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| PROFIT
AND LOSS ACCOUNT
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31st
Dec
2007
Shs '000
(Audited) |
31st
Dec
2006
Shs '000
(Audited) |
| 1.0 |
INTEREST INCOME |
|
|
| 1.1 |
Loans and advances |
522,641 |
413,109 |
| 1.2 |
Government securities. |
90,809 |
133,631 |
| 1.3 |
Deposits and placements with banking institutions |
8,618 |
12,316 |
| 1.4 |
Other Interest Income |
12,132 |
4,882 |
| 1.5 |
Total Interest income |
634,200 |
563,938 |
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| 2.0 |
INTEREST EXPENSES |
|
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| 2.1 |
Customer deposits |
253,572 |
237,935 |
| 2.2 |
Deposits and placements from banking institutions |
17,411 |
14,815 |
| 2.3 |
Other Interest Expenses |
- |
- |
| 2.4 |
Total interest Expenses |
270,982 |
252,750 |
| 3.0 |
NET INTEREST INCOME |
363,218 |
311,188 |
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| 3.0 |
OTHER OPERATING INCOME |
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| 3.1 |
Fees and commissions income |
31,643 |
28,488 |
| 3.2 |
Other Fees And Commissions |
85,877 |
68,796 |
| 3.3 |
Foreign exchange trading income |
28,182 |
29,749 |
| 3.4 |
Dividend Income |
- |
- |
| 3.5 |
Other income. |
4,763 |
1,374 |
| 3.5 |
Total Non-Interest Income |
150,465 |
128,407 |
| 4.0 |
TOTAL OPERATING INCOME |
513,683 |
439,595 |
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| 5.0 |
OPERATING EXPENSES |
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| 5.1 |
Bad and doubtful debts expenses |
19,218 |
15,643 |
| 5.2 |
Staff costs |
143,172 |
131,721 |
| 5.3 |
Directors' emoluments |
7,728 |
19,451 |
| 5.4 |
Operating lease rental |
11,729 |
9,924 |
| 5.5 |
Depreciation on property and equipment |
17,512 |
19,378 |
| 5.6 |
Armortization Charges |
5,142 |
5,164 |
| 5.7 |
Other operating expenses |
161,695 |
143,516 |
| 5.7 |
Total Operating Expenses |
366,197 |
344,797 |
| 6.0 |
Profit/(Loss) before tax and exceptional
items |
147,486 |
94,798 |
| 7.0 |
Exceptional items |
- |
- |
| 8.0 |
Profit/(Loss) after exceptional
items |
147,486 |
94,798 |
| 9.0 |
Current tax |
41,929 |
29,773 |
| 10.0 |
Deferred tax |
3,828 |
3,998 |
| 11.0 |
Profit/(Loss) after tax and
exceptional items |
101,729 |
61,027 |
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MESSAGE
FROM THE DIRECTORS
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The above balance
sheet and profit and loss account are extracts from the
financial statements audited by Deloitte & Touche,
Certified Public Accountants of Kenya and approved by
the Board of Directors on 9th March 2005. To get a full
picture of the institution's performance, the full set
of published financial statements is available in our
offices and can be reviewed by any interested person(s). |
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F. GRIFFITHS
GROUP CEO |
D.H.CHANDARIA
CHAIRMAN |
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