BANK OF BAKU
AUDITORS REPORT AND FINANCIAL STATEMENTS AT 31 DECEMBER 2001

	2001	2000
Fees from cash withdrawals	439,941	1,636,667
Fees from fund transfers	230,343	618,445
Commissions from guarantee letters	103,118	14,275
Commissions from letters of credit	1,493	5,258
Other	56,035	42,993
Total fee and commission income	830,930	2,317,638

Fee and commission income is a major source of income for the Bank. A summary of fees and commissions charged by the Bank during 2001 is as follows

	Individuals	Corporations	Banks
Operations in AZM
Cash withdrawals	max 1%	max 1%	-
Fund transfers	0.1% or min 5.000 AZM	0.1% or min 5.000 AZM	-
Letters of credit	-	0.5% or min 50 USD	-
Operations in USD
Cash withdrawals	0.5% or min 10 USD	0.5% or min 10 USD	0.36%
Fund transfers	0.3% or min 20 USD	0.3% or min 30 USD	0.07% or min 30 USD
Domestic fund transfers	-	min 20 USD	-
Letters of credit	-	0.1% or min 50 USD	-

Note 1 Principal Activities 
Note 2 Significant Accounting Policies 
Note 3 Use of financial instruments 
Note 4 Cash and short-term Funds 
Note 5 Loans and Advances to Banks 
Note 6 Loans and Advances to Customers 
Note 7 Investment securities held-to-maturity 
Note 8 Other Assets 
Note 9 Intangible assets 
Note 10 Premises and Equipment 
Note 11 Due to Banks 
Note 12 Customer Accounts
Note 13 Other Borrowed Funds 
Note 14 Other Liabilities 
Note 15 Paid-in Capital 
Note 16 Retained earnings
Note 17 Dividends 
Note 18 Fee and commission income 
Note 19 Fee and commission expense 
Note 20 General, administrative and other operating expenses 
Note 21 Taxation 
Note 22 Commitments and contingent liabilities 
Note 23 Reconciliation of Azerbaijanian Accounting Rules to International Accounting Standards 
Note 24 Related party transactions 
Note 25 Post balance sheet events