Annual REPORT

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
NOTES TO THE FINANCIAL STATEMENTS (Continued)
Group
Bank
2015 2014 2015 2014
Sh’000 Sh’000 Sh’000 Sh’000
11 TAXATION
a) Taxation charge
Current tax based on the taxable profit at 30%
982,376 849,883 954,992 834,257
Deferred tax (credit)/charge (note 29) (8,194) 3,345 (8,164) 3,500
Prior year under provision - 2,047 - -
_________ __________ __________ _________
974,182 855,275 946,828 837,757
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b) Reconciliation of expected tax based on accounting
profit to tax charge
Profit before taxation 2,957,128 2,665,060 2,883,486 2,618,359
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Tax calculated at a tax rate of 30% 887,138 799,518 865,046 785,508
Tax effect of expenses not deductible for tax purposes 126,833 98,489 121,136 97,028
Tax effect of income not taxable (39,789) (44,779) (39,354) (44,779)
Prior year under provision - 2,047 - -
_________ __________ __________ _________
974,182 855,275 946,828 837,757
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c) Taxation payable
At beginning of the year 222,608 221,023 221,971 215,453
Charge for the year 982,376 849,883 954,992 834,257
Tax paid during the year (1,174,543) (848,298) (1,140,012) (827,739)
_________ _________ __________ _________
At end of the year 30,441 222,608 36,951 221,971
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12 EARNINGS PER SHARE – Group & Bank
Earnings per share is calculated by dividing the net profit attributable to shareholders by the number of ordinary shares in issue during the year.
Group
Bank
2015 2014 2015 2014
Profit (Sh’000) 1,982,946 1,809,785 1,936,658 1,780,602
========= ========= ========= ========
Weighted average number of shares during the year (000) 1,245,186 1,126,834 1,245,186 1,126,834
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Earnings per share
Basic and diluted (Sh) 1.59 1.61 1.55 1.58
========= ======== ========= ========
There were no potential dilutive shares outstanding at 31 December 2015 and 31 December 2014.
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