Special supplement (8) pages

issued by the Central Bank of Oman

Message from H.E. The Executive President

BANK DEPOSITS INSURANCE SCHEME Awareness Campaign

1. Introduction A sound, competitive banking system is important to a nation’s economic vitality. Deposit Insurance is a key element in maintaining confidence in the banking system and promoting financial stability. It is a system established to reimburse depositors either fully or partially their deposits with a member bank in the event of the member bank’s failure. 2. D  eposit Insurance and its Role in the Financial Safety Net Deposit Insurance is a system whereby depositors are protected against the loss of their deposits in the event of a bank(s) failure. It is an integral part of the Financial Safety Net of the country. ❏❏Central Bank of a country performs many functions to ensure the stability and integrity of the financial system through Banking Laws, Circulars & Regulations, Standards & Guidelines, Inspections & discussions, etc. ❏❏Deposits insurance system is an additional comfort in case of a bank(s) failure that will stabilize the financial sector. It aims to safeguard

Deposit Insurance is a system whereby depositors are protected against the loss of their deposits in the event of a bank(s) failure. It is an integral part of the Financial Safety Net of the country The objectives are to encourage public savings and to boost and enhance the confidence of the public in the financial soundness of the banking system in the Sultanate of Oman

the “Small-Time Depositors” who are the most vulnerable segment of the population and initiate a fast-track payment system to avoid a liquidity crisis. 3. Benefits of Deposit Insurance ❏❏An integral part of the financial safety net. ❏❏Provided automatically at no extra charge to depositors. ❏❏Contributes to the stability of the financial system by reimbursing depositors without delay, in the event of a bank’s failure. ❏❏Reduces risk of bank runs and spread of contagion in the event of a bank’s failure. ❏❏Ensures a level playing field for banks of varying sizes to compete with different types of deposit products, thereby increasing public confidence particularly on smaller banks. ❏❏Shifts the burden of reimbursement from the government to an independent system, which is based on ex-ante funding (i.e. the funds are collected in advance from the members). 4. B ank Deposit Insurance Scheme (BDIS) BDIS is an “explicit insurance”, which is a rule based scheme where the Government allows the private/ banking sector to take most of the responsibility through an independent deposit insurance system. It was setup vide Royal Decree # 09/95 issued on 26th March 1995, with the primary objective of providing comprehensive insurance cover on specified deposits with the banks operating in the Sultanate, in order to encourage savings and promote financial stability. Further amendments to BDIS Law were made vide Royal Decree # 111/2000 issued on 15/11/2000 & # 70/2010 issued on 26/05/2010.

5. Objectives of BDIS ❏❏To provide comprehensive insurance coverage on specified deposits with banks operating in the Sultanate to encourage public savings. ❏❏To boost and enhance the confidence of the public in the financial soundness of the banking system in the Sultanate of Oman. ❏❏To minimize the impact of traditional risks in operations of the banking sector. 6. Member Banks Initial contributions of OMR 5 Million each from the Central Bank of Oman (CBO) and the member banks collectively provided the base capital for BDIS at the inception. Premiums are collected on an ex-ante basis from member banks and CBO. An annual premium of 0.05% of the total value of deposits at the end of each financial year (31/12) is collected from all member banks. CBO contributes half of the total premiums paid by member banks each year in accordance with Regulations.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Bank Muscat Oman Arab Bank Ahli Bank National Bank of Oman HSBC Bank Oman Bank Sohar Bank Dhofar Qatar National Bank Bank of Baroda Standard Chartered Bank State Bank of India Bank Melli Iran Bank Saderat Iran Habib Bank Limited National Bank of Abu Dhabi Bank of Beirut Oman Development Bank

