| |
31 December 1998 |
|
|
|
Cash flows from operating activities: |
|
|
Net profit for the year |
564,825 |
|
Adjustments for: |
|
|
Provision for loan losses |
81,150 |
|
Interest accruals net of reversals |
(52,472) |
|
Depreciation net of disposals (Note
7) |
117,442 |
|
Deferred tax net (Note
17) |
(58,250) |
|
Accrual of other expenses net of reversals |
114,890 |
|
|
|
Operating income before changes in operating assets and liabilities |
767,585 |
|
|
|
Changes in operating assets and liabilities
|
|
|
Net increase in loans and advances to customers |
(1,365,184)
|
|
Net increase in loans and advances to banks |
(38,940) |
|
Net decrease in other assets |
5,444 |
|
Net increase in deposits from banks |
855,139 |
|
Net decrease in customer accounts |
(1,123,228) |
|
Net decrease in other liabilities |
(60,601) |
|
|
|
Net cash used in operating activities |
(959,785) |
|
|
|
Cash flows from investing activities: |
|
|
Purchases of premises and equipment net of disposals
(Note 7) |
(15,740) |
|
|
|
Net cash used in investing activities |
(15,740) |
|
|
|
Cash flows from financing activities:
|
|
|
Share issue |
1,622,000 |
|
Dividends paid (Note 13) |
(516,883) |
|
|
|
Net cash provided from financing activities |
1,105,117 |
|
|
|
Net increase in cash and cash equivalents |
129,592 |
|
Cash and short term funds at beginning of year (Note
4) |
4,431,820 |
|
|
|
Cash and short term funds at end of year (Note
4) |
4,561,412 |
