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Ahmad & Ahmad Chartered Accountants

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GRAMEEN BANK Notes to the financial statements

For the year ended 31 December 2007

1.00 BACKGROUND

1.01 Legal form of the enterprise Grameen Bank was established as a body corporate under the Grameen Bank Ordinance

1983. Initially the authorized capital of the bank was Tk 100 million and paid-up capital was

Tk. 30 million. At present the bank’s authorized capital is Tk. 500m and paid up capital is Tk.

318 m. Members hold 94.34 percent of Grameen Bank shares. The remaining 5.66 percent is

held by the Government of Bangladesh. The board of the bank consists of 13 members: the

Managing Director, three members including the chairman nominated by the government and

nine members elected from the borrower shareholders.

1.02 Nature of business The principal activity of the bank is to provide credit without collateral to landless persons for

all types of economic activities. The bank also accepts deposits but excluding business in

foreign exchange transactions, carries out survey and research, issue publications and

maintaining statistics with a view to improving the economic condition of the landless persons.

The bank undertakes income-generating projects for landless persons, invests its funds in

Government Securities and provides professional counseling to landless persons regarding

investments in small business and cottage industries. Grameen Bank now operates 39 Zonal

Offices, 257 Area Offices and 2,481 branch offices. The bank offers four types of loans such

as basic loans, housing loans, higher education loans and struggling members’ loans. Loans

and advances and deposits as at 31 December 2007 were Tk. 37,546,479,706 and

52,077,906,430 respectively. As on 31 December 2007, out of 2,481 branches 1,466

registered profits. The remaining 1,015 branches were not profitable. However, it must be

taken into consideration that during the year the bank opened 160 new branches.

2.00 Risk Management In the ordinary course of business, the bank is exposed to a variety of risks the most important

of which are credit risk, operational risk, and solvency risk. These risks are being identified,

measured and monitored through various control mechanisms across the bank in order to

assess the quality of products offered.


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2.01 Credit Risk Credit risk arises mainly from micro-credit loan provided to the members of Grameen Bank.

This can be described as potential loss arising from the failure of a counter party to perform as

contractual agreement with the bank. The failure may result unwillingness of a counter party or

decline in his/her financial condition in adverse environment. Therefore, the Bank’s credit risk

management activities have been designed to address all these issues.

The officers/executive involved in credit related activities including credit approval,

administration, monitoring and recovery facilities are approved by the different level of the

management. An effective assessment is done before sanction of credit facilities to the

members is done by borrower financial condition, historical performance etc. The process

starts at the branch manager and approved by the competent authority. Credit approval

authority has been delegated to individual executives by the approval of the board of directors.

Internal audit is conducted in periodical intervals to ensure compliance of Bank’s and

regulatory policies. Loans are classified as per Grameen Bank Loan Policy Guidelines.

2.02 Liquidity Risk The objective of liquidity risk management is to ensure that all foreseeable funding

commitments and deposit withdrawals can be met when due. To this end, the bank is

maintaining a diversified and stable funding base. The liquidity management is monitored by

the Fund unit on a regular basis.

2.03 Operational Risk Operational risk may arise from error and fraud due to lack of internal control and compliance.

Management through different department controls operational procedures of the bank. Audit

department undertake periodical and special audit of branches and departments of the Head

Office for review of the operation and compliance of the statutory requirements. The Managing

Director subsequently reviews the report of the audit department and report to the board of

directors

2.04 Internal audit Internal audit is a part of the internal control system, which is introduced in large business

entities to detect any error or fraud at an early stage. At present, the Internal Audit Division of

Grameen Bank is characterized by two-tier structure namely central audit and zonal audit.

Central audit conducts the audit of different divisions at the head office, zonal offices and their

area offices. Moreover, Central audit office supervises, advises, directs and provides


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necessary guidance to zonal audit offices. The zonal audit office audits all branches within the

zone. Central and zonal audit offices execute complete audits and briefs audits to monitor

operations and review compliance of statutory requirements. The Internal Audit Division works

under the direct supervision of the Managing Director; however, it is completely independent

in its work.

3.00 Significant accounting policies 3.01 Basis of preparation and presentation of financial statements The accompanying financial statements comprising the Balance Sheet, Profit and Loss

Account, Cash Flow Statement, Statement of Changes in Equity, Comparative Value Added

Statement and Notes thereto have been prepared in accordance with Bangladesh

Accounting Standards (BASs) on a going concern basis under the historical cost

convention.

3.02 Basis of consolidation A separate set of records for consolidation of the statement of affairs and income &

expenditure account of the branches are maintained at the head office of the bank based on

which these financial statements have been prepared.

3.03 Tax exemption Grameen bank is presently enjoying unconditional tax exemptions of income tax, super tax

and business profit tax till 30 June 2008. This is contained in the Ministry of Finance

notification vide SRO no. 188/Law/2006 dated 30 July 2006.

3.04 Rehabilitation fund

Rehabilitation fund consists of transfer from general reserve and tax provision made for 1997

and 1998 and transfer of entire revenue profit from 1999 to 2005 in order to comply with the

requirement for tax exemption allowed by the Ministry of Finance. The Rehabilitation Fund is

to be utilized for the purpose of rehabilitation of members affected due to natural disasters.

3.05 Net profit

During the year 2007, Grameen Bank has earned net profit amounting to Tk, 10.69 crores

while profit for the year 2006, was Tk. 139.82 crores. Profit for the year 2007 has decreased

from the preceding year due to adverse affects of i) devastating flood for two times, ii)

devastation caused by cyclone Sidr, and iii) fierce competition among the mobile phone

operators in the country leading to significant reduction in mobile phone income.


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3.06 Profit Appropriation

Government of the People’s Republic of Bangladesh permits Grameen Bank unconditioned income tax exemption from January 1, 2006 to June 30, 2008. This is contained in the Ministry of Finance notification vide SRO no. 188/Law/2006 dated July 30, 2006. Previously Grameen Bank enjoyed income tax exemption from 1997 to 2005 subject to the condition that the Bank will transfer its entire profits to a Rehabilitation Fund. In 2007, Bank has made a net profit of Tk. 106,914,130 as per Profit and Loss A/C. At present, there is no condition in this affair, the Bank decided to allocate its profit in the following manner:

Amount (Tk.) Proposed Dividend 63,600,000

Dividend Equalization Fund 30,000,000

General Reserve 10,000,000

Employees welfare Fund 3,314,130 106,914,130

3.07 Foreign fund Foreign funds were received from the foreign donor agencies (IFAD 161 BA, IFAD 239 BA, NORAD, SIDA, Dutch Grant and JBIC) under the subsidiary loan agreement with the Government of the Peoples Republic of Bangladesh. The terms for repayments, interest rates, grace periods etc. have been set out in those agreements. The funds were disbursed to Grameen Bank in equivalent Taka currencies and were accounted for at cost as and when those funds were received. Consequently, no accounting treatment is required in respect of exchange differences on foreign currencies and Grameen Bank need not to account for exchange rate gain/loss on such differences as well.

