FINANCIAL  STATEMENT FOR 2003

The year 2003 financial statement is yet to be confirmed by the external auditors – KPMG.  We however forward the financial statement for year 2002.

A.	Income Statement
	For the year ended 31 December 2002
	In thousands of Leones	2002
	Interest and Similar Income	8,304,445
	Interest Expenses and Similar Charges	(1,228,158)
	Net Interest Income	7,076,287
	Net Fee and Commission Income	2,277,085
	Other Operating Income	5,036,813
	Total	14,390,185
	Operating Income
	General Administrative Expenses	(4,421,167)
	Other Operating Expenses	(3,404,206)
	(Charge to) / release from bad and doubtful debts	(192,681)
	Operating Expenses	(8,018,654)
	Profit from Operations	6,372,131
	Income Tax Expense	(1,826,699)
	Profit after Tax	4,545,432
	Dividends	(2,239,488)
	Transfer to Revenue Reserve	2,305,944
B.	BALANCE SHEET
	For the year ended 31 December 2002
	In thousands of Leones	2002
	Assets
	Cash and Cash Equivalents
	Income Statement	14,881,767
	Money Market Placements
	Investments	34,537,948
	Loans and Advances to Customers	20,562,568
	Property and Equipment	8,743,130
	Other Assets	7,837,058
	Income Tax Receivable	1,607,125
	Total Assets	88,169,596
	Liabilities
	Deposits from customers	66,434,263
	Other Liabilities	6,353,902
	Total Liabilities	72,788,165
	Shareholder's Equity	1,119,744
	Issued Capital	1,776,732
	Reserves	12,484,955
	Retained Earnings	15,381,431
	Total Liabilities and Shareholders' Equity	88,169,596
	These financial statements were approved by the Board of Directors on 5th March 2003

C.            STATEMENT OF CASH FLOWS

 

            For the year ended 31 December 2002

            In thousands of Leones                                                             2002

            Operating Activities

            Interest Received                                                                        8,304,445

            Interest Paid                                                                              (1,228,158)

            (Loan provision)/Recoveries on Loan

            previously written off                                                                (  192,681)

            Fees and Commission Received                                                           2,277,085

            Administrative Expenses Paid                                                   (4,421,167)

            Operating Expenses paid                                                      (3,404,206)

            Other Operating Income                                                             5,036,813

            Depreciation of  Property and Equipment                                 1,295,433

           

                                                                                                            7,667,564

            Changes in Operating Assets and Liabilities                               

 

            Loans and Advances to Customers                                         (10,936,266)

            Deposits from Customers                                                          20,407,121

Other Assets                                                                          (1,093,113)

            Other Liabilities                                                                             182,871

           

Net Cash Flows from Operating Activities before Tax                     16,228,177

            Income Tax Paid                                                                       (  1,946,373)

Cash flows from Operating Activities                                                14,278,804

 

            Investing Activities

 

            Acquisition of Investments                                                      (7,977,280)

            Acquisition of Property and Equipment                                      (2,498,524)

           

            Cash flows from Investing Activities

 

            Financing Activities

            Dividends Paid                                                                         (1,676,616)

 

            Cash flows from financing activities                                               (1,679,616)

           

            Net Increase in Cash and Cash Equivalents                                 2,123,384

            Cash and Cash Equivalents at 1 January                                     12,758,383

 

            Cash and Cash Equivalents at 31^st December                                    14,881,767