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    Consolidated Income Statement: All Amounts in US Dollars Thousands Unless Otherwises Stated

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    Mbanga Penn
    The consolidated income statement shows the bank's net profit increased from $111 million in 2007 to $138 million in 2008. Net interest income rose from $278 million to $390 million driven by higher interest income. Fee income and trading income also contributed to increased revenues. Impairment losses on loans doubled but expenses grew at a slower rate, contributing to higher profits. The balance sheet indicates asset and liability growth with total assets rising from $6.55 billion to $8.31 billion over the period.

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    Consolidated Income Statement: All Amounts in US Dollars Thousands Unless Otherwises Stated

    Uploaded by

    Mbanga Penn
    62 views6 pages
    The consolidated income statement shows the bank's net profit increased from $111 million in 2007 to $138 million in 2008. Net interest income rose from $278 million to $390 million driven by higher interest income. Fee income and trading income also contributed to increased revenues. Impairment losses on loans doubled but expenses grew at a slower rate, contributing to higher profits. The balance sheet indicates asset and liability growth with total assets rising from $6.55 billion to $8.31 billion over the period.

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    The consolidated income statement shows the bank's net profit increased from $111 million in 2007 to $138 million in 2008. Net interest income rose from $278 million to $390 million driven by higher interest income. Fee income and trading income also contributed to increased revenues. Impairment losses on loans doubled but expenses grew at a slower rate, contributing to higher profits. The balance sheet indicates asset and liability growth with total assets rising from $6.55 billion to $8.31 billion over the period.

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    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    62 views6 pages

    Consolidated Income Statement: All Amounts in US Dollars Thousands Unless Otherwises Stated

    Uploaded by

    Mbanga Penn
    The consolidated income statement shows the bank's net profit increased from $111 million in 2007 to $138 million in 2008. Net interest income rose from $278 million to $390 million driven by higher interest income. Fee income and trading income also contributed to increased revenues. Impairment losses on loans doubled but expenses grew at a slower rate, contributing to higher profits. The balance sheet indicates asset and liability growth with total assets rising from $6.55 billion to $8.31 billion over the period.

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    of 6

    CONSOLIDATED

    INCOME STATEMENT
    All amounts in US dollars thousands unless otherwises stated

    Year ended 31 December


    2008
    Interest income
    Interest expense
    Net interest income

    2007

    710,249

    428,423

    (319,848)
    390,401

    (150,346)
    278,077

    Fee and commission income

    275,683

    185,406

    Fee and commission expense


    Net fee and commission income

    266,138

    (9,545)
    182,426

    5,625

    174

    117,259

    2,679
    70,584

    Lease income
    Dividend income
    Net trading income
    Gains less losses from investment securities
    Other operating income
    Impairment losses for loans
    Operating expenses
    Income tax expense

    14
    10,122

    (550,812)

    (113,071)
    (334,269)

    (51,245)

    (51,634)
    162,241

    (19,148)

    190,570
    -

    144

    Share of profit of associates


    Profit before income tax

    162,385
    111,140

    Attributable to:
    Equity holders of the company

    2,590

    (11,299)
    55,321

    Operating profit

    Profit for the year

    (2,980)

    190,570

    138,936
    94,195

    107,373

    Earnings per share for profit attributable to the equity holders


    of the parent company during the year (expressed in United States cents per share):
    Minority interest

    16,945
    111,140

    31,563
    138,936

    basic

    1.56

    diluted

    1 ANNUAL REPORT 2008

    1.35

    1.51

    1.39

    CONSOLIDATED
    BALANCE SHEET
    All amounts in US dollars thousands unless otherwises stated

    As at 31 December
    2008

    2007

    Cash and balances with central banks

    810,393

    978,233

    Treasury bills and other eligible bills

    420,316

    547,401

    Loans and advances to banks

    1,994,951

    834,404

    Loans and advances to customers

    3,754,206

    3,117,036

    7,106
    -

    10,375

    584,000

    553,013
    -

    ASSETS

    Trading assets
    Derivative financial instruments
    Investment securities: available-for-sale
    Investments in associates
    Intangible assets
    Property and equipment
    Investment property
    Deferred income tax assets
    Other assets
    Total assets