3.08 Accruals & deferrals

Deferrals and accruals have been made as per the guidance of the BAS 1 Presentation of Financial Statements. In order to meet their objectives, financial statements except for cash flow statement and related information are prepared on accrual basis of accounting. Under the basis, the effects of transactions and other events are recognized when they occur (and not when cash or its equivalent is received or paid) and they are recorded in the accounting records and reported in the financial statements of the periods to which they relate. 3.09 Reconciliation of inter branch transactions

Books of account with regard to inter branch are reconciled. Unreconciled entries are caused by mismatching of original figures with corresponding ones, lack of original advice and incomplete advice from branches.


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3.10 Cash Flow Statement BAS 1 presentation of Financial Statement requires that a cash flow statement is to be prepared as it provides information about cash flows of the enterprise that is useful in providing users of financial statements with a basis to asses the ability of the enterprise to generate cash and cash equivalents and the needs of the enterprise to utilize those cash flows. Cash flow statement has been prepared under the direct method for the period, classified by operating, investing and financing activities as prescribed in paragraph 10 and 18(a) of BAS 7. 3.11 Liquidity Statement The liquidity statement of assets and liabilities as on reporting date has been prepared on

residual maturity term as per following bases.

a. Balance with other banks and financial institutions, money at call notice of short notice, etc

are on their maturity term;

b. Investments are on the basis of their respective maturity;

c. Loans and advances/investments are on the basis of their repayment schedule;

d. Fixed assets are on the base of their useful lives;

e. Other assets are on the basis of their realization/amortization;

f. Borrowing from other banks, financial institutions, agents, etc. are as per as their

maturity/repayment terms;

g. Provisions and other liabilities are on the basis of their payment/adjustment schedule;

h. Deposits and other accounts are on the basis of their maturity term and past trend of

withdrawal by the depositors.

3.12 Provision for loan impairment

As per the guideline of paragraph 43 of BAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions, specific provisions are made against non-performing and problem loans on the basis of best estimate up to such amount as it is expected to cover for the loss from non-performing and impaired loans and advances. No specific credit risk provision for loan impairment is established to provide for management's estimate of loan losses as soon as the recovery of an exposure is identified as doubtful.

As per the requirement of paragraph 49 of BAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions when a loan is deemed uncollectible, it is written off against the related provision for impairments. The bank writes off its non-performing and problem loans after one year on overdue loan. Subsequent recoveries of such loans are credited to the Profit and Loss Account and provision and reserve account.


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Provisions for loans & advances are made on the basis of year-end review by the management and instructions contained in board resolution. The calculation rate is given below:

a) Basic loans

Basic loan provision has been made @ 100% on overdue loan; Basic loan provision has been made @ 1% on regular loan.

b) Flexible loans Provision has been made on flexible loans at the following rates: Principal outstanding from the signing of first contract period below 2 years 50%; Principal outstanding for 2 years and beyond from the signing of first contract period 100%; Overdue flexible loans 100%.

c) Housing loans (Members) Housing loan provision has been made @ 100% on overdue loan; Housing loan provision has been made @ 1% on regular loan.

d) Educational loan No provision has been made on education loan.

3.13 Overdue Policies If a borrower misses ten consecutive installments, the entire outstanding loan is treated as an

overdue loan;

Incase of one year, if a borrower fails to pay half of the loan amount, with interest, within 26

weeks, entire un-repaid amount is due;

Incase of loans with longer duration, if the borrower fails to repay the total principle amount

and interest scheduled to be repaid within each segment of 26 weeks, entire unrepaid amount

is overdue.

3.14 Provision for interest receivable a) Interest receivable on basic loans: Interest receivable on basic loan provision has been made @ 100% on overdue interest of

basic loans; Interest receivable on basic loan provision has been made @ 1% on regular interest of basic

loans.

b) Interest receivable on flexible loans: Provision has been made on interest receivable on flexible loans at the following rates:

Interest receivable outstanding from the signing of first contract period below 2 years 50%;


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Interest receivable outstanding for 2 years and beyond from the signing of first contract period

100%;

Interest receivable outstanding of overdue loan 100%.

c) Interest receivable on Housing loans (Members) Provision has been made on interest receivable on housing loans (Members) at the following

rates:

Interest receivable on housing loan provision has been made @ 100% on overdue interest

receivable;

Interest receivable on housing loan provision has been made @ 1% on regular interest

receivable.

3.15 Bad debt recovery Fifty percent of Bad debt recovery has been shown in provision and reserve account and the

remaining fifty percent has been shown in other income.

3.16 Fixed assets The major categories of property and equipment held by the bank are property land, buildings

& other structures, equipment, furniture and fixtures, vehicles, capital work in progress etc. As guided in paragraph 28 of BAS 16 Property Plant and Equipment: all property and

equipment except land are stated at historical cost less accumulated depreciation. No

depreciation has been charged on land and the carrying amounts are the same as those were

initially recognized. The opening and closing carrying amounts of all property and equipment

are presented including the amount of additions, disposals and depreciation charged during

the year as required by paragraph 60 (e) of BAS 16.

3.17 Depreciation

As required of IAS 16, property, plant & equipment depreciation has been charged on property

and equipment at the following rates using straight-line method.

Property & Equipment Depreciation Rate

Building and other structures 1.7%

Office House (Semi- Pucca and Tin shed) 7.5%

Development of leasehold property 10%

Vehicles 20%


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Property & Equipment Depreciation Rate

Office equipment 15%

Electrical equipment 10%

Furniture & fixtures 10%

Library books 10%

Depreciation at the applicable rates is charged proportionately on additions made during the

year from the date of their acquisition on straight-line method. Disposal of assets during the

year, depreciation charged is required on actual date.

