confidence - Investing In Africa

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Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)7D. ALLOWANCE FOR CREDIT LOSSESGROUPSpecific Portfolio 2005 2004 2003Provision Provision Total Total TotalMRs’000 MRs’000 MRs’000 MRs’000 MRs’000At 1 July- As Previously Stated 650,604 214,896 865,500 479,020 377,407- Effect of applying IAS 39 - - - 953,304 -- As Restated 650,604 214,896 865,500 1,432,324 377,407Exchange Difference 6,029) 650) 6,679) (27,709) 6,915)Loans written off out of Allowance (291,372) -) (291,372) (692,746) -)Interest accrued on Impaired Advances (Note 22) (26,387) -) (26,387) (26,103) -)Provisions made during the year (Note 22) 71,177 908 72,085 179,734 94,698At 30 June 410,051 216,454 626,505 865,500 479,020BANKSpecific Portfolio 2005 2004 2003Provision Provision Total Total TotalMRs’000 MRs’000 MRs’000 MRs’000 MRs’000At 1 July- As Previously Stated 614,548 195,294 809,842 434,936 348,961- Effect of applying IAS 39 - - - 953,304 -- As Restated 614,548 195,294 809,842 1,388,240 348,961Exchange Difference 4,501) 410) 4,911) (2,780) 5,819)Loans written off out of Allowance (291,372) -) (291,372) (692,746) -)Interest accrued on Impaired Advances (Note 22) (26,387) -) (26,387) (26,103) -)Provisions made during the year (Note 22) 43,070 1,800 44,870 143,231 80,156At 30 June 344,360 197,504 541,864 809,842 434,93642
Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)7E. PROVISION FOR CREDIT LOSSES BY INDUSTRY SECTORSGROUP Gross 2005 2004 2003Amount of Impaired Specific Portfolio Total Total TotalLoans Loans Provision Provision Provision Provision ProvisionMRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Agriculture and Fishing 677,167 53,073 24,783 1,412 26,195 20,827 5,671EPZ 1,931,181 572 290 76,667 76,957 32,331 67,211Other Manufacturing 2,412,060 134,274 76,950 45,004 121,954 135,035 126,514Total Manufacturing 4,343,241 134,846 77,240 121,671 198,911 167,366 193,725Tourism 4,527,615 23,132 7,439 5,822 13,261 46,061 54,915Transport 385,428 16,327 11,652 1,074 12,726 12,256 4,328Construction 1,380,065 95,522 57,227 20,882 78,109 209,436 24,953Financial and Business Services 1,290,782 1,390 452 11,276 11,728 12,094 27,340Traders 4,059,230 150,922 99,917 39,718 139,635 189,277 102,020Credit Cards 218,060 13,961 13,882 5,556 19,438 14,549 3,318Other Personal 5,600,875 167,422 104,528 5,109 109,637 158,633 39,452Total Personal 5,818,935 181,383 118,410 10,665 129,075 173,182 42,770Professional 429,459 - - 128 128 2,082 2,975New Economy 714,902 1,254 845 190 1,035 2,855 12,023Infrastructure 882,307 - - 61 61 3,110 5,521Other 618,950 26,462 12,086 3,555 15,641 26,954 2,779Total 25,128,081 684,311 410,051 216,454 626,505 865,500 479,020BANK Gross 2005 2004 2003Amount of Impaired Specific Portfolio Total Total TotalLoans Loans Provision Provision Provision Provision ProvisionMRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Agriculture and Fishing 606,730 8,953 6,085 809 6,894 9,741 4,705EPZ 1,875,949 572 290 76,115 76,405 30,391 67,211Other Manufacturing 2,011,737 125,794 69,666 41,366 111,032 124,100 121,968Total Manufacturing 3,887,686 126,366 69,956 117,481 187,437 154,491 189,17943Tourism 4,438,581 23,132 7,439 4,946 12,385 45,880 54,562Transport 297,552 16,327 11,652 309 11,961 12,124 3,941Construction 1,316,200 90,167 52,028 19,813 71,841 203,229 22,290Financial and Business Services 1,419,139 1,390 452 4,805 5,257 9,647 18,419Traders 3,629,588 94,748 65,800 35,898 101,698 167,517 76,815Credit Cards 218,060 13,961 13,882 5,556 19,438 14,549 3,318Other Personal 5,543,610 167,422 104,528 4,608 109,136 158,399 39,404Total Personal 5,761,670 181,383 118,410 10,164 128,574 172,948 42,722Professional 415,136 - - - - 2,082 2,780New Economy 709,528 1,254 845 190 1,035 2,855 12,023Infrastructure 866,732 - - 61 61 2,950 5,521Other 585,097 26,070 11,693 3,028 14,721 26,378 1,979Total 23,933,639 569,790 344,360 197,504 541,864 809,842 434,936Total impaired loans for 2004 for the Group and the Bank were MRs982 million (2003: MRs1,811 million) and MRs887 million(2003: MRs1,698 million) respectively.
Page 5 and 6: embracing change with confidencecon
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Management Discussions & AnalysisOp
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Management Discussions & AnalysisFI
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Management Discussions & AnalysisFi
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Corporate Governance ReportSBM has
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Corporate Governance ReportCorporat
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confidence to foster growth
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Board of DirectorsHarel, Antoine L.
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Board CommitteesRemuneration Commit
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Directors of SubsidiariesSBM LEASE
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Executive ManagementCHIEF EXECUTIVE
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Executive ManagementExecutive Manag
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Group Addresses136CORPORATE OFFICES
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