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NBC Financial Results for the Quarter ended 31-03-2002

NATIONAL BANK OF COMMERCE LTD
INCOME STATEMENT FOR THE QUARTER ENDED 31.03.2002
	(AMOUNT IN MILLION SHILLINGS)
		Current	Previous	Current year	Previous year
		quarter	quarter	Cumulative	Cumulative
		ending 31.3.2002	ending 31.12.2001	31.3.2002	31.3.2001
1	Interest Income	4,707	5,488	4,707	5,186

2	Interest Expense	(690)	(607)	(690)	(1,843)

3	Net Interest Income	4,017	4,881	4,017	3,343

4	Bad Debts Written Off	(125)	(3,975)	(125)	(3,028)

5	Provision For Bad & Doubtful Debts	1,424	4,388	1,424	6,122

6	Non Interest Income:	4,249	4,242	4,249	4,148
	6.1 Foreign Exchange Profit/(Loss)	1,420	1,191	1,420	1,149
	6.2 Commissions And Fees	2,829	3,051	2,829	2,999

7	Non Interest Expense	(5,951)	(8,980)	(5,951)	(5,162)

8	Operating Income/(Loss) Before Tax	3,614	556	3,614	5,423
	and Extraordinary Items

9	Extraordinary Gains (Losses)	-	-	-	-

10	Income Tax Provisions	(950)	(877)	(950)	(529)

11	Net Income/(Loss) after Income	2,664	(321)	2,664	4,894
	Tax and Extraordinary items

12	Recoveries on behalf of the Government	(734)	1,595	(734)	(3,465)
	of Tanzania

14	Profits attributable to shareholders	1,930	1,930	1,930	1,429

			1,930

	Number Of Employees	883	886	883	892

	PERFORMANCE INDICATORS
	Return on average total assets*	3%	0%	3%	5%
	Return on ordinary Shareholders' Funds	36%	-2%	36%	60%
	Non interest expense to gross income	57%	63%	57%	33%
	Net interest margin to average interest earning assets	7%	5%	7%	6%

	* Return on average total assets is computed using
	Profit after tax and average of current year and previous year total assets.

	NATIONAL BANK OF COMMERCE LTD
	BALANCE SHEET AS AT 31.03.2002
(AMOUNT IN MILLION SHILLINGS)


		Position as at	Position as at
		31st March 2002	31st December 2001

A	ASSETS
1	Cash	8,319	10,853
2	Balances with Bank of Tanzania	40,327	41,258
3	Balances with other banks	109,897	105,155
4	Cheques in the course of collection	7,796	17,393
5	Investment in Government securities	99,110	83,141
6	Investment in other securities	0	0
7	Loans, Advances, Overdraft Bills	75,080	67,588
	(Net of allowances for Probable Losses)	0
8	Bills negotiated	384	80
9	Equity Investments	0	0
10	Customer liabilities on acceptances	0	0
11	Fixed assets (less depreciation)	16,606	10,619
12	Interbranch Suspense (Net)	12,537	12,982
13	Other assets	4,420	2,591

	TOTAL ASSETS	374,476	351,660

B	LIABILITIES

1	Customer deposits	299,759	291,037
2	Deposits From Other Banks	0
3	Cash Letters of Credit and Guarantees	2,314	2,501
4	Bills Payable	3,369	13,910
5	Bankers' Cheques & Drafts Issued	9,972	9,353
6	Accrued Taxes and expenses payable	3,235	674
7	Acceptances Outstanding	0	0
8	Interbranch Suspense (Net)	0	0
9	Proposed Dividend	0	0
10	Deferred Tax	982	253
11	Other Liabilities	25,106	6,857

	TOTAL LIABILITIES	344,737	324,585


	NET ASSETS/(LIABILITIES)	29,739	27,075

C	CAPITAL AND RESERVES

1	Paid-Up Share Capital	12,000	12,000
2	Recapitalisation Reserves	24,392	24,392
3	Retained Earnings	(9,317)	(9,317)
4	Profit/(Loss)	2,664	-
5	Others

	TOTAL SHAREHOLDERS' FUNDS	29,739	27,075

	TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS	374,476	351,660


1	Contingent Liabilities	14,876	12,229
2	Non Performing Loans & Advances	9,313	10,113
3	Allowance For Probable Losses	7,402	7,498
4	Other Non Performing Assets	0	0

D	PERFORMANCE INDICATORS

(I)	Total Capital to Total Assets	8%	8%
(ii)	Non Performing Loans & Advances	11%	11%
	to Total Advances
(iii)	Gross Loans And Advances to Total Deposits	28%	26%
(iv)	Loans and Advances to Total Assets	22%	21%

NATIONAL BANK OF COMMERCE LTD
CASH FLOW STATEMENT
FOR THE QUARTER ENDED 31.03.2002
(AMOUNTS IN MILLION SHILLINGS)
			Current quarter	Previous year
			31st March 2002	31st December 2001

Cash flow from operating activities:
Profit before Taxation			3,614	13,332
Adjustment for non-cash items:
Depreciation and amortization			450	2,878
Tax paid			(804)	(4,247)
Net change in money market placements			(19,947)	4,484
Net change in loans and advances			(7,492)	(25,478)
Gain/loss on sale of assets			1	(261)
Net change in deposits			8,535	13,109
Net change in certificate deposits			-	-
Net change in short term negotiable securities			-	-
Net change in other assets			7,909	740
Net change in other liabilities			9,794	7,456
Other-net change in SMR deposits			(1,000)	(6,500)

Net cash provided (used) by operating activities			1,060	5,513

Cash flow from investing activities:
Dividends received
Purchase of fixed assets			(139)	(5,561)
Proceeds on sale of fixed assets			4	286
Acquisition of Government securities			(99)	(5,846)
Proceeds from redemption of Government securities			1,544	2,373


Net cash provided (used) by investing			1,310	(8,748)

Cash flow from financing activities:
Repayment of long-term debt			-	-
Proceed from issuance of long-term debt			-	-
Proceeds from issue of shares			-	-
Dividend paid to members of the bank
Net change in other borrowings
Others


Net cash provided (used) by financing activities			-	-

CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash and cash equivalents			2,370	(3,235)
Cash and cash equivalent at the beginning of the quarter			141,775	145,010
Cash and cash equivalent at the end of the quarter			144,145	141,775


		Signed		Date

		Gerald Jordaan
		Chief Executive Officer		14.5.2002

		Hein Hattingh
		Head of Finance		14.5.2002

		Firmin Sukums
		Head of Internal Audit		14.5.2002

We, the undersigned non-executive members of the board of directors, attest to the correctness of the above statements. We declare that the statements have been examined by us, and to the best of our knowledge and belief have been prepared in conformance with the instructions and are true and correct.
		Signed		Date



	1	Charles Nyirabu		14.5.2002



	2	Marcellina Chijoriga		14.5.2002

NBC Limited registration number: 32700