3.18 Investments

Value of investment is presented below:

Nature of Investments Applicable Accounting FDR Face Value Shares in CDBL At cost Grameen Mutual Fund At cost

3.19 Revenue recognition

Revenue is recognized on an accrual basis which complies with the conditions of revenue recognition as provided in BAS 18 Revenue.

a) Income on investments is accounted for consistently on an accrual basis.

b) Interest on loans and advances (including bad and doubtful loans and advances) is accounted for on an accrual basis.

c) Service charge on guarantees issued by the bank in favour of other institutions is accounted for on cash receipt basis.

3.20 Interest paid and other expenses In terms of the provision of the IAS 1 Presentation of Financial Statements, the interest paid

and other expenses are recognized on accrual basis.

3.21 Retirement benefits to the employees

a) Grameen Bank Superannuation fund:

The bank operates a superannuation fund scheme, provision in respect of which is made annually @ 60% of annual basis salary. It is operated by a separate Board of Trustees consisting ten members.


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b) Non-contributory provident fund

Provident fund benefits are given to the employees of the bank in accordance with non-contributory provident fund rules. The fund is operated by a Board of Trustees. All confirmed employees of the bank are contributing 10% of their basic salary as subscription of the fund. Interest earned from the investments is credited to the members account on accrual basis.

3.22 Comparative Information

As required by paragraphs 38 and 40 of IAS 1 Presentation of Financial Statements comparative information in respect of the previous year have been presented in all numerical information in the financial statements and the narrative and descriptive information where it is relevant for understanding of the current year's financial statements.

3.23 Dividend Payments Dividend payable to the Bank’s shareholders are recognized as liability and deducted from the shareholders’ equity in the period in which the shareholder’s right to receive payment is established. Final dividend is recognized when it is approved by the Board of Directors. The proposed dividend for the year 2007 has not been recognized as in the balance sheet date in accordance with BAS-10 Events after the Balance Sheet Date. 3.24 Reporting period These financial statements cover one calendar year from 1 January 2007 to 31 December 2007. 3.25 Events after Balance sheet date Grameen Bank has decided to recommend payment of 20% (twenty percent) cash dividend for the year 2007. The Total amount of dividend is Tk. 63,600,000.

3.26 General

i) Previous year’s figures have been rearranged, wherever considered necessary, for the

purpose of comparison.

ii) Figures appearing in these accounts have been rounded off to the nearest Taka.

Ahmad & AhmadChartered Accountants

2007 2006Taka Taka

4.00 BALANCES WITH OTHER BANKS AND FINANCIAL INSTITUTIONS

On short term deposit accounts 870,976,622 856,102,107On current deposit accounts 55,027,637 42,460,444

926,004,259 898,562,551

5.00 INVESTMENTS AT COST

Fixed deposits with other banks (Note 5.01) 24,455,309,686 19,723,515,990Grameen Mutual Fund-One (Note 5.02) 6,500,000 16,500,000Share (Note 5.03) 4,000,000 4,000,000

24,465,809,686 19,744,015,990

5.01 FIXED DIPOSITS WITH OTHER BANKS

Southeast Bank Limited 2,378,762,278 2,012,885,821Prime Bank Limited 2,659,997,149 2,528,222,363Dutch Bangla Bank Limited 220,000,000 462,451,087State Bank of India 157,124,603 389,675,631NCC Bank Limited 1,226,616,352 954,013,517Mercantile Bank Limited 1,602,056,276 1,117,356,850One Bank Limited 1,172,433,854 947,317,595Dhaka Bank Limited 2,627,430,248 1,771,133,533EXIM Bank Limited 1,485,903,010 1,016,947,853First Security Bank Limited 615,223,656 391,516,382Mutual Trust Bank Limited 751,771,729 1,171,979,403Standard Bank Limited 993,528,458 702,712,295Premier Bank Limited 1,201,586,501 955,007,858Bank Asia Limited 1,003,500,000 900,000,000Jamuna Bank Limited 850,890,634 859,336,156United Commercial Bank Limited 1,319,280,827 900,650,000Shahjalal Islami Bank Limited 694,289,274 465,200,685The City Bank Limited 326,000,000 600,000,000BRAC Bank Limited 1,110,182,337 450,000,000Arab Bangladesh Bank Limited 1,178,732,500 320,000,000Al-Arafa Islami Bank Limited 150,000,000 - Eastern Bank Limited 730,000,000 300,000,000Trust Bank Limited - 507,108,961

24,455,309,686 19,723,515,990

5.02

5.03

5.04 Maturity grouping of investments

On demand - - Up to 1 month 3,032,564,001 3,567,219,089 Over 1 month but not more than 3 months 3,634,946,368 2,904,267,719 Over 3 months but not more than 1 year 17,637,799,317 13,252,029,182 Over 1 year but not more than 5 years 156,500,000 16,500,000 Over 5 years 4,000,000 4,000,000

24,465,809,686 19,744,015,990

Four shares of Central Depository Bangladesh Limited (CDBL) which were subscribed @ Tk. 1,000,000 each.

Net investment of Grameen Bank as sole sponsor of Grameen Mutual Fund (GMF)-One (scheme 1) stands atTk. 65.00 lacs after selling Tk. 1.00 crore during the year 2007. The fund was listed in Dhaka and ChittagongStock Exchange as on 04 September 2005.

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2007 2006Taka Taka

6.00 LOANS AND ADVANCES - WITHOUT COLLATERAL

LoansBasic loans 32,787,687,069 30,669,086,634Flexible loans 2,379,885,643 1,739,412,453Housing loans (Members) 202,124,449 295,448,324Education loans 609,104,995 373,865,218Social Venture Capital Fund (SVCF) loans 29,671,193 32,550,572Center house building loan 109,228,774 75,832,343Loan freeze 29,391,468 48,230,034Other loans 24,323,738 24,710,835Interest free loans 165,856,184 -

36,337,273,513 33,259,136,413AdvancesHousing loans (Staff) 161,428,219 100,677,861Household commodities loans 448,431,058 242,249,693Salary advances 39,263 47,773Bicycle advances 15,558,263 15,148,073Motor cycle advances 10,761,502 10,664,564Calculator advances 1,009,963 1,186,692P.F. advances 564,425,016 508,363,023Medical loans 6 143 284 6 022 744Medical loans 6,143,284 6,022,744Staff welfare loans 1,409,625 1,400,286

