Note

2001

2000

Cash flows from operating activities:

Net income

471,959

283,095

Adjustments for: 

Provision for impairment on loans to banks

 5

7,192

-

Provision for impairment on loans to customers, net of charge-offs

 6

772,282

1,073,653

Interest income

(2,464,124)

(1,965,817)

Interest expense

829,013

643,476

Accrual of other expenses net

 14

205,802

121,200

Amortization expense

20

23,944

16,920

Depreciation expense

10, 20

198,770

202,699

Deferred taxes

21

192,330

231,705

183,138

143,491

Net (increase)/decrease in reserve deposits with the NBAR

(133,823)

(83,660)

Net increase in loans and advances to banks

(133)

466,818

Net increase in loans and advances to customers

(10,037,480)

(5,134,678)

Net (increase)/decrease in other assets

(555,880)

(152,119)

Net increase in due to banks

19,464

(1,570,039)

Net increase in customer accounts

4,394,457

2,599,050

Net increase in other borrowed funds

5,649,757

66,770

Net decrease in other liabilities

(104,995)

(249,713)

(585,495)

Cash flows used in investing activities:

Purchases of intangible assets

-

(94,539)

Purchases of premises and equipment - net of disposals

(1,247,004)

(65,029)

Net cash used in investing activities

(1,247,004

(159,568)

Cash flows from financing activities:

Share issue

2,250

49,256

Dividends paid

 17

-

(180,000)

Interest received

2,425,955

1,961,465

Interest paid

(829,103)

(643,476)

Net cash provided from financing activities 

1,498,210

1,191,016

Net decrease in cash and cash equivalents

(334,289)

(2,882,632)

Cash and cash equivalents at beginning of year

4

4,083,861

6,966,493

4

3,749,572

4,083,861