Note

1999

1998

Cash flows from operating activities:

Net profit for the year

513,566

564,825

Adjustments for: 

Provision for impairment on loans to customers

237,289

52,731

Provision for impairment on loans to banks

86,650

28,419

Interest accruals

(851)

(52,472)

Depreciation

8

145,983

117,442

Deferred tax net

18

(13,762)

(58,250)

Accrual of other expenses net

(11,748)

114,890

957,127

767,585

Changes in operating assets and liabilities

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

166,988

(283,517)

Net increase in loans and advances to banks

(495,118)

(38,940)

Net increase in loans and advances to customers

(2,188,971)

(1,365,184)

Net (increase)/decrease in other assets

(54,856)

5,444

Net increase in due to banks

1,422,901

855,139

Net increase/(decrease) in customer accounts

356,998

(1,123,228)

Net increase in other borrowed funds

481,030

-

Net increase/(decrease) in other liabilities

153,719

(60,601)

799,818

Cash flows from investing activities:

Purchases of premises and equipment

(274,896)

(15,740)

Net cash used in investing activities

(274,896)

(15,740)

Cash flows from financing activities:

Share issue

2,296,980

1,622,000

Dividends paid

(135,735)

(516,883)

Net cash provided from financing activities 

2,161,245

1,105,117

Net increase/(decrease) in cash and cash equivalents

2,686,167

(153,925)

Cash and short-term funds at beginning of year

4

4,166,229

4,320,154

4

6,852,396

4,166,229