1,209,206,193 885,760,70937,546,479,706 34,144,897,122

6.01 Maturity grouping of loans and advances

Repayable on demand - - Up to 1 month 2,331,636,391 2,120,398,112Over 1 month but not more than 3 months 4,682,036,020 4,257,868,671Over 3 months but not more than 1 year 21,146,177,371 19,230,406,059Over 1 year but not more than 5 years 9,011,155,127 8,194,775,309Over 5 years 375,474,797 341,448,971

37,546,479,706 34,144,897,122

7.00 FIXED ASSETS INCLUDING PREMISES, FURNITURE AND FIXTURES (NET OF ACCUMULATED DEPRECIATION) (Annexure-A)

Land 54,908,722 42,535,677Building and other structures 789,609,907 774,181,203Vehicles 69,534,735 56,599,391Office equipment 52,657,571 55,289,620Electrical equipment 17,838,644 16,689,331Furniture and fixtures 110,925,860 83,162,659Capital work in progress 19,042,046 16,818,954

1,114,517,485 1,045,276,835

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2007 2006Taka Taka

8.00 OTHER ASSETS

Interest receivable (Note 8.01) 4,333,745,880 3,118,918,883Advance income tax for employees 3,033,272 - Printing stationery on hand 19,902,093 24,450,785Office stationery on hand 342,963 353,730Zone/Area control account 231,126 264,094Advance income tax (Note 8.02) 201,595,011 201,533,746Security deposits 594,774 590,974Prepaid expenses 8,188,725 6,573,790Advance against TA/DA 90,677 254,404Advance against purchases 1,551,825 440,153Advance against house rent 3,149,935 4,549,659Stock & stores (General) 3,590,340 1,364,971Suspense account 222,930,305 134,936,529Advances to contractors 2,100,825 2,460,791Inter-branch adjustments (Note 8.03) 34,987,344 43,590,184Advance for disaster 2,852,499 - Workshop 148,846 176,387Rent receivables 8,203,066 8,913,019Service charge receivables 43,254,594 -

4,890,494,100 3,549,372,099

8.01 Interest receivable

From investmentsFixed deposits with other banks 1,176,599,582 698,498,752From LendingBasic loans 1,656,778,778 1,248,834,650Flexible loans 1,199,869,789 880,123,129Housing loans (Members) 102,675,184 138,494,240Education loans 3,670,769 2,360,886Other loans 19,456,935 19,422,402Interest freeze 980,924 1,531,389Interest before loan freeze 21,847,193 -

3,005,279,572 2,290,766,696 From StaffStaff loan and advances 46,932,818 42,539,040P.F. advances 58,437,474 48,466,042Medical loans 1,343,614 2,604,180Household commodities loans 45,152,820 36,044,173

151,866,726 129,653,4354,333,745,880 3,118,918,883

8.02 Advance income tax

8.03 Inter-branch adjustments

Advance income tax represents tax deducted at source by Scheduled Banks and others from the income ofGrameen Bank. Grameen Bank is a non- taxable entity as per Grameen Bank Ordinance 1983 but due to latereceipts of the exemption orders from Government, Grameen Bank had faced such deduction. The tax deductedas such, at source remains to be refundable.

Inter-Branch adjustment account balance Tk.34,987,344 represents outstanding in branch and Head Officetransactions (Net) originated but not responded at the balance sheet date. However, unadjusted items are beingsubsequently adjusted.

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2007 2006Taka Taka

8.04 Maturity grouping of other assets

On demand - - Up to 1 month 86,731,451 435,507,956Over 1 month but not more than 3 months 604,562,319 63,178,823Over 3 months but not more than 1 year 1,303,870,520 941,648,418Over 1 year but not more than 5 years 2,158,121,458 1,572,016,904Over 5 years 737,208,352 537,019,998

4,890,494,100 3,549,372,099

9.00 BORROWINGS FROM BANKS AND OTHER INSTITUTIONS 2% IFAD 239 BA (Note 9.01) 256,463,897 264,736,926NORAD (Note 9.02) 267,918,176 267,918,176SIDA (Note 9.03) 238,848,625 238,848,625Ford Foundation 18,075,066 18,075,066Dutch Grant Loan (Note 9.04) 44,283,298 44,283,298Japan Bank of International Co-operation (OECF) (Note 9.05) 967,687,403 1,021,472,306

1,793,276,465 1,855,334,397

9.01 2% IFAD 239 BA

A subsidiary loan agreement for an amount in taka equivalent of SDR 6,200,000 was made with Government of

9.02 Norwegian Agency for International Development (NORAD)

9.03

9.04 Dutch Grant Loan

Swedish International Development Authority (SIDA)

the People's Republic of Bangladesh on 8 January 1990. The loan received in 1990 and 1992 is repayable on 15March and 15 September each year in 80 equal semi annual installments commencing on 15 March 1999 andending on 15 September 2039.

A subsidiary loan agreement for an amount in taka equivalent of Netherlands' Kroner 5,500,000 was made withGovernment of the People's Republic of Bangladesh on 4 August 1986. The loan received in 1986 is payablewith interest rate 2% per annum in March and September each year in 40 equal semi annual installments duringa period of 30 years including a grace period of 10 years commencing in March 1997.

The loan of DFL 2,000,000 equivalent of Tk. 44,283,298 received in 1986 under a subsidiary loan agreementwith Bangladesh Bank is repayable on 15 December each year in 15 equal annual installments within 16 yearsfrom the date of receiving the loan including a grace period of one year. As per section 11 of the loan agreementthe amount of installments of the principal loans amount repaid by Grameen Bank is allowed to be used inperpetuity for financing its housing loan scheme on the same terms and condition as stated above.

A subsidiary loan agreement for an amount in taka equivalent of SEK 60,000,000 was made with Government ofthe People's Republic of Bangladesh on 30 November 1986. The loan received in 1986 is repayable with interestrate 2% per annum in March and September each year in 40 equal semi annual installments during a period of30 years including a grace period of 10 years commencing in March 1997.

