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NATIONAL BANK OF COMMERCE LTD
AUDITED FINANCIAL STATEMENTS
BALANCE SHEET AS AT 31DECEMBER 2003
(AMOUNT IN MILLION SHILLINGS)
Position as  at
Position as  at
31st December  2003
31st December  2002
A ASSETS    
1 Cash
                                 10,942
10,868
2 Balances with Bank of Tanzania
                                 45,959
42,323
3 Balances with other banks
                                 78,845
83,923
4 Cheques in the course of collection
                                 15,218
21,791
5 Investment in Government securities
                               113,722
  133,235
6 Investment in other securities
                                          -  
-  
7 Loans, Advances, Overdraft Bills 
                               148,211
 84,775
   (Net of allowances for Probable Losses)
 
8 Bills negotiated
                                       935
3,906
9 Equity Investments
                                          -  
-  
10 Customer liabilities on acceptances
                                          -  
                                          -  
11 Fixed assets (less depreciation)
                                 14,097
10,994
12 Interbranch Suspense (Net)
                                          -  
1,448
13 Other assets
                                   3,688
 8,731
 
 
  TOTAL ASSETS
                               431,617
   401,994
 
 
B LIABILITIES
 
 
 
1 Customer deposits
   346,249
 323,633
2 Deposits From Other Banks
                                   2,556
2,957
3 Cash Letters of Credit and Guarantees
                                   3,009
1,972
4 Bills Payable
                                   6,666
9,185
5 Bankers' Cheques & Drafts Issued
                                   1,203
 10,641
6 Accrued Taxes and expenses payable
                                   3,801
  2,850
7 Acceptances Outstanding
                                          -  
                                          -  
8 Interbranch Suspense (Net)
                                          -  
                                          -  
9 Proposed Dividend
                                          -  
                                          -  
10 Deferred  Tax
                                   1,141
 1,090
11 Other Liabilities
                                 26,703
12,748
 
 
  TOTAL LIABILITIES
391,328
365,076
 
 
 
 
  NET ASSETS/(LIABILITIES)
40,289
36,918
 
 
C CAPITAL AND RESERVES
 
 
1 Paid-Up Share Capital
12,000
12,000
2 Recapitalisation Reserves
6,817
13,443
3 Retained Earnings
9,128
1,448
4 Profit/(Loss)
                                 10,872
                                   9,188
5 Others
                                   1,472
                                       839
 
  TOTAL SHAREHOLDERS' FUNDS
40,289
36,918
 
  TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS
431,617
401,994
 
 
1 Contingent Liabilities
34,198
13,344
2 Non Performing Loans & Advances
                                   9,262
                                   9,229
3 Allowance For Probable Losses
8,555
8,520
4 Other Non Performing Assets
                                          -  
                                          -  
 
D PERFORMANCE INDICATORS
 
(I) Total Capital to Total Assets
9%
9%
(ii) Non Performing Loans & Advances
6%
10%
  to Total Advances
(iii) Gross Loans and Advances to Total Deposits
45%
28%
(iv) Loans and Advances to Total Assets        
35%
23%
 FOR THE YEAR ENDED 31 DECEMBER 2003
(AMOUNT IN MILLION SHILLINGS)
         
Current year 
Previous year 
         
31.12.2003
31.12.2002
     
1 Interest Income
                        21,802
                          18,354
 
2 Interest Expense
(1,815)
                           (2,156)
 
3 Net Interest Income
                        19,987
                          16,198
 
4 Bad Debts Written Off
                            (467)
                              (169)
 
5 Provision For Bad & Doubtful Debts
                          2,243
                             7,683
 
6 Non Interest Income:
                        18,025
                          18,421
  6.1 Foreign Exchange Profit/(Loss)
                          6,475
                             6,365
  6.2 Commissions And Fees
                        11,550
                          12,056
 
7 Non Interest Expense
                      (24,138)
                         (21,888)
 
8 Recoveries on behalf of the Government
                         (1,906)
                           (6,909)
   of Tanzania
 
9 Operating Income Before Tax
                        13,744
                          13,336
  and Extraordinary Items
 
10 Extraordinary Gains (Losses)
                                 -  
                                    -  
 
11 Income Tax Provisions
     (2,872)
                           (4,148)
 
14 Profits attributable to shareholders  
                        10,872
                             9,188
  Number Of Employees      
                              803
                                811
PERFORMANCE INDICATORS
  (i) Return on average total assets*      
3%
4%
  (ii) Return on ordinary Shareholders' Funds  
30%
28%
  (iii)Non interest expense to gross income  
61%
60%
  (iv) Interest margin to average interest earning assets      
6%
6%
CASH  FLOW  STATEMENT
FOR  THE  YEAR ENDED  31 DECEMBER 2003
(AMOUNTS IN MILLION SHILLINGS)
Current year
Previous year
31 st December 2003
31 st December 2002
 
I Cash flow from operating activities:  
  Profit before Taxation
                                   13,744
                      13,336
  Adjustment for non-cash items:
  Allocation to Government
                                      1,906
                             6,909
  Depreciation and amortization
                                      1,939
                                            548
   Gain/loss on sale of assets
                                          (20)
                                               72
  Tax paid
                                    (4,733)
                                       (2,418)
   Net change  in money market placements
                                             -  
                                                -  
   Net change in loans and advances
                                  (63,436)
                                     (16,532)
   Net change in deposits
                                   22,616
                                       31,764
  Net change in certificate deposits
                                             -  
                                                -  
  Net change in short term negotiable securities
                                             -  
                                                -  
  Net change in other assets
                                      9,763
                                         1,568
   Net change in other liabilities
                                      5,570
                                         3,347
  Other-net change in SMR deposits
                                    (1,500)
                                         6,500
   Net change in Treasury Bills
                                      3,398
                                     (20,253)
  Net cash provided (used) by operating activities
                                  (10,753)
                                       24,841
 
II Cash flow from investing activities:
   Dividends received
                                             -  
                                                -  
  Purchase of fixed assets
                                    (5,089)
                                       (1,007)
   Proceeds on sale of fixed assets
                                           69
                                12
  Acquisition of Government securities
                                  (26,172)
                                       (2,269)
   Proceeds from redemption of Government securities
                                      4,746
                                         4,746
  Proceeds from redemption of Treasury Notes
                                      7,586
                                         6,301
  Net cash provided (used) by investing 
                                  (18,860)
  7,783
 
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)