    75,003

    1,514
    34,924

    20,445

    315,802

    242,984
    -

    12 083
    9,589

    8,762

    361,302

    162,568

    8,306,186

    6,550,224

    334,446

    462,666

    5,798,895

    4,714,327
    -

    LIABILITIES
    Deposits from other banks
    Due to customers
    Other deposits
    Derivative financial instruments

    93,819
    -

    75,000

    Borrowed funds

    345 157

    216,298

    Other liabilities

    495,825

    349,058

    Current income tax liabilities

    37,073

    43,754

    Deferred income tax liabilities

    31,180

    23,853

    Retirement benefit obligations

    12,169

    13,508

    7,148,564

    5,898,464

    Share capital

    774,496

    265,155

    Retained earnings

    206,401

    145,314

    52,313

    103 079

    1,033,210

    513,548

    124,412

    138,212

    Total liabilities
    EQUITY
    Capital and reserves attributable to the Company's equity holders

    Other reserves
    Minority interest
    Total equity

    1,157,622

    651,760

    Total liabilities and equity

    8,306,186

    6,550 224

    CONSOLIDATED BALANCE SHEET 2

    CONSOLIDATED STATEMENT
    OF CHANGES IN EQUITY
    All amounts in US dollars thousands unless otherwises stated

    Attributable to equity
    holders of the company Share Retained
    Other capital
    earnings reserves

    Minority

    264,115

    65,209

    52,764

    100,227

    Interest
    482,315

    investments, net of tax

    6,409

    6,409

    Currency translation differences

    25,563

    10,388

    Net income recognised directly in equity

    31,972

    10,388

    42,360

    Profit for the year

    107,373

    31,563

    138,936

    Total recognised income for 2007

    107,373

    41,951

    181,296

    Dividend relating to 2006

    (18,355)

    31,972
    -

    Transfer to general banking reserves

    (6,405)

    6,405

    (3,966)
    -

    (22,321)
    -

    Transfer to statutory reserve

    (11,938)

    Share options granted

    9,430

    11,938
    -

    1,040

    1,040

    265,155

    145,314

    103,079

    138,212

    651,760

    investments, net of tax

    14,413

    Currency translation differences

    (84,554)

    (8,509)

    Net loss recognised directly in equity

    (8,509)

    Profit for the year

    94,195

    (70,141)
    -

    Total recognised income for 2008

    94,195

    (70,141)

    8,436

    32,490

    Dividend relating to 2007

    (26,940)

    (22,236)

    (49,176)

    Transfer to general banking reserves

    (9,335)

    9,335

    Transfer to statutory reserve

    (5,508)

    3,168
    -

    8,675
    -

    5,508
    -

    11,843

    4,532

    4,532

    ~ Rights issue

    184,490

    184,490

    ~ Public offer

    369,991

    Share issue expenses

    369,991
    (48,308)

    At 31 December 2008

    774,496

    206,401

    52,313

    124,412

    At 1 January 2007
    Net changes in available for sale

    35,951

    Employee share ownership scheme:


    ~ Proceeds from shares issued

    At 31 December 2007 / 1 January 2008


    Net changes in available for sale

    Share options granted


    Convertible loans - equity component

    16,945

    14,413
    (93,063)
    (78,650)
    111,140

    Proceeds from shares issued

    CONSOLIDATED
    3 ANNUAL REPORT 2008

    (48,308)
    1,157,622

    Total

    CASH FLOW STATEMENT


    All amounts in US dollars thousands unless otherwises stated

    Year ended 31 December 2008

    2007

    Cash flows from operating activities


    Interest and similar income received
    Interest paid

    (292,822)

    Dividends received
    Net fee and commission receipts
    Net trading and other incomes
    Cash payments to employees and suppliers
    Cash payments to retired employees
    Income taxes paid
    Changes in operating assets and liabilities