It gives me great pleasure to deliver this message on this momentous occasion, an event of great national importance in the Banking history of the Sultanate. Central Banks the world over have always focused on enhancing financial stability and promoting public confidence in the systems. This is true for the Middle Eastern region too, where financial sector has been quite stable despite international implications and various regional issues. Deposit Insurance Schemes aim to boost public confidence whilst acting as an additional comfort within the “safety net” functions of a Central Bank. Oman is a trend-setter in this aspect with the introduction of Bank Deposits Insurance Scheme through the Royal Decree # 9/95 in 1995. The primary objectives of this scheme are to provide comprehensive insurance cover to specific deposits with banks in the Sultanate to encourage public savings, to boost and enhance the confidence of public in the financial system and to minimize the impact of traditional risks in the banking sector. The financial sector in the Sultanate has always been stable and the Central Bank has been at the fore-front, guarding against the crises and issues that have plagued other nations. In addition BDIS has been constantly reviewed in order to ensure desired benefits are attained and enhanced. As part of the imFinancial sector has plementation of recbeen quite stable ommendations by experts in the field despite international and adopting Interimplications and national best pracvarious regional tices, Central Bank of Oman has decided issues to spread greater awareness of BDIS among the citizens. In this regard today’s Central Bank publication aims to of Oman has enlighten the depositors and general decided to spread public, of the benegreater awareness fits available to them through BDIS, ofof BDIS fered free of charge to everyone. We at the Central Bank of Oman believe, that the time is right to let everyone know of the existence of BDIS that has been a silent servant and benefactor, which may I say is in operation for nearly 20 years since 1995. I am sure that all of us as citizens and residents of the Sultanate will take greater confidence in the banking sector from this scheme and help to achieve the ultimate goal of creating all-round awareness of the soundness of the industry and increase public savings, for the greater good of the nation. I take this opportunity to thank all the Member Banks for their unstinted support and cooperation in the successful execution of this project and look forward to even better contributions in the coming years. As the main intermediary your role is vital for a thriving financial sector. My sincere appreciation is also extended to the BDIS Committee Members, the Project Manager and the concerned staff in CBO who have worked tirelessly to issue this publication and to make this project a success during the last two years of the campaign. Best regards and greetings of the season.

Hamood Sangour Al Zadjali The Executive President Central Bank of Oman

2

al nt O i c e e B Sp plem he C p t su d by ue s s I 7. Deposits Covered ❏❏Current compensation amount is a maximum of OMR 20,000/-. ❏❏Deposits of OMR 20,000/- and below will be compensated in full.

❏❏Eligible Deposits : 1. Savings Deposits 2. Current Accounts 3. Call Deposits 4. Time Deposits 5. Government Deposits 6. Trusts / Pension / Other Funds’ Deposits of a Similar Nature 7. Other Deposits similar to the above that may be Specified by CBO ❏❏Ineligible Deposits : 1. Inter-bank Deposits 2. Items Under Reconciliation 3. Deposits of Board Members, Senior Executives, Investment & Credit Managers in the Member Banks and their Family Members. 4. Deposits of External Auditors, Internal Audit Managers in the Member Banks and their Family Members 5. Deposits of Parent, Subsidiary, Associates and Affiliate Companies or those Companies which are linked to or participate in Member Banks. 6. Deposits of Persons whose identity cannot be ascertained. 7. Deposits which CBO considers as illegally obtained/relate to Illicit/Illegal Matters. 8. BDIS Administrative Committee The BDIS fund is operated by and subject to the supervision of CBO both financially and administratively. The Board of

Governors set out the general policy on administration of the fund including investing the fund’s resources and empowering the Executive President to appoint an Administrative Committee. The Committee consists of five members, of whom three members are employees of CBO with a rank not lower than Departmental Manager and the senior-most among them being appointed as the Chairperson. Other two are from officials of member banks. The meetings of the Committee are convened by its Chairperson as and when necessary but at least twice during a year. The Chairperson of the Committee is authorized, if necessary, to invite the General Manager of any Member Bank to participate in the meetings. Such invitees do not have voting powers. The recommendations of the Committee are finalized by majority vote. The proceedings of the meetings are recorded under the signature of the Chairperson of the Committee. The Committee undertakes the investment of the fund’s resources pursuant to the BDIS Laws and Regulations. 9. BDIS or a Sovereign Guarantee BDIS was established to shift the burden of reimbursement from the Government to an independent system, in which the funds are collected in advance from the Member Banks. Nevertheless, in case of a bank(s) failure, Government may step in to stabilize the system and / or look after the depositors over and above the provisions of BDIS. 10. Registration for BDIS Protection There is no need to register for the protection. It is automatically provided to the depositors on their

eligible deposits, free of charge. 11. Compensation for Depositors with Many Accounts in the Same Bank If a depositor has different accounts in the same bank, then all eligible deposits under BDIS in the bank will be added together for reimbursement purpose, (subject to other conditions).

Current compensation amount is a maximum of OMR 20,000/Nevertheless, in case of a bank(s) failure, Government may step in to stabilize the system and / or look after the depositors over and above the provisions of BDIS When the liquidation process takes place, depositor(s) will have the right to make claims from the bank(s) for whatever monies they did not receive over and above BDIS reimbursement 12. Compensation for Depositors with Many Accounts in Several Banks The eligible deposits under BDIS of the same depositor(s) in several banks will be treated separately. The depositor(s) will be able to receive up to the limit of OMR 20,000/= per bank (subject to other conditions).

