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BALANCE SHEET AS AT 31 MARCH 2003
		(AMOUNT IN MILLION SHILLINGS)
		Position as at	Position as at
		31st March 2003	31st December 2002

A	ASSETS
1	Cash	9,702	10,868
2	Balances with Bank of Tanzania	47,328	42,323
3	Balances with other banks	94,021	83,923
4	Cheques in the course of collection	14,930	21,791
5	Investment in Government securities	132,232	133,235
6	Investment in other securities	-	-
7	Loans, Advances & Overdraft	101,491	84,775
	(Net of allowances for Probable Losses)
8	Bills negotiated	1,089	3,906
9	Equity Investments	-	-
10	Customer liabilities on acceptances	-	-
11	Fixed assets (less depreciation)	11,383	10,994
12	Interbranch Suspense (Net)	-	1,448
13	Other assets	1,297	8,731

	TOTAL ASSETS	413,473	401,994

B	LIABILITIES

1	Customer deposits	321,716	323,330
2	Deposits From Other Banks	2,718	2,957
3	Cash Letters of Credit and Guarantees	3,384	1,972
4	Bills Payable	19,261	9,185
5	Bankers' Cheques & Drafts Issued	7,329	10,641
6	Accrued Taxes and expenses payable	3,971	2,850
7	Acceptances Outstanding	-	-
8	Interbranch Suspense (Net)	4,198	-
9	Proposed Dividend	-	-
10	Deferred Tax	1,090	1,090
11	Other Liabilities	17,752	13,051

	TOTAL LIABILITIES	381,419	365,076


	NET ASSETS/(LIABILITIES)	32,054	36,918

C	CAPITAL AND RESERVES

1	Paid-Up Share Capital	12,000	12,000
2	Recapitalisation Reserves	13,443	13,443
3	Retained Earnings	3,135	10,636
4	Profit/(Loss)	2,473	-
5	Others (General provision)	1,003	839

	TOTAL SHAREHOLDERS' FUNDS	32,054	36,918

	TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS	413,473	401,994


1	Contingent Liabilities	18,523	13,344
2	Non Performing Loans & Advances	10,161	9,229
3	Allowance For Probable Losses	9,623	8,520
4	Other Non Performing Assets	-	-

D	PERFORMANCE INDICATORS

(I)	Total Capital to Total Assets	8%	9%
(ii)	Non Performing Loans & Advances	9%	10%
	to Total Advances
(iii)	Gross Loans and Advances to Total Deposits	34%	28%
(iv)	Loans and Advances to Total Assets	27%	23%

INCOME STATMENT
FOR THE QUARTER ENDED 31 MARCH 2003

				(AMOUNT IN MILLION SHILLINGS)
		Current	Previous	Current year	Previous year
		quarter	Quarter	Cummulative	Cummulative
		ending 31.03.2003	ending 31.12.2002	31.03.2003	31.03.2002

1	Interest Income	4,717	4,145	4,717	4,707

2	Interest Expense	(414)	(295)	(414)	(690)

3	Net Interest Income	4,303	3,850	4,303	4,017

4	Bad Debts Written Off	(193)	22	(193)	(125)

5	Provision For Bad & Doubtful Debts	(525)	4,888	(525)	1,424

6	Non Interest Income:	4,833	5,656	4,833	4,249
	6.1 Foreign Exchange Profit/(Loss)	1,822	2,143	1,822	1,420
	6.2 Commissions And Fees	3,011	3,513	3,011	2,829

7	Non Interest Expense	(5,562)	(6,774)	(5,562)	(5,951)

8	Losses/(Recoveries) on behalf of the Government	801	(5,535)	801	(734)
	of Tanzania

9	Operating Income Before Tax	3,657	2,107	3,657	2,880
	and Extraordinary Items

10	Extraordinary Gains (Losses)	-	-	-	-

11	Income Tax Provisions	(1,184)	(438)	(1,184)	(950)

12	Profits attributable to shareholders	2,473	1,669	2,473	1,930

	Number Of Employees	787	784	787	883

	PERFORMANCE INDICATORS
	(i) Return on average total assets*	2%	2%	2%	3%
	(ii) Return on ordinary Shareholders' Funds	31%	18%	31%	36%
	(iii)Non interest expense to gross income	58%	69%	58%	57%
	(iv) Interest margin to average interest earning assets	6%	5%	6%	7%

	* Return on average total assets is computed using
	Profit After Tax and average of current quarter and previous quarter total assets.

CASH FLOW STATEMENT
FOR THE QUARTER ENDED 31 MARCH 2003

				(AMOUNTS IN MILLION SHILLINGS)
				Current quarter	Previous quarter
				31 st March 2003	31 st December 2002

I	Cash flow from operating activities:
	Profit before Taxation			3,657	2,107
	Adjustment for non-cash items:
	Depreciation and amortization			448	1,213
	Tax paid			(1,112)	-
	Allocation to Government			(801)	5,535
	Net change in money market placements			-	5,000
	Net change in loans and advances			(16,552)	(6,952)
	Gain/loss on sale of assets			(2)	74
	Net change in deposits			(202)	17,618
	Net change in certificate deposits			-	-
	Net change in short term negotiable securities			-	-
	Net change in other assets			11,699	(3,170)
	Net change in other liabilities			16,714	2,840
	Other-net change in SMR deposits			(4,000)	6,500

	Net cash provided (used) by operating activities			9,849	30,765

II	Cash flow from investing activities:
	Dividends received			-	-
	Purchase of fixed assets			(835)	(181)
	Proceeds on sale of fixed assets			2	-
	Acquisition of Government securities			(24,300)	(5,872)
	Proceeds from redemption of Government securities			-	-


	Net cash provided (used) by investing			(25,133)	(6,053)

III	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			(7,500)	-
	Net change in other borrowings			-	-
	Others			-	-


	Net cash provided (used) by financing activities			(7,500)	-

IV	Cash and cash equivalents
	Net increase (decrease) in cash and cash equivalents			(22,784)	24,712
	Cash and cash equivalent at the beginning of the quarter			194,348	169,636
	Cash and cash equivalent at the end of the quarter			171,564	194,348


	Signed by

		Gelard Jordaan	Chief Executive Officer