2006

Interest income

  Loans and advances

299,345,467

227,942,449

  Surplus fund

  20,582,225

  13,950,849

  Total interest income

319,927,692

241,893,298

Interest expense

  Interest paid on deposits

(92,511,233)

(66,887,818)

227,416,459

175,005,480

  Less:  Provision for doubtful loans and advances

   (7,849,833)

(13,560,113)

219,566,626

161,445,367

Other income

  Service income

24,988,268

24,221,209

Letters of credit opening charges

9,848,581

10,507,419

  Commissions

32,804,602

26,038,498

  Gains on foreign exchange

85,363,666

54,376,042

  Sundry income     

12

10,280,175

8,252,709

  Investment income from Tana Building

  1,540,686

    1,334,477

164,825,978

124,730,354

EXPENSES

  Salaries and benefits

51,802,159

39,917,551

  Rent

17,525,028

12,452,314

 General and administrative

13

39,267,852

32,841,576

  Depreciation

15,841,137

14,775,353

  Directors’ remuneration

698,769

698,769

  Audit fee and expenses

     110,000

        122,757

(125,244,945)

(100,808,320)

PROFIT BEFORE PROVISION

FOR TAXATION

259,147,659

185,367,401

Provision for taxation

14

(71,159,443)

(51,777,613)

NET PROFIT AFTER PROVISION

FOR TAXATION

187,988,216

133,589,788

Transfer to legal reserve (25%)

(46,997,054)

(33,397,447)

Transfer to retained earnings

140,991,162

(100,192,341)

Earnings per share

15

      1,001

956