Message from the Chairman BDIS Committee The concept of Deposits Insurance has been in existence for many years. In United States of America it has been traced back to the early 19th century. Worldwide more attention and importance is accorded to such schemes in light of the most recent financial crisis in 2008, the effects of which are still felt round the world. Increased confidence in the financial sector is a major comfort for everyone, irrespective of time and place. The Sultanate of Oman is a leader in this aspect, introducing BDIS in 1995, which to date remains the only explicit Deposits insurance Scheme in the GCC. Over the years it has grown in stature to a substantial fund that can provide additional comfort to the banking sector in case of a crisis. BDIS created by the Royal Decree # 9/95 includes all Licensed Banks within the Sultanate as its members (currently 17) and is administered by the Central Bank of Oman. Experts who reviewed this scheme have found its operations and conditions such as qualifying deposits, coverage limits, collection of premiums, etc., to be on par with International Standards. BDIS aims to offer fast reimbursement and a reasonable protection to the depositors in case of a crisis until legal redress is granted. It also encourages them to monitor the performance and service of the Banking sector. It enforces and motivates market discipline from participants through the expectations of appropriate prudence on the part of Member Banks. We have developed an effective communication strategy to disseminate information on BDIS to all concerned. First phase of this strategy was aimed at the banking community, who are the first contact point. With well-informed bankers we are targeting the depositors and general public as the second phase of this strategy, to provide information on the benefits and operations of BDIS. The exchange of information and cooperation of all concerned is necessary to create awareness of the scheme in order to achieve its objectives in the long run. Well informed public will make informed decisions, which will serve the industry to stay ahead of issues that may come up as we move forward. It will also help to avoid panic in case of trouble in the sector. It is my hope as the Chairman of BDIS Committee that all the leaders and key constituents in the financial sector will strive hard in carrying the awareness campaign progressively and consistently to the best of their abilities, in order to ensure the efficiency and effectiveness of BDIS in the future. It will benefit business and create a healthy environment to develop the country. I take this opportunity to thank my fellow Committee Members, the Project Manager and all those who have worked and supported to achieve this great and important project in a timely and professional manner. I also wish to thank all the Project Managers and representatives of Member Banks for their participation in this project and the printers and publishers for a job well done. Malik Abdullah Al Mahrooqi Senior Manager - Banking Development Department Chairman - Bank Deposits Insurance Scheme Committee

13. Calculation of Net Deposit in case Depositor has a Loan (or Other Liability) All liabilities of the depositor(s) shall be deducted from his account with the Member Bank for BDIS calculations. e.g.: Loans OMR 30,000/= Deposits OMR 70,000/= Net Deposits OMR 40,000/= BDIS Protection OMR 20,000/=

17. Reimbursement Time-Frame As per BDIS Regulations, failed Member Bank(s) should submit the statement of eligible payments within one week from date of suspension of the banking business to CBO. Thereafter each depositor(s) shall be notified of his/ her net dues. Thereafter the Board of Governors of CBO shall specify the manner and date of payment to the depositors. Payment shall be made as soon as possible.

14. BDIS Cover for Joint Accounts The joint account holders are treated separately according to their portion for reimbursement purpose. e.g.: Zaid & Abaid have joint account of OMR 50,000/= with 50% each (OMR 25,000/=), then both of them will get maximum of OMR 20,000/= (subject to other conditions).

18. Payment of Reimbursement Amount The depositor(s) shall receive the net amount due to him/her in accordance with the BDIS Law after signing an acknowledgment assigning the amounts he/she is entitled to from the member bank to the Fund within the limits of the amounts he obtained from the Fund.

15. Foreign Currency Deposits / Accounts For deposits in foreign currency, payment shall be made in Omani Rials based on net deposits payable in foreign currency converted at the middle exchange rate prevailing on the date specified by the CBO. 16. Time Deposits, Rights or Liabilities In case of Time deposits or rights or liabilities falling due in the future, they will be treated as if they actually exist and as if the deposit is payable on demand or the liabilities become payable on the date specified in accordance with the Law. e.g.: If a depositor(s) has a fixed deposit maturing in one year and the bank(s) fails after 6 months, then interest will be paid for 6 months.