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2007 2006Taka Taka

9.05 JBIC (OECF)

9.06

Repayable on demand - - Up to 1 month - - Over 1 month but not more than 3 months 31,028,966 43,698,136Over 3 months but not more than 1 year 62,057,932 43,698,136Over 1 year but not more than 5 years 310,289,660 174,792,544Over 5 years 1,389,899,907 1,593,145,581

1,793,276,465 1,855,334,397

10.00 DEPOSITS AND OTHER FUNDS

Members depositCurrent deposits 22,452,125 28,854,899Fixed deposit (Note 10 01) 37 332 130 56 381 592

A subsidiary loan agreement for an amount of taka equivalent of Yen 2,986,000,000 was executed with theGovernment of the Peoples Republic of Bangladesh on 7 March 1996. The loan is repayable on 15 March and15 September each year with the interest rate of 2% per annum in semi annual installments in 30 years includinga grace period of 10 years in accordance with amortization schedule, first installments being due on 15September 2005. Tk. 393,133,462, Tk. 419,216,041 and Tk. 289,800,159 were received in 1996, 1997 and 1998respectively.

Maturity grouping of borrowings from banks and other institutions

Fixed deposit (Note 10.01) 37,332,130 56,381,592Savings deposit 5,580,357,096 4,317,771,415Grameen pension scheme-10 years (Note 10.02) 17,345,263,354 13,324,222,125Special Savings account - 2,730,531,260Double in 7 years deposit (Note 10.03) 1,418,308,573 1,156,269,316Monthly profit scheme 76,851,285 59,640,103Polly phone deposit 558,674,054 1,163,989,458Centre welfare fund 538,900,821 510,710,155Central emergency fund 115,681,275 119,491,475Loan insurance savings fund 3,778,582,377 3,767,136,966Grameen pension scheme-5 years 6,294,589 18,243,960Share money deposit 125,865,300 68,688,100

29,604,562,979 27,321,930,824Non-Members depositCurrent deposit 29,078,004 22,417,579Short term deposit 107,255 127,855Fixed deposit 624,184,820 677,092,055Savings deposit 9,367,626,822 7,299,763,837Grameen pension scheme-10 years (for staff) 418,816,533 318,404,724Double in 7 years deposit 9,815,274,697 6,926,525,203Monthly profit scheme 2,166,127,399 1,734,874,266Technology project deposit 125,847 2,878,045Forestation fund 6,104,985 4,054,873Grameen pension scheme-5 years (for staff) 205,303 723,622Employees loan insurance savings fund 45,691,786 33,509,618

22,473,343,451 17,020,371,677

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2007 2006Taka Taka

Other FundsEmployees welfare fund 82,366,212 73,124,025Struggling members welfare fund 39,680,718 40,708,073Grameen Award funds 88,593,135 82,302,929Maintenance reserve 51,728,667 48,316,739Cafeteria 1,950,134 1,856,053Leasing insurance fund 5,612,440 5,612,440Contingency fund (Note 10.04) 204,944,861 172,491,591Byabosa Bikash risk coverage fund 249,342,955 291,733,867Loan repaid by Byabosa Bikash 20,960,112 5,279,181Employees loan insurance fund 9,855,999 5,778,497Loan insurance fund 579,042,576 302,597,393Animal insurance fund 29,030,207 24,645,999Grameen Bank Disaster Relief Fund 2,205,884 2,205,884Members welfare fund 5,922,989 5,941,220Polly phone risk coverage fund 46,304,764 46,304,764Revolving fund-special programme 8,158,810 8,216,940Revolving fund-SIDE 17,791,599 17,726,540Revolving fund (Note 10.05) 29,884,496 29,884,496Rehabilitation fund (Note 10.06) 2,089,472,215 2,143,673,316

3,562,848,773 3,308,399,94755,640,755,203 47,650,702,448

10.01 Fixed Deposit

10.02 Grameen pension scheme

10.03 Double in 7 years deposit

10.04 Contingency fund

Grameen Bank has created " Contingency Fund" to cover the loss (if any) arises from forgery, theft, lost, assault,robbery etc.

Grameen Bank started "Double in 7 years deposit" scheme vide its circular no. 2-07/2000 dated 30 August 2000for making financial strengths of rural civil society by increasing saving mentality. Any person can open his/heraccount by depositing minimum of Tk. 1,000.00 (One thousand) or its general multiplying amount for 7 years.After 7 years account holder for carrying his/her account fulfilling the all criteria will get double amount(consolidated principal and interest) of his/her investment.

Grameen Bank Started " Grameen pension scheme" of 5 years and 10 years vide its circular no. 2-06/2000dated 30 August 2000 for the financial assurance of their members and employees. Under this scheme GrameenBank motivates their members and employees to small savings by opening "GPS Account" in the respectivebranches which rate of interest is 10% for 5 years and 12% for 10 years. Both are payable yearly basis.

Grameen Bank started "fixed deposit scheme" vide its circular no. 02/2000 dated 16 May 2000 which is forminimum of 1 year and maximum of 3 years. Interest rates of fixed deposits are 8.75%, 9.25% and 9.50% for 1year, 2 years and 3 years respectively. Depositors can get interest after matured date of fixed deposit.

24


2007 2006Taka Taka

10.05 Revolving fund

Revolving fund from G.T.Z 14,621,090 14,621,090Revolving fund from K.F.W 6,729,042 6,729,042Revolving fund for SVCF 3,708,745 3,708,745Revolving fund for housing rehabilitation 4,825,619 4,825,619

29,884,496 29,884,496

10.06 Rehabilitation fund

Opening Balance 2,143,673,316 2,135,542,431 Payment during the year (131,457,470) (6,276,312)Reimbursement during the year 77,256,369 14,407,197

2,089,472,215 2,143,673,316

10.07 Maturity grouping of deposits and other funds

Repayable on demand - - Up to 1 month 2,369,512,704 1,987,034,292Over 1 month but not more than 3 months 8,282,384,285 7,099,954,665Over 3 months but not more than 1 year 23,345,182,581 20,008,529,958Over 1 year but not more than 5 years 14,842,397,169 12,722,737,553Over 5 years 6,801,278,464 5,832,445,980

55 640 755 203 47 650 702 44855,640,755,203 47,650,702,448

11.00 OTHER LIABILITIES

Interest payable on borrowings 10,284,228 10,631,112Interest sundry 5,697,403 3,606,314Bills payable 144,682,033 533,935,636P.F. trustee board-current account 657,111 98,236Contributory provident fund 89,195 56,000Accounts for other institutions (Note 11.01) 5,596,676 5,034,935G.B. superannuation fund-current account 214,997,573 153,018,974SIDE programme-sundry deposit - 191,160Retention money 2,035,863 1,779,751Earnest money 1,840,184 1,792,120Claimable deposits 52,836,918 17,899,944Unpaid salary 239,296 169,003Tax deducted at source 268,405 268,952Sundry receipts 185,590 155,894Farewell grant provision for fixed salary staff 61,928,395 35,111,910 Miscellaneous 483,016,578 174,376,668Advance house rent 2,719,781 2,619,781Struggling members programme 1,491,625 - Risk fund-Grameen Byabosa Bikash 133,840 - Risk fund and Part of Grameen Byabosa Bikash 4,853 - Provision reserve for doubtful rents 130,305 - Provision reserves (Note 11.02) 4,664,948,359 2,825,655,615

