2007

Interest income

  Loans and advances

403,530,085

299,345,467

  Foreign deposits

  16,544,662

  18,699,199

  Total interest income

420,074,747

318,044,666

Interest expense

  Interest paid on deposits

(162,148,506))

(92,511,233)

257,926,241

225,533,433

  Less:  Provision for doubtful loans and advances

   (18,248,030)

(7,849,833)

239,678,211

217,683,600

Other income

  Service income

12

30,301,885

24,988,268

Letters of credit opening charges

12,524,910

9,848,581

  Commissions

44,026,969

32,804,602

  Gains on foreign exchange

147,838,133

85,363,666

  Investment income     

13

2,979,157

3,423,712

  Sundry income

14

 12,082,357

   10,280,175

249,753,411

166,709,004

EXPENSES

  Salaries and benefits

72,533,093

51,802,159

  Rent

20,199,921

17,525,028

 General and administrative

15

44,616,595

39,267,852

  Depreciation

18,657,282

15,841,137

  Directors’ remuneration

707,876

698,769

  Audit fee and expenses

    146,500

        110,000

(156,861,267)

(125,244,945)

PROFIT BEFORE PROVISION

FOR TAXATION

332,570,355

259,147,659

Provision for taxation

16

(93,515,285)

(71,159,443)

NET PROFIT AFTER PROVISION

FOR TAXATION

239,055,070

187,988,216

Transfer to legal reserve (25%)

(59,763,768)

(46,997,054)

Transfer to retained earnings

179,291,302

(140,991,162

Earnings per share

15

      846

1,001