19. Deposits in Excess of OMR 20,000/= Depositor(s) as creditors of a failed bank(s) have other rights as per the Law in the Sultanate. When the liquidation process takes place, depositor(s) will have the right to make claims from the bank(s) for whatever monies they did not receive over and above BDIS reimbursement. However this is subject to the legal process which will take time. 20. Complaints and Other Recourse The depositor(s) may submit a complaint to the Central Bank within 7 days from the date on which he/she received the amount allotted to him or from the date on which he/she was notified that he/she is not entitled to any amounts. Such complaint must be heard by CBO as soon as possible and within one month duration from the date of submission. The decision made by the Central Bank regarding the depositor’s entitlement shall be final and binding.

Message from the Project Manager, BDIS Awareness Campaign I am honored to pen my thoughts on this glorious event in the history of Bank Deposit Insurance Scheme, which will be 20 years old in 2015. The seeds of this Project were planted few years back when an International Organization reviewed BDIS operation & processes and provided a list of improvements to bring it in line with accepted International Standards. One recommendation was to carry out an awareness campaign. Despite being in existence since 1995, it was found that awareness & knowledge of the “Scheme” was limited and sometimes misguided. There was general confusion about BDIS as yet another Insurance Scheme, like the kind associated with houses or vehicles. Given the worldwide financial calamity and the associated fear that gripped all concerned, it is vital that we build knowledge and comfort among the depositors as well as the general public in the financial system. Similarly being aware of the measures the Central Bank of Oman has taken to ensure financial sector stability while promoting prudent and generally accepted practices will help everyone to be comfortable with their investments in the Banking sector. The Awareness campaign came to life in April 2012, with the announcement at the Annual Bankers Meeting. We decided on a two-pronged strategy where phase I was to educate the banking community as the first line of communication and phase II was to create awareness among the general public, which included existing depositors. For nearly one and a half years, all the Member Banks took various steps to conduct training sessions for all their staff, including the Central Bank. After several stages of training and evaluations the BDIS Committee was satisfied that the Banking Community had adequate knowledge of the workings of BDIS to answer public queries satisfactorily. We are now embarking on the biggest challenge of creating awareness among the Omani public, the benefits they derive from BDIS, at no additional cost and the comfort it provides to the banking sector. We believe once this message is disseminated among the public, our greater goals of achieving higher savings levels and creating a sound financial system will be met in due course. A gigantic project of this nature has many contributors and I am happy to say the Member Bank representatives who have participated in all the discussions, training sessions, etc., have given me all the strength to be confident that the task at hand will be accomplished successfully. My heartfelt gratitude goes out to each and every one of them for joining and sharing responsibility with me in this event and hope they will continue to take the message forward continuously. I also wish to thank the CBO Executive Management and BDIS Committee Members for their unstinted support in encouraging me and providing guidance to me. Last but not least, a big thank you to my team for all the hard work put in to make this a success over the last two years and delivering this publication in a timely and professional manner. Bader Khalid Al Aghbari Manager Banking Operations Department Project Manager – BDIS Awareness Campaign

Iss su Spe ue ppl cia d b em l y t en he t CB O

3 Bank Muscat

Oman Arab Bank

Mr. Abdul Razak Ali Issa Chief Executive

Mr. Amin Rasheed Al Husseini Chief Executive Officer

❏ The Oman Banking system, under the guidance of the Central Bank of Oman (CBO) has been a leader in the region for many years. Banks in Oman were not significantly impacted during the crisis of 2008 and this can be attributed to a strong regulatory framework in addition to banks’ own robust risk management practices. The CBO along with the banks in Oman have taken up this initiative to create an awareness

among customers on the Bank Deposit Insurance Scheme (BDIS). This scheme has been in place since 1995 and is a central component of our regulatory regime to protect depositors and banking system. It ensures our customers are protected up to an amount of RO 20K in respect of their deposits and customers in general have additional comfort as banks in Oman are more than adequately capitalized.

❏ The Sultanate of Oman is considered to be among the pioneers in the Middle East region to adopt and implement the Bank Deposits Insurance Scheme, for the last 19 years which has enhanced and strengthen the Financial System in Oman. This is reflected in the confidence of depositors and customers throughout the past years. The Central Bank of Oman and the commercial banks have followed an effective strategy to educate the

clients, depositors as well as the general Omani public about the benefits and importance of the Bank Deposit Insurance Scheme. In my opinion, the banks needs to start to spread the awareness in regards to the insurance scheme through their promotional collaterals with an emphasis towards depositors and savings account holders informing its customers that the bank is part of the Bank Deposit Insurance Scheme further strengthening its position.

