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NATIONAL BANK OF COMMERCE LTD

BALANCE SHEET AS AT 30TH JUNE 2004
		(AMOUNT IN MILLION SHILLINGS)
		Position as at	Position as at
		30 th June 2004	31st March 2004
A	ASSETS
1	Cash	8,667	10,849
2	Balances with Bank of Tanzania	32,022	47,336
3	Balances with other banks	106,832	94,607
4	Cheques in the course of collection	11,518	9,049
5	Investment in Government securities	87,830	97,034
6	Investment in other securities	-	-
7	Loans, Advances & Overdraft	172,977	161,524
	(Net of allowances for Probable Losses)
8	Bills negotiated	1,758	495
9	Equity Investments	-	-
10	Customer liabilities on acceptances	-	-
11	Fixed assets (less depreciation)	15,372	14,920
12	Interbranch Suspense (Net)	-	-
13	Other assets	2,139	2,558

	TOTAL ASSETS	439,115	438,372

B	LIABILITIES

1	Customer deposits	360,832	365,149
2	Deposits From Other Banks	1,048	1,960
3	Cash Letters of Credit and Guarantees	4,930	2,960
4	Bills Payable	8,321	9,741
5	Bankers' Cheques & Drafts Issued	544	779
6	Accrued Taxes and expenses payable	4,208	3,484
7	Acceptances Outstanding	-	-
8	Interbranch Suspense (Net)	-	-
9	Proposed Dividend	-	-
10	Deferred Tax	1,475	1,161
11	Other Liabilities	20,981	19,248

	TOTAL LIABILITIES	402,339	404,482


	NET ASSETS/(LIABILITIES)	36,776	33,890

C	CAPITAL AND RESERVES

1	Paid-Up Share Capital	12,000	12,000
2	Recapitalisation Reserves	4,444	4,444
3	Retained Earnings	13,150	13,268
4	Profit/(Loss)	5,487	2,600
5	Others (General Reserves)	1,695	1,578

	TOTAL SHAREHOLDERS' FUNDS	36,776	33,890

	TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS	439,115	438,372


1	Contingent Liabilities	40,137	34,458
2	Non Performing Loans & Advances	9,497	9,636
3	Allowance For Probable Losses	9,684	9,343
4	Other Non Performing Assets	-	-

D	PERFORMANCE INDICATORS

(I)	Total Capital to Total Assets	8%	8%
(ii)	Non Performing Loans & Advances	5%	6%
	to Total Advances
(iii)	Gross Loans and Advances to Total Deposits	50%	46%
(iv)	Loans and Advances to Total Assets	42%	39%

INCOME STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2004

				(AMOUNT IN MILLION SHS)
		Current	Previous	Current year	Previous year
		quarter	Quarter	Cummulative	Cummulative
		30.06.04	31.03.04	30.06.04	30.06.03

1	Interest Income	6,343	6,256	12,599	10,119

2	Interest Expense	(506)	(473)	(979)	(924)

3	Net Interest Income	5,837	5,783	11,620	9,195

4	Bad Debts Written Off	(77)	(15)	(92)	(387)

5	Provision For Bad & Doubtful Debts	47	(296)	(249)	(1)

6	Non Interest Income:	4,230	4,760	8,990	9,085
	6.1 Foreign Exchange Profit/(Loss)	1,236	1,959	3,195	3,316
	6.2 Commissions And Fees	2,994	2,801	5,795	5,769

7	Non Interest Expense	(7,232)	(6,661)	(13,893)	(10,921)

8	Losses/(Recoveries) on behalf of the Government	(255)	(9)	(264)	260
	of Tanzania

9	Operating Income Before Tax	2,550	3,562	6,112	7,231
	and Extraordinary Items

10	Extraordinary Gains (Losses)	-	-	-	-

11	Income Tax Provisions	337	(962)	(625)	(2,382)

12	Profits attributable to shareholders	2,887	2,600	5,487	4,849

	Number Of Employees	809	805	809	804

	PERFORMANCE INDICATORS
	(i) Return on average total assets*	3%	2%	3%	2%
	(ii) Return on ordinary Shareholders' Funds	31%	28%	30%	29%
	(iii)Non interest expense to gross income	68%	60%	64%	57%
	(iv) Interest margin to average interest earning assets	6%	7%	7%	6%

CASH FLOW STATEMENT
FOR THE QUARTER ENDED 30TH JUNE 2004

		(AMOUNTS IN MILLION SHILLINGS)
		Current quarter	Previous quarter
		30th June 2004	31st March 2004

I	Cash flow from operating activities:
	Profit before Taxation	2,550	3,562
	Adjustment for non-cash items:
	Depreciation and amortization	611	543
	Allocation to Government	255	9
	Gain/loss on sale of assets	1	7
	Tax paid	(1,024)	(1,340)
	Refund from TRA	1,379	-
	Net change in loans and advances	(11,453)	(13,313)
	Net change in deposits	(4,317)	18,900
	Net change in certificate deposits	-	-
	Net change in short term negotiable securities	-