|
|
|
|
FOR TAXATION
|
|
|
71,155,956 |
56,262,396 |
|
Transfer to legal reserve (25%)
|
|
|
(17,788,989) |
(14,065,599) |
|
Transfer to retained earnings
|
|
|
(53,366,967) |
(42,196,797) |
|
Earnings per share
|
|
|
712 |
608 |
|
|
|