HSBC Bank Oman S.A.O.G Mr. Andrew P LONG Chief Executive Officer ❏ Deposits Insurance schemes in general boosts confidence in the financial sector and contributes to the soundness of the banking sector while minimizing the impact of unforeseen risks. BDIS has a major role in this regard to reduce risk of bank runs and spread of contagion in the event of a bank’s failure in the Sultanate. It also ensures a level playing field for banks of varying sizes to compete with different types of deposit products, thereby increasing public confidence, particularly in smaller banks. Banks have an important role to play in informing the customer, their rights and dues, as well as the role that BDIS will play in strengthening the financial system. As a member bank, we will ensure customers are aware of this important scheme at all times.

Bank Dhofar

National Bank of Oman

Mr. Abdul Hakem AL Ojaili Acting Chief Executive Officer

Mr. Ahmed Al Musalmi Chief Executive Officer

❏ The Central Bank of Oman as part of its implementation strategy and to adopt the best international practices has decided to spread greater awareness of the Deposit insurance scheme among the public and as a first step has issued an

information booklet on BDIS to the banking community to refresh the salient features of the scheme and to train all the relevant staff appropriately in order for them to acquire the required knowledge and in turn communicate to their customers.

❏ Directives from His Majesty and the Central Bank of Oman’s commitment towards adopting the best global practices in banking regulations and supervision has led to a strong and resilient financial system in

the Sultanate of Oman. This has enabled the banking industry in the Sultanate to grow from strength  to strength and further support Oman’s diversification strategy by financing large scale industrial, real estate and infrastructure projects.

4

al nt O i c e e B Sp plem he C p t su d by ue s s I

Oman Development Bank Mr. Hamad Salim Al Harthi Acting General Manager

❏ Oman’s financial system is considered to be safe and sound and is under a very strict regime with solid monetary and fiscal policies adopted suiting the economic changes taking place within the Middle East and elsewhere in the world. The key is stable and regulated financial system. Sustained growth in external balances arising from oil exports, mainly to the Asian countries, stable and regulated financial system are the key factors for the strong financial position of the Sultanate. Despite global financial crisis experienced in the recent

Ahli Bank

past, Oman’s economic performance was least affected. This was possible only through strict adherence to prudent banking practices by the banking industry through regular surveillance and supervision by the Central Bank of Oman. Oman has adopted free and open market oriented economic policies, which has encouraged Foreign Direct Investments (FDI) through foreign ownership up to 70% and in exceptional cases up to 100% for selected industries and sectors. Political stability is yet another key to Oman’s strong financial position.

❏ In Oman, sound macro-economic policies, the stable financial system and fine-tuned monetary policy measures have supported the financial sector, which has witnessed sustainable growth, deregulation and the increased adoption of technology and transparency. For example, it is clear that advances in the payment and settlement system have added depth and sophistication to Oman’s financial sector.

AUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2013

(18,328) 32,182 (103) 32,079

Net Interest Income and Income from Islamic Financing and Investments Interest Reserved Total

AUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013

Assets 56,935 1 Cash (18,219) 38,716 (403) 38,313

2 Balance with Central Bank of Oman 3 Capital Deposit with Central Bank of Oman 4 Government and Other Securities held for dealing purposes 5 Treasury Bills and other Bills eligible for rediscount 6 Due from Head Office , Branches ,Principal Shareholders and Affiliates Abroad

Other Operating Income

7 Due from Banks:

160 9,219 9,537 318

1] Dividend Income 2] Net Fee and Commission Income a] Fee and Commission Income b] LESS :Fee and Commission Expenses

525 596 71 4 4 57 57 -

3] Net Foreign Exchange Income a] Income 4] Gain/(loss) on sale of fixed assets a] Income b]LESS: Expenses

Mr. Lloyd Maddock Chief Executive Officer

OMR' 000 31-Dec-13

50,510

Gross Interest Income and Income from Islamic financing and investment Interest Expenses and Unrestricted investment account holders' share of profit and profit expense

b]LESS: Expenses

It is no coincidence that the banking sector in Oman was able to navigate successfully through the contagion, which swept through the Region following the global 2008 financial crisis. The Banking Sector is well regulated, comfortably capitalized, liquid and profitable. Consequently it remains very well positioned to support the Omani economy, as it contends with challenges such as the global and regional slowdown in economic activity, the potential of lower oil prices, a contraction in world demand and trade and equally the opportunities presented locally by upcoming mega projects in infrastructure, tourism and oil & gas sectors.