5,653,784,211 3,766,402,005

25


2007 2006Taka Taka

11.01 Accounts for other institutions

Grameen Telecom 1,000 999Grameen Fisheries & Livestock Foundation 3,976,625 3,682,185Grameen Communications 15,616 16,349Grameen Shikkha 808,094 524,061Grameen Kalyan 790,341 790,341Grameen Krishi Foundation 4,000 20,000Grameen Samogree 1,000 1,000

5,596,676 5,034,935

11.02 Provision reserves

Total specific provision against loans & advances and Interest receivable (11.02.01) 3,640,568,497 1,992,715,688Total general provision against loans & advances and Interest receivable (11.02.02) 1,024,379,862 832,939,927

4,664,948,359 2,825,655,615

11.02.01 Total specific provision against loans & advances and Interest receivable

Specific provision against loans & advances (a) 2,579,708,195 1,396,196,231Specific provision against Interest receivable (b) 1,060,860,302 596,519,457

3,640,568,497 1,992,715,688

a) Specific provision against loans & advances) p p gBasic and Flexible loans 2,487,672,447 1,325,597,160Housing loans 54,031,029 70,599,071For freeze loan (Patuakhali & Pirojpur) 38,004,719 -

2,579,708,195 1,396,196,231

b) Specific provision against Interest receivable Basic and Flexible loans 1,017,314,252 545,935,457Housing loans 43,546,050 50,584,000

1,060,860,302 596,519,457

11.02.02 Total general provision against loans & advances and Interest receivable

Regular basic loans 331,891,966 343,837,781Regular housing loans 164,408,181 169,594,382Reserve for bad debt recovery 528,079,715 319,507,764

1,024,379,862 832,939,927

11.03 Maturity grouping of other liabilities

Repayable on demand - - Up to 1 month 732,644,748 485,112,578Over 1 month but not more than 3 months 74,350,000 - Over 3 months but not more than 1 year 1,528,072,682 1,014,292,060Over 1 year but not more than 5 years 3,318,716,781 2,266,997,367Over 5 years - -

5,653,784,211 3,766,402,005

26


2007 2006Taka Taka

12.00 SHARE CAPITAL

12.01 Authorized5,000,000 Ordinary Shares of Tk. 100 each 500,000,000 500,000,000

12.02 Paid up Capital

318,000,000 318,000,000

Shareholders for year ended December 2007 %No. of Shares

Government of Bangladesh 3.78% 120,000 12,000,000 12,000,000Sonali Bank 0.94% 30,000 3,000,000 3,000,000Bangladesh Krishi Bank 0.94% 30,000 3,000,000 3,000,000

18,000,000 18,000,000Borrowers :Men 4.28% 136,163 13,616,300 13,616,300Women 90.06% 2,863,837 286,383,700 286,383,700Total 100% 3,180,000 318,000,000 318,000,000

12.03 Capital Adequacy Ratio

Nominal Value of shares

3,180,000 ordinary shares of Tk. 100 each issued for cash

p q y

Tire-I (Core Capital)Paid up Capital 318,000,000 318,000,000Capital & other reserves 5,453,782,878 5,668,182,878Retained surplus 94,100,000 125,000,000

5,865,882,878 6,111,182,878Tire-II (Supplementary capital)General Provision 1,024,379,862 832,939,927

Total Capital (A) 6,890,262,740 6,944,122,805

Total Assets 68,953,698,757 59,383,621,728Total Risk Weighted Assets (B) 55,423,307,297 48,292,420,027Required Capital based on Risk Weighted Assets (10% of RWA) - (C) 5,542,330,730 4,346,317,802Core Capital (Tire-I) 5,865,882,878 6,111,182,878Supplementary Capital (Tire-II) 1,024,379,862 832,939,927Total 6,890,262,740 6,944,122,805Surplus/(Shortage)-(A-C) 1,347,932,010 2,597,805,003

Capital to risk-weighted assets (A/B) 12.43% 14.38%

13.00 CAPITAL AND OTHER RESERVES

Capital reserves (Note 13.01) 4,280,409,577 4,280,409,577General reserve 328,000,000 318,000,000Proposed dividend 63,600,000 318,000,000Dividend equalization fund 666,000,000 636,000,000Other reserves (Note 13.02) 115,773,301 115,773,301

5,453,782,878 5,668,182,878

27


2007 2006Taka Taka

13.01 Capital reserves

Revolving fund (Note 13.01.01) 3,732,311,704 3,732,311,704 Grants 527,997,873 527,997,873 MED Revolving fund 20,100,000 20,100,000

4,280,409,577 4,280,409,577

13.01.01 Revolving fund

Revolving fund for G & C 1,544,811,573 1,544,811,573 Revolving fund for house loan 2,065,346,276 2,065,346,276 Revolving fund for staff house loan 122,153,855 122,153,855

3,732,311,704 3,732,311,704

13.02 Other reserves

Special reserve 992,043 992,043 Training reserve fund 3,017,748 3,017,748 Training revolving fund 10,387,868 10,387,868

P blication f nd 2 807 045 2 807 045

Capital reserve includes outstanding balances of revolving funds and grant as at 31 December 1999 which areno longer refundable.

Publication fund 2,807,045 2,807,045 Assets replacement reserve 49,697,943 49,697,943 SIDE programme-sundry deposit 19,020,037 19,020,037 SIDE fund revolving account 3,238,095 3,238,095 Special programme-GTZ 26,612,522 26,612,522

115,773,301 115,773,30114.00 RETAINED SURPLUS

Balance on 1 January 125,000,000 - Tax paid on behalf of shareholders (30,900,000) - Retained balance for 2006 94,100,000 -

Net profit 106,914,130 1,398,155,030 Dividend equalization fund (30,000,000) (636,000,000) Proposed dividend (63,600,000) (318,000,000) General reserve (10,000,000) (318,000,000) Employee welfare fund (3,314,130) (1,155,030) Balance at 31 December 94,100,000 125,000,000

Tax deductible at source on dividend paid to shareholders were paid, in line with the decision of the board, tokeep the full dividend at the hand of the recipient.

