Half Yearly Report -6-
31 Agosto 2011 - 1:00AM
UK Regulatory
4. 4. INTEREST INCOME
30 June 30 June
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2011 2010
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US$ US$
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Loans and advances to banks 755 026 34 306
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Loans and advances to customers 6 446 599 2 496 319
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Investment securities 2 129 138 1 139 441
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Other 11 603 1 661
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------------ -------------
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9 342 366 3 671 727
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5. non-interest income
30 June 30 June
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2011 2010
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US$ US$
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Net gains/(losses) from quoted and
other investments 38 635 (22 064)
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Net commission and fee income 6 246 738 4 207 003
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Fair value adjustment on investment
properties (152 500) (584 600)
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Profit on disposal of quoted and other
investments 27 173 13 232
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Fair value gain/(loss) on trading financial
instruments 48 795 (110 349)
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Fair value (loss)/gain on other financial
instruments (5 886) 30 066
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Profit on disposal of property and
equipment - 25 224
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Other net operating income 5 011 166 784
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6 207 966 3 725 296
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6. Operating EXPENDITURE
30 June 30 June
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2011 2010
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US$ US$
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The operating profit is after charging
the following:-
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Administration costs 4 116 047 2 434 901
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Staff costs - salaries, allowances
and related costs 3 908 963 2 676 055
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- retrenchment - 2 600 000
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Depreciation 256 006 129 558
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Impairment loss on land and buildings - 585 000
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8 281 016 8 425 514
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7. taxation
Income tax expense
30 June 30 June
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2011 2010
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US$ US$
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Current tax 1 106 988 -
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Aids levy 33 210 -
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Deferred tax (403 021) (611 337)
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Capital gains 2 998 -
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740 175 (611 337)
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8. IMPAIRMENT LOSSES ON LOANS AND ADVANCES
Impairment losses are applied to write off advances in part or
in whole when they are considered partly or wholly irrecoverable.
The aggregate impairment losses which are made during the year are
dealt with as per paragraph 8.3.
8.1 Specific provisions
Specific provisions are made where the repayment of identified
advances is in doubt and reflect estimates of the loss. Advances
are written off against specific provisions once the probability of
recovering any significant amounts becomes remote.
8.2 Portfolio provisions
The portfolio provision relates to the inherent risk of losses
which, although not separately identified, is known to be present
in any loan portfolio.
8.3 Regulatory Guidelines and International Financial Reporting
Standards Requirements
The Banking Regulations 2000 gives guidance on provisioning for
doubtful debts and stipulates certain minimum percentages to be
applied to the respective categories of the loan book.
International Accounting Standard 39, Financial Instruments
Recognition and Measurement (IAS 39), prescribes the provisioning
for impairment losses based on the actual loan losses incurred in
the past applied to the sectoral analysis of book debts and the
discounting of expected cash flows on specific problem
accounts.
The two prescriptions are likely to give different results. The
Group has taken the view that where the IAS 39 charge is less than
the amount provided for in the Banking Regulations, the difference
is recognized directly in equity as a transfer from retained
earnings to a regulatory reserve and where it is more, the full
amount will be charged to the profit or loss.
8.4 Non-performing loans
Interest on loans and advances is accrued to income until such
time as reasonable doubt exists about its collectability,
thereafter and until all or part of the loan is written off,
interest continues to accrue on customers' accounts, but is not
included in income. Such suspended interest is deducted from loans
and advances in the statement of financial position. This policy
meets the requirements of the Banking Regulations 2000 issued by
the RBZ.
9. COMPONENTS OF OTHER COMPREHENSIVE INCOME
30 June 30 June
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2011 2010
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US$ US$
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Revaluation gain on land and buildings 200 000 -
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Net income tax relating to components of (51 500) -
other comprehensive
income
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Other comprehensive loss for the period, 148 500 -
net of tax
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10. EARNINGS PER SHARE
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