WELCOME TO NATIONAL BANK OF COMMERCE WEBSITE

NATIONAL BANK OF COMMERCE LTD

BALANCE SHEET AS AT 31ST MARCH 2004
		(AMOUNT IN
		MILLION SHS)
		Position as	Position as
		at	at
		31st Mar 04	31st Dec 03

A	ASSETS
1	Cash	10,849	10,942
2	Balances with Bank of Tanzania	47,336	45,959
3	Balances with other banks	94,607	78,845
4	Cheques in the course of collection	9,049	15,218
5	Investment in Government securities	97,034	113,722
6	Investment in other securities	-	-
7	Loans, Advances & Overdraft	161,524	148,211
	(Net of allowances for Probable Losses)
8	Bills negotiated	495	935
9	Equity Investments	-	-
10	Customer liabilities on acceptances	-	-
11	Fixed assets (less depreciation)	14,920	14,097
12	Interbranch Suspense (Net)	-	-
13	Other assets	2,558	3,688

	TOTAL ASSETS	438,372	431,617

B	LIABILITIES

1	Customer deposits	365,149	346,249
2	Deposits From Other Banks	1,960	2,556
3	Cash Letters of Credit and Guarantees	2,960	3,009
4	Bills Payable	9,741	6,666
5	Bankers' Cheques & Drafts Issued	779	1,203
6	Accrued Taxes and expenses payable	3,484	3,801
7	Acceptances Outstanding	-	-
8	Interbranch Suspense (Net)	-	-
9	Proposed Dividend	-	-
10	Deferred Tax	1,161	1,141
11	Other Liabilities	19,248	26,703

	TOTAL LIABILITIES	404,482	391,328


	NET ASSETS/(LIABILITIES)	33,890	40,289

C	CAPITAL AND RESERVES

1	Paid-Up Share Capital	12,000	12,000
2	Recapitalisation Reserves	4,444	6,817
3	Retained Earnings	13,268	9,128
4	Profit/(Loss)	2,600	10,872
5	Others (General Reserves)	1,578	1,472

	TOTAL SHAREHOLDERS' FUNDS	33,890	40,289

	TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS	438,372	431,617


1	Contingent Liabilities	34,458	34,198
2	Non Performing Loans & Advances	9,636	9,262
3	Allowance For Probable Losses	9,343	8,555
4	Other Non Performing Assets	-	-

D	PERFORMANCE INDICATORS

(I)	Total Capital to Total Assets	8%	9%
(ii)	Non Performing Loans & Advances	6%	6%
	to Total Advances
(iii)	Gross Loans and Advances to Total Deposits	46%	45%
(iv)	Loans and Advances to Total Assets	39%	35%

INCOME STATEMENT
FOR THE QUARTER ENDED 31 MARCH 2004

				(AMOUNT IN MILLION SHS)
		Current	Previous	Current year	Previous year
		quarter	Quarter	Cummulative	Cummulative
		31.03.04	31.12.03	31.03.04	31.03.2003

1	Interest Income	6,256	6,058	6,256	4,717

2	Interest Expense	(473)	(452)	(473)	(414)

3	Net Interest Income	5,783	5,606	5,783	4,303

4	Bad Debts Written Off	(15)	112	(15)	(193)

5	Provision For Bad & Doubtful Debts	(296)	1,869	(296)	(525)

6	Non Interest Income:	4,760	4,994	4,760	4,827
	6.1 Foreign Exchange Profit/(Loss)	1,959	2,184	1,959	1,816
	6.2 Commissions And Fees	2,801	2,810	2,801	3,011

7	Non Interest Expense	(6,661)	(7,249)	(6,661)	(5,556)

8	Losses/(Recoveries) on behalf	(9)	(2,114)	(9)	801
	of Tanzania

9	Operating Income Before Tax	3,562	3,218	3,562	3,657
	and Extraordinary Items

10	Extraordinary Gains (Losses)	-	-	-	-

11	Income Tax Provisions	(962)	455	(962)	(1,184)

12	Profits att	2,600	3,673	2,600	2,473

	Number Of Employees	805	803	805	809

	PERFORMANCE INDICATORS
	(i) Return on average total assets	#REF!	3%	#REF!	2%
	(ii) Return on ordinary Shareholders' Funds	#REF!	39%	#REF!	31%
	(iii)Non interest expense to gross income	60%	66%	60%	58%
	(iv) Interest margin to average int	#REF!	7%	#REF!	6%

CASH FLOW STATEMENT
FOR THE QUARTER ENDED 31ST MARCH 2004

				(AMOUNTS IN MILLION SHILLINGS)
				Current quarter	Previous quarter
				31st March 2004	31st December 2003

I	Cash flow from operating activities:
	Profit before Taxation			3,562	3,218
	Adjustment for non-cash items:
	Depreciation and amortization			543	562
	Allocation to Government			9	2,114
	Gain/loss on sale of assets			7	-
	Tax paid			(1,340)	(1,398)
	Net change in money market placements			-	-
	Net change in loans and advances			(13,313)	(19,949)
	Net change in deposits			18,900	25,229
	Net change in certificate deposits			-	-
	Net change in short term negotiable securities			-	-
	Net change in other assets			1,948	(354)
	Net change in other liabilities			(5,169)	(2,196)
	Net change in SMR deposits			(6,000)	2,000
	Net change in Treasury Bills			(8,955)	45,581
	Net cash provided (used) by operating activities			(9,808)	54,807

II	Cash flow from investing activities:
	Dividends received			-	-
	Purchase of fixed assets			(1,371)	(916)
	Proceeds on sale of fixed assets			2	-
	Acquisition of Government securities			-	(26,171)
	Proceeds from redemption of Government securities			2,373	-
	Proceeds from redemption of Treasury Notes			99	250

	Net cash provided (used) by investing			1,103	(26,837)

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 shareholders			(9,000)	-
	Net change in other borrowings			-	-
	Others			-	-


	Net cash provided (used) by financing activities			(9,000)	-

IV	Cash and cash equivalents
	Net increase (decrease) in cash and cash equivalents			(17,705)	27,970
	Cash and cash equivalent at the beginning of the quarter			157,235	129,265
	Cash and cash equivalent at the end of the quarter			139,530	157,235


	Signed by

		Gelard Jordaan	Chief Executive Officer