28


15.00 CONTINGENT LIABILITIES - GUARANTEE

There are contingent liabilities for bank guarantees executed by Grameen Bank in favour of the following :

Loan outstanding Loan outstandingincluding interest including interest

at 31-12-07 against at 31-12-06 againstwhich guarantees which guarantees

are given are given

Taka TakaGrameen Fisheries & Livestock Foundation Tk. 2,000,000.00 2,000,000 Tk. 6,000,000.00 6,000,000Grameen Shakti US$ 53,899.34 3,719,054 US$ 109,302.65 7,541,883

5,719,054 13,541,883

Guarantee amount

2006Guarantee

amount

2007

29 29


2007 2006Taka Taka

16.00 INTEREST INCOME

Loans and advances (Note 16.01) 6,771,022,849 6,271,659,145Deposits 19,913,362 63,907,179

6,790,936,211 6,335,566,324

16.01 Interest on loans and advances

Members loanBasic loans 6,209,736,526 5,845,680,416Flexible loans 408,314,679 313,309,462Housing loans 25,550,172 40,646,580Education loans 8,624,845 1,267,519Other loans 46,254 9,144

6,652,272,476 6,200,913,121Employees AdvancesStaff loans & advances 11,953,688 11,070,256P.F. advances 54,024,877 47,433,614Household commodities loans 48,730,581 12,023,699Medical loans 4,041,227 218,455

118,750,373 70,746,0246 771 022 849 6 271 659 1456,771,022,849 6,271,659,145

17.00 INTEREST/PROFIT PAID ON DEPOSITS AND BORROWINGS ETC.

Interest on deposits (Note 17.01) 4,470,000,428 3,433,459,392Interest on borrowings (Note 17.02) 36,165,228 37,649,535

4,506,165,656 3,471,108,927

17.01 Interest on deposits

Members deposit (Note 17.01.01) 2,739,997,491 2,240,159,196Non-Members deposit (Note 17.01.02) 1,698,315,283 1,168,608,748Others (Note 17.01.03) 31,687,654 24,691,448

4,470,000,428 3,433,459,392

17.01.01 Members deposit

Fixed deposit 5,472,019 6,289,853Savings deposit 435,587,959 289,385,130Central emergency fund 13,287,800 13,580,288Centre welfare fund 41,572,751 39,597,792Polly phone deposit 64,328,002 89,911,228Grameen pension scheme-10 years 1,529,719,653 1,118,877,754Special savings account 51,326,872 211,514,059Double in 7 years deposit 117,144,565 102,529,177Monthly profit deposit scheme 14,660,779 16,441,361Loan insurance savings fund 437,632,438 348,882,544Loan insurance fund 28,290,739 - Grameen pension scheme-5 years 973,914 3,150,010

2,739,997,491 2,240,159,196

30


2007 2006Taka Taka

17.01.02 Non-Members deposit

Fixed deposit 60,821,191 58,909,629Savings deposit 602,838,097 434,386,810Technology project deposit 120,206 184,175Grameen pension scheme-10 years (for staff) 39,906,680 30,044,199Double in 7 years deposit 803,889,406 501,242,782Monthly profit deposit scheme 184,865,527 139,373,970Grameen pension scheme-5 years (for staff) 520,008 126,563Employees loan insurance savings fund 4,862,743 3,647,590Forestation and other fund 491,425 693,030

1,698,315,283 1,168,608,748

17.01.03 Others

Contingency fund 14,663,210 12,232,750Struggling member welfare fund 3,188,381 3,518,980Employees' welfare fund 6,197,977 5,627,336P.F. Trustee Board-current account 176,095 176,759Grameen award funds 6,980,858 2,702,694Accounts of other organizations 326,611 247,572Cafeteria 146,126 135,690Contributory Provident Fund 8,396 49,667

31,687,654 24,691,44831,687,654 24,691,448

17.02 Interest on borrowings

2% IFAD 239 BA 5,204,075 5,369,535NORAD 5,357,630 5,358,363SIDA 4,776,318 4,776,973JBIC (OECF) 19,840,022 20,915,720Interest on short term loans 966,820 786,111Dutch grant loan 20,363 442,833

36,165,228 37,649,535

18.00 OTHER INCOME

Service charges 34,723,312 38,348,301Bad debts recovery 216,214,250 321,872,382Rent receipts 36,601,332 38,164,187Polly phone service charge receipts 394,481,874 864,036,857Sale proceeds of old newspapers 907,456 537,425Income from Health Program 77,781 128,092Rebate from Byabosa Bikash 4,665,236 13,455,643Sale proceeds of tender forms 398,770 260,300Miscellaneous receipts (Note 18.01) 190,106,611 124,756,332

878,176,622 1,401,559,519

18.01 Miscellaneous receipts

Income from properties,Profit on sale of plant and equipment 2,650,985 35,041Income from accounts closing 150,721,079 83,995,380Income from ROSA Programme 3,361,493 80,273Others 33,373,054 40,645,638

190,106,611 124,756,332

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2007 2006Taka Taka

19.00 SALARIES AND OTHER RELATED EXPENSES

Salaries 1,129,231,686 956,804,772Compensation for surrendering leave 15,311,395 20,895,344Personal allowances 62,514 20,220Dearness allowances 358 (22,359)House rent allowances 422,955,317 289,398,844Medical allowances 92,105,964 65,648,754Conveyance allowances 59,682,441 49,640,871Washing allowances 349,248 353,248P.F. Subscription 26,850 28,000Overtime 3,019,610 1,967,485Watch and ward allowances 157,667 162,403Hill Allowances 2,540,113 - Bonus 176,816,722 151,121,209Pension & Gratuity 569,763,114 488,509,802

2,472,022,999 2,024,528,593

20.00

Rent, rates & taxes 60,509,895 46,949,714Insurance (Vehicle) 1 442 815 948 672

RENT, RATES, TAXES, VEHICLE INSURANCE, UTILITIES ETC.