OMR' 000 31-Dec-12

5] Net Income from Investment in Securities: a] Income b]LESS: Expenses 6] Other Income:

GROSS INCOME General Administrative Expenses Depreciation TOTAL OPERATING COSTS Net Operating Profit [ Profit on ordinary Activities before Provisions) Income from Subsidiares Income from Associated Companies Income from Other Licensed Activities Investment Activities Bad debts written off General provisions Specific provisions for loan losses Provision for Diminution in value of Investments Proivision for Crystallized Unbooked Risks and Commitments

42,044

745 838 93 6 6 846 846 552 46,600

(12,146) (1,046) (13,192) 28,852 (2,296) (1,762) -

(14,942) (835) (15,777) 30,823 (2,006) (2,558) -

24,794 (3,051) 21,743

Profit for the year after Loan Loss Provisions Taxation

Net profit after tax Other comprehensive income for the year Net amount transferred to profit or loss

(49)

Net changes in fair values

608 559 22,302

Movement in Cash flow hedges Other comprehensive income for the year

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

306 i] Placements 5,832 ii] Loans & Advances 6,147 8 Other Money Market Placements 315 9 Investments 10 Loans & Advances and Financing [Net of Provisions for loan losses and Reserved Interest] 11 Tangible Fixed Assets 12 Losses Carried Forward 13 Other Assets [including: Insurance Deposits]

TOTAL ASSETS Liabilities & Equity 1 Deposits ( Including Government ) a] Demand b] Other accounts c] Time deposits 2 Certificate of Deposit 3 Due to Head Office, Branches, Principal Shareholders and Affiliates Aboard 4 Due to Banks i] Placements ii] Borrowings 5 Other Money Market Deposits 6 Borrowing from Central Bank Of Oman 7 Capital/Assigned Capital 8 Reserves * 9 Retained Earnings** 10 Subordinated liabilities 11 Other Liabilities (Including taxation)

TOTAL LIABILITIES & EQUITY

26,259 * In accordance with the requirement of Central Bank of Oman, the bank is required to (3,229) create general loan loss provision by debiting the income statement. 23,030 However, Central Bank of Oman has permitted the bank to create general loan loss reserve in lieu of such general loan loss provisions, for a temporary period of (661) three years up till the year 2010. The amount includes reserve amount of RO 6.54 million for general loan loss. ** The Board of Directors has proposed a cash dividend of 7.5% & stock dividend 1,030 2.5% ( 2012: 5% cash dividend & 5% stock dividend ) 369 23,399

Form No. CBO/MDR/5

CBO Circular BM 980

Minimum Disclosure Requirements in the Year-end Financial Statements Assets & Liabilities of Bank Sohar as at 31 December 2013 Current Previous Year Year

Assets 1 2 3 4 5 6

Bank Sohar Dr. Mohamed Abdul Aziz Kalmour Chief Executive Officer

7

8 9 10 11 12 13

Cash Balances with CBO Capital Deposit with CBO Government & Other Securities held for dealing purposes Treasury Bills and Other Bills Due from HO, Branches, Principal shareholders & Affiliates abroad Due from Banks: (i) Placements (ii) Investment Securities Other Money market Placements Investments Loans and Advances (Net of provisions for Loan Losses and reserve interest) Tangible Fixed Assets Loss carried forward Other Assets

Total Assets

10,603 94,967 500 0 0

10,975 110,271 500 0 0

0 0 262,348 335,389 262,348 335,389 0 0 0 0 206,216 152,686 1,278,278 1,146,023 16,134 0 16,574

15,087 0 16,235

1,885,620 1,787,166

Note : Provision for loan losses and reserved interest

25,317

RO'000 Current Previous Year Year

Liabilities 1 Deposits (incl. Govt.) a) Demand b) Savings c) Time d) Others 2 Certificate of Deposits 3 Due to HO, Branches, Principal shareholders and affiliates abroad 4 Due to banks i) Placements ii) Borrowings 5 Other Money Market Deposits 6 Borrowings from CBO 7 Capital / Assigned Capital 8 Legal Reserves 9 General Reserves 10 Cumulative fair value reserve Subordinated loans reserve 11 Subordinated loans Compulsorily convertible bonds* 12 Other Liabilities 13 Profit carried forward Total Liabilities

