confidence - Investing In Africa

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Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)19E. CAPITAL COMMITMENTSGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Approved and contracted for 52,425 21,500 137,860 52,425 21,500 137,860Approved and not contracted for 28,866 17,570 29,495 28,750 15,823 29,49519F. OPERATING LEASE COMMITMENTSGROUP AND BANKThe future minimum lease payments under non-cancellable operating leases are as follows:GROUP AND BANK2005 2004 2003MRs' 000 MRs' 000 MRs' 000Within 1 Year 10,204 7,746 8,211After 1 Year and before 5 Years 7,359 8,491 12,341After 5 Years 667 320 40018,230 16,557 20,95220. FINANCIAL DERIVATIVESGROUPNotionalPrincipalFair Values2005 Amount Positive Negative NetMRs’000 MRs’000 MRs’000 MRs’00054Forward Foreign Exchange Contracts 4,743,368) 76,724) (117,924) (41,200)Spot Foreign Exchange Contracts not yet delivered 690,091) 431) (514) (83)Currency Options and Futures Contracts 43,667 425 - 425Interest Rate Swap Contracts 1,501,963) 735) (878) (143)6,979,089) 78,315) (119,316) (41,001)BANKNotionalPrincipalFair ValuesAmount Positive Negative NetMRs’000 MRs’000 MRs’000 MRs’000Forward Foreign Exchange Contracts 4,778,244) 76,923) (118,328) (41,405)Spot Foreign Exchange Contracts not yet delivered 682,845) 431) (525) (94)Currency Options and Futures Contracts 43,667 425 - 425Interest Rate Swap Contracts 1,501,963) 735) (878) (143)7,006,719) 78,514) (119,731) (41,217)
Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)20. FINANCIAL DERIVATIVES (cont’d)GROUP AND BANKNotionalPrincipalFair Values2004 Amount Positive Negative NetMRs’000 MRs’000 MRs’000 MRs’000Forward Foreign Exchange Contracts 5,142,417 89,413 (44,967) 44,446)Spot Foreign Exchange Contracts not yet delivered 245,807 905 (341) 564)Interest Rate Swap Contracts 399,558 80 (450) (370)5,787,782 90,398 (45,758) 44,640)GROUP AND BANKNotionalPrincipalFair Values2003 Amount Positive Negative NetMRs’000 MRs’000 MRs’000 MRs’000Forward Foreign Exchange Contracts 4,711,097 136,433 (67,080) 69,353Spot Foreign Exchange Contracts not yet delivered 937,683 5,900 (5,772) 128Interest Rate Swap Contracts 126,100 * *) *5,774,880 142,333 (72,852) 69,481* 2003 fair values for interest rate swap contracts not determined.21. INTEREST INCOMEGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Loans and Advances 2,300,563 2,132,163 2,212,493 2,145,708 1,979,785 2,058,268Investment Securities 612,427 716,048 630,689 564,346 652,963 571,142Trading Securities 5,333 62,661 85,473 5,333 62,661 85,473Gilt-edged Securities 617,760 778,709 716,162 569,679 715,624 656,615Placements with Banks 152,880 71,251 74,888 145,028 68,581 71,555553,071,203 2,982,123 3,003,543 2,860,415 2,763,990 2,786,438The interest on Loans and Advances includes interest on debentures to which the Bank has subscribed and which are treatedas Loans and Advances by the Bank.22.PROVISIONS AND ADJUSTMENTS TO INCOME FOR CREDIT LOSSESGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Interest accrued on Impaired Advances (Note 7D) (26,387) (26,103) -) (26,387) (26,103) -)Portfolio and Specific Provisions (Note 7D) 72,085 179,734 94,698 44,870 143,231 80,156Bad Debts written off for which no Provisions were made 39,999 12,968 49,772 39,999 12,968 48,895Recoveries of Advances written off (7,084) (2,198) (853) (7,085) (2,198) (853)78,613 164,401 143,617 51,397 127,898 128,198
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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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