Insurance (Vehicle) 1,442,815 948,672Water, electricity & gas 21,467,132 20,671,481

83,419,842 68,569,867

21.00 LEGAL AND PROFESSIONAL EXPENSES

Legal expenses 543,412 867,180Other professional expenses 95,573,823 73,977,134

96,117,235 74,844,314

22.00 AUDITORS' FEES

Statutory audit 1,065,900 792,110Special audit 150,480 12,540

1,216,380 804,650

23.00 STATIONERY, PRINTING, ADVERTISEMENT ETC.

Printing & StationeryPrinting Stationery 67,824,438 63,223,082Work Aid 6,984,230 6,337,365Printing & photocopy 11,518,977 9,402,677Office Stationery 22,766,780 18,091,870

109,094,425 97,054,994Publication & Advertisement 2,141,745 1,055,386

111,236,170 98,110,380

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2007 2006Taka Taka

24.00 MANAGING DIRECTOR'S SALARY AND ALLOWANCES

Basic salary 276,000 276,000House rent allowances 138,000 105,000Medical allowances 6,000 5,400Domestic aid allowance & entertainment 19,080 16,350Bonus 46,000 46,000Felicitation Allowance 46,000 23,000

531,080 471,750

25.00 REPAIRS & MAINTENANCE OF FIXED ASSETS

Property & assets 13,587,678 15,232,616Vehicles 18,299,623 13,798,502Office & Electric Equipment 4,603,870 4,640,198

36,491,171 33,671,316

26.00 OTHER EXPENSES

Traveling & conveyance expenses 80,173,062 59,087,755Postage, telegram and telephone 16,816,104 16,499,140Entertainment 7,930,217 6,562,656Liveries and uniform 450,274 473,979Washing expenses 1 499 038 906 989Washing expenses 1,499,038 906,989Welfare and recreation 32,100,611 24,708,569Books and journals 34,435 52,870Computer expenses 176,616,700 129,094,787Bank charges 18,349,942 30,243,502Expense for contingency fund 18,126,944 16,613,974Training expenses 68,367,647 60,313,318Special programme 436,694 521,968Seminar & conference 1,128,382 1,200,597Film and development 2,502,055 1,424,407Lunch subsidy 162,028,216 131,277,182Income tax 2,366,728 8,929,570Group insurance 9,270,813 4,066,987Holiday work allowance 823,113 328,845Special subsidy 2,902,517 2,453,858Felicitation allowance 156,610,406 64,436,821Scholarship 29,820,708 8,897,681Miscellaneous expenses 35,693,821 57,933,417

824,048,427 626,028,872

27.00 PROVISIONS FOR LOANS AND ADVANCES

Total specific provision for loans & advances and interest receivable 2,349,698,239 1,499,181,910Specific provision for loans and advances (Note 27.01) 1,576,001,833 982,850,979Specific provision for interest receivable (Note 27.02) 773,696,406 516,330,931

Total general provision for loans & advances and interest receivable (12,873,161) 83,526,097General provision for regular basic loans (7,357,907) 81,555,455General provision for regular housing loans (5,515,254) 1,970,642

2,336,825,078 1,582,708,007

33


2007 2006Taka Taka

27.01 Provision for loans and advances (for specific)

Basic and Flexible loans 1,544,582,078 862,264,194Housing loans 31,419,755 120,586,785

1,576,001,833 982,850,979

27.02 Provision for interest receivable (for specific)

Basic and Flexible loans 738,613,442 409,454,356Housing loans 35,082,964 106,876,575

773,696,406 516,330,931

34


2007 2006 Increase/Taka Taka Taka

28.00

Advance income tax for employees 3,033,272 - 3,033,272 Printing stationery on hand 19,902,093 24,450,785 (4,548,692) Office stationery on hand 342,963 353,730 (10,767) Zone/Area control account 231,126 264,094 (32,968) Advance income tax (Note 8.02) 201,595,011 201,533,746 61,265 Security deposits 594,774 590,974 3,800 Prepaid expenses 8,188,725 6,573,790 1,614,935 Advance against TA/DA 90,677 254,404 (163,727) Advance against purchases 1,551,825 440,153 1,111,672 Advance against house rent 3,149,935 4,549,659 (1,399,724) Stock & stores (General) 3,590,340 1,364,971 2,225,369 Suspense account 222,930,305 134,936,529 87,993,776 Advances to contractors 2,100,825 2,460,791 (359,966) Inter-branch adjustments (Note 8.03) 34,987,344 43,590,184 (8,602,840) Advance for disaster 2,852,499 - 2,852,499 Workshop 148,846 176,387 (27,541) Rent receivables 8,203,066 8,913,019 (709,953) Service charge receivables 43,254,594 - 43,254,594

556,748,220 430,453,216 126,295,004

29.00 OTHER LIABILITIESInterest Payable on borrowings 10,284,228 10,631,112 (346,884) Interest sundry 5,697,403 3,606,314 2,091,089 Bills payable 144,682,033 533,935,636 (389,253,603) P.F. trustee board-current account 657,111 98,236 558,875 Contributory provident fund 89,195 56,000 33,195 Accounts for other institutions (Note 11.01) 5,596,676 5,034,935 561,741 G.B. superannuation fund-current account 214,997,573 153,018,974 61,978,599 SIDE programme-sundry deposit - 191,160 (191,160) Retention money 2,035,863 1,779,751 256,112 Earnest money 1,840,184 1,792,120 48,064 Claimable deposits 52,836,918 17,899,944 34,936,974 Unpaid salary 239,296 169,003 70,293 Tax deducted at source 268,405 268,952 (547) Sundry receipts 185,590 155,894 29,696 Farewell grant provision for fixed salary staff 61,928,395 35,111,910 26,816,485 Miscellaneous 483,016,578 174,376,668 308,639,910 Advance house rent 2,719,781 2,619,781 100,000 Struggling members programme 1,491,625 - 1,491,625 Risk fund-Grameen Byabosa Bikash 133,840 - 133,840 Risk fund and Part of Grameen Byabosa Bikash 4,853 - 4,853 Provision reserve for doubtful rents 130,305 - 130,305 Provision reserves (Note 11.02) 4,664,948,359 2,825,655,615 1,839,292,744

5,653,784,211 3,766,402,005 1,887,382,206

(2,336,825,078) (449,442,872)

30.00 CASH AND BANK BALANCES AT THE END OF THE PERIOD 2007 2006Taka Taka

Cash in hand 6,799,759 1,215,684 Balances with Bangladesh bank 3,593,762 281,447 Balances with other banks and financial institutions 926,004,259 898,562,551

936,397,780 900,059,682

OTHER ASSETS

35

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