25,271

1,382,626 1,337,400 398,156 321,524 218,603 191,817 759,901 822,064 5,966 1,995 0 0 0 0 238,886 224,048 238,886 224,048 0 0 0 0 0 0 110,000 100,000 10,827 8,006 1,063 413 -467 -851 14,167 4,167 50,000 50,000 7,150 0 35,689 30,838 35,679 33,145 1,885,620 1,787,166

Audit firm: Signature :

* Not part of the format, included here Authorized Signatory Bank Sohar SAOG

Form No.CBO/MDR/3 CBO Circular BM 980

Minimum Disclosure Requirements in the Year-end Financial Statements

❏ The BDIS scheme introduced by Central Bank of Oman (CBO) is a pioneering effort, being one of the first countries in the Middle East that provides a comprehensive insurance coverage on specified deposits in banks operating within the Sultanate to encourage public savings.    This facility and security is available to depositors without any charges.   The key feature of this scheme not only contributes to stability of the banking system as a whole, but also takes into account the depositors’ interests by offering a safety net for their maintaining and growing funds with the Bank.    This pre-funded scheme is administered by CBO with contribution from all member banks as well as CBO.  We at Bank Sohar appreciate the efforts of CBO in introducing and maintaining the BDIS scheme, which will boost and enhance confidence and transparency in the robust financial soundness of the banking system in the local market.  It will be a pleasure to take BDIS awareness campaign to all customers across our retail branch network for better visibility and awareness.  Our campaign includes solid collaboration with CBO in spreading the BDIS campaign by way of brochures, logo displayed at our branches & offices incorporating BDIS features and making the BDIS booklet available in the Bank’s website (www.banksohar.net).

Profit & Loss Account for the year ended 31 December 2013

Note Gross Interest Income Interest Expense Net Interest Income Interest Reserved Net income from Islamic financing and investing activities Other Operating Income 1 Dividend Income 2 Net Fee & Commission Income a) Fee and Commission Income b) Less: Fee and Commission Expenses 3 Net Foreign Exchange Income a) Income b) Less: Expenses 4 Net Income from Dealing in Securities a) Income b) Less: Expenses 5 Net Income from Investment Securities a) Income b) Less: Expenses Gross Income General Administrative Expenses Depreciation Total Operating Costs Net operating Profit (Profit on ordinary activities before provisions) Income from Subsidiaries Income from Associate Companies Income from Other Licensed Activities Bad Debt Written off General Provisions Specific Provision for Loan Losses Provision for diminution in value of investments Provision for crystallized un-booked risks and commitments Profit for the year after loan loss provisions Taxation Net profit after tax Other comprehensive income for the year Movement in fair value of available for sale investment, for the year Effect of currency translation for the year Any other comprehensive income for the year Total comprehensive income for the year

Authorized Signatory Bank Sohar SAOG

12

RO'000

Current year

Previous Year

73,023 (28,801) 44,222 (696) 378 15,306 864 9,835 9,835 1,640 1,640 2,963 2,963 59,210 (25,887) (1,588) (27,475) 31,735 (1,506) (92) 30,137 (3,266) 26,871

73,430 (30,349) 43,081 (1,187) 10,423 544 7,036 7,036 1,525 1,525 1,271 1,271 52,317 (22,252) (1,421) (23,673) 28,644 (1,351) (1,360) (17) 25,916 (2,905) 23,011

1,740 28,611

1,263 24,274

Audit firm: Signature :

OMR' 000

OMR' 000

31-Dec-12

31-Dec-13

2,495

5,190

21,419 500 33,110 73,298

37,760 500 34,607 33,358

2,695 6,310 6,310 7,687

7,443 74,040 74,040 12,643

927,392 12,075 12,249 1,099,230

1,104,917 16,576 12,451 1,339,485

738,407 107,541 65,867 564,999 -

955,055 163,044 75,042 716,969 -

31,160 95,126 36,394 58,732 126,389 34,156 951 40,000 33,041 1,099,230

41,782 83,494 54,619 28,875 129,549 44,823 1,044 40,000 43,738 1,339,485

Iss su Spe ue ppl cia d b em l y t en he t CB O

5

Forn No. CBO/MDR/3 Minimum Disclosure Requirements in Year-end financial Statements Format of Profit and Loss account for the year ended 31st December 2013 Bank Name : Bank of Beirut - Oman Branches

