Af-RALux2010Neide:Layout 1 - paperJam

BANQUE SAFRA - LUXEMBOURG, SOCIÉTÉ ANONYME
PROFIT AND LOSS ACCOUNT
DECEMBER 31, 2010
(EXPRESSED IN EUR)
NOTE 2010 2009 (see note 1)
Interest and similar income 81,060,522 59,838,938
of which:
- that arising from fixed-income securities 60,686,962 42,271,873
Interest and similar charges 19 (54,670,127) (36,142,981)
Income from securities 606,017 50,602
of which:
- Income from shares and other variable-yield securities 606,017 50,602
Commission income 21,526,263 20,738,468
Commission expense (2,526,780) (2,405,895)
Net loss on financial operations (6,824,551) (3,127,515)
Other operating income 27 3,057,828 3,788,157
General administrative expenses (19,953,258) (16,359,610)
a) staff costs 29, 30 (14,180,436) (12,247,910)
of which:
- wages and salaries (12,636,413) (10,829,316)
- social security costs (1,231,130) (1,187,515)
of which:
- social security costs relating to pensions (926,650) (837,560)
b) other administrative expenses (5,772,822) (4,111,700)
Value adjustments in respect of tangible and intangible assets (649,126) (639,904)
Other operating charges 28 (1,199,641) (3,202,511)
Value adjustments in respect of loans and advances and
provisions for contingent liabilities and for commitments 0 (8,226,525)
Value re-adjustments in respect of loans and advances and
provisions for contingent liabilities and for commitments 6,309,781 1,085,275
Transfer to fund for general banking risk (6,500,000) 0
Tax on profit on ordinary activities 18 (461,983) (260,820)
Profit on ordinary activities after tax 19,774,945 15,135,679
Other taxes not shown under the preceding items (337,223) (546,309)
Profit for the financial year 19,437,722 14,589,370
See notes to the accounts.
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