    266,138
    (604,458)
    (51,426)

    assets

    derivative financial assets

    reserve deposits with central banks

    (354)

    net increase/(decrease)
    93,819 (5,027)
    net increase in amounts due to customers
    2,214,149

    in other deposits

    1,084,568

    net (decrease)/ increase


    (75,000) 75,000
    net increase in other liabilities 119,740
    41,732
    317,858
    619,315

    in derivative liabilities

    Net cash from operating activities


    Cash flows from investing activities
    Acquisition of subsidiaries, net of cash acquired
    Purchase of software
    Purchase of property and equipment
    Proceeds from sale of property and equipment
    Purchase of investment securities
    Proceeds from sale and redemption of securities
    Net cash used in investing activities
    Cash flows from financing activities
    Proceeds from borrowed funds
    Issue of ordinary shares
    Deposit for shares
    Dividends paid to minority shareholders
    Dividends paid

    15,603

    net increase in other


    (155,709)
    (5,745)
    net increase in mandatory
    (95,744)
    (54,616)

    assets

    2,590

    net increase in loans and


    (461,374) (261,961)
    net increase in loans and advances to
    (637,170) (1,197,670)

    advances to banks

    customers

    439,096

    net decrease/(increase) in trading


    3,269
    (9,628)
    net decrease/(increase) in
    75,003 (74,983)
    net decrease/(increase) in other treasury
    200,926
    (251,101)

    bills

    667,225
    (136,585)
    2,679
    182,426
    178,194
    (322,625)
    (30,985)

    (18,322)
    17,452
    71,948

    25,656
    (12,838)
    (172,082)
    6,619
    (172,351)
    223,122
    (247,699)
    133,391

    40,773
    (139,283)
    (376,964)
    (258,571)
    165,638

    509,341

    (22,236)

    (3,966)
    (26,940)

    Net cash from financing activities


    593,556
    Net increase in cash and cash equivalents
    Cash and cash equivalents at start of year
    856,154
    Effects of exchange differences on cash and cash equivalents
    Cash and cash equivalents at end of year
    1,493,804

    141,913
    663,715
    413,496
    (26,065)
    856,154

    (1,404)
    (18,355)
    502,657
    (59,999)

    CONSOLIDATED BALANCE SHEET 4

    PARENT COMPANYS FINANCIAL STATEMENTS


    INCOME STATEMENT
    All amounts in US dollars thousands unless otherwises stated

    Interest income

    Year ended 31 December


    2008___________________
    2007
    2,825
    308

    Interest expense

    (8,473)

    (2,702)

    Net interest expense

    (5,648)

    (2,394)

    Fee and commission income

    12,804

    7,004

    (42)

    (46)

    7,114

    4,564

    81,388

    49,440

    (23,455)

    (11,305)

    65,047

    42,699

    ~ basic

    0.96

    0.62

    ~ diluted

    0.93

    0.60

    Fee and commission expense


    Net interest, fee and commission income
    Dividend income
    Operating expenses
    Profit for the year
    Earnings per share for profit attributable to the equity holders of the company
    during the year (expressed in cents $ per share):

    PARENT COMPANYS FINANCIAL STATEMENTS


    BALANCE SHEET
    All amounts in US dollars thousands unless otherwises stated

    5 ANNUAL REPORT 2008

    2008

    As at 31 December
    2007
    (as restated)

    ASSETS
    Balances with banks

    234,939

    80,524

    Investment in subsidiaries

    346,131

    293,888

    Other assets

    538,096

    44,135

    1,357

    455

    1,120,523

    419,002

    224,160

    129,783

    52,418
    2,252

    6,421
    1,760

    Total liabilities

    278,830

    137,964

    EQUITY
    Share capital

    773,492

    264,547

    Retained earnings

    38,959

    1,538

    Other reserves

    29,242

    14,953

    841,693

    281,038

    1,120,523

    419,002

    Property and equipment


    Total assets
    LIABILITIES
    Borrowed funds
    Other liabilities
    Retirement benefit obligations

    Total equity
    Total liabilities and equity

    CONSOLIDATED CASH FLOW STATEMENT 6

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