Bank of Beirut, Oman

Details Gross interest income Interest Expense Net Interest Income Interest Reserved Other operating Income : 1. Divindend Income 2. Net Fees and Commission Income a) Fee and commission Income Less: b) Fee and commission Expense 3. Net Foreign Exchange Income a) Income Less: b) Expense 4. Net Income from dealing in Securities a) Income Less: b) Expense 5. Net Income from Investment Securities a) Income Less: b) Expense Gross Income General Adminstrative Expenses Depreciation Total Operating Cost Net operating Profit (Profit on ordinary activities before provisions) Income from subsidiaries a) Income from associate companies a) Income from other Licensed Activites a) Investment Activities Other Income Bad debts written off General Provisions Specific provisions for loan loss Provision for diminution in value of investments Provision for crystallized un-booked risks & commitments Profit for the year after loan loss provisions Taxation Net Profit After Tax

Mr. Ramy Farid Zambarakji Country Manager

❏ Oman’s Economy continued to look comfortable in 2013 with global activities on rails, backed by comfortable economic recovery in the advanced economies. Such a sustained growth was also a sign of an improved diversification of the economy reflected in terms of increase in the excess of contribution of nonoil sector to GDP growth vis-a`-vis the oil sector. The current account continued to remain in surplus, consecutively in the last four successive years. Oman’s real GDP growth is projected at 5.1 per cent in 2013 and 3.4 per cent each for 2014 and 2015 respectively. The planned small and medium enterprises (SME) driven economic activities would accelerate this process further.

Banking sector in Oman continued to remain healthy and efficient during 2013. Total assets grew by 11 per cent during FY-2013 helped by total loans business (inclusive) of the Islamic banking finance) rising by 9 per cent and the component of the private sector credit to non-oil GDP also rising by 7 per cent over the last year. The gross Non Performing Loan (NPL) ratio was law at 2.0 per cent with the net NPL ratio staying put at around 0.6 per cent. The benchmark CAR of the banking sector stayed steady at 16.2 per cent. At system level, even the core capital segment was sufficient enough to meet both the stipulations of CBO (at 12 per cent) and BIS (at 8 per cent).

- Movement in fair value of available for sale investments , for the year - Effects of currency translation for the year - Any other comprehensive income for the year (Please Specify) Total Comprehensive income for the year

Assets

Current Year

1. 2. 3. 4.

618 158,704 500 -

Cash Balances with Central Bank of Oman Capital Deposit with CBO Government & Other Securities

5. Treasury & Other Bills

-

6. Balances due from H.O., Branches, Principal shareholders & Affiliates abroad

Previous Year 728 144,148 500 -

10,206

14,604

16,440

15,057

7. Due from Banks (i) Palcements (ii) Loans & Advances

-

8. Other Money Market palcements 9. Investments 10. Loans, Advances & Overdraft (Net of loan loss provision and reserve interest) 11. Tangible fixed assets

5,832 (2,667) (415) (3,082)

19 19 5,445 (2,221) (338) (2,559)

2,750

2,886

-

-

(7) 130 (246) (354)

7 41 (253) (106)

2,273 (265) 2,008

2,575 (347) 2,228

-

-

2,008

2,228

-

Liabilities 1. Deposits (incl. Govt.) a) Demand b) Savings c) Time 2. Certificate of Deposits 3. Due to HO branches, principal shareholders & affiliates abroad 4. Due to Banks :

-

-

-

94

Total Liabilities

-

-

26

293,974

405 99,652 4,776

245,989 27,378 12,080 206,531

23

318,601

398 114,702 5,061

[RO '000] Previous Year

135

14,104

-

270,494 29,191 34,082 207,221

(ii) Borrowings

11,972

-

Current Year

(i) Palcements

5. Other Money Market Deposits 6. Borrowings from CBO 7. Assigned Capital 8. Reserves 9. Retained Earnings 10. Other Liabilities

-

National Bank of Abu Dhabi, Oman Qatar National Bank, Oman Mr. Saad Musa Al Jenaibi General Manager

Market capitalization of Oman capital market amounted to OMR 14 billion with 116 listed companies. Average daily trading value of listed securities amounted to OMR 10 million.

-

19 19

Bank Name : Bank of Beirut - Oman Branches

is provided for depositors without additional charge. The banks play a major and pivotal role in raising awareness and educating the general public and depositors and introducing them to the advantages and benefits of deposit insurance system, where it is the first source of information to the depositors/ public.

Total assets of the banking system stood at OMR 22 billion (Dec 2013). Gross loans amounted to OMR 16 billion and total deposits amounted to OMR 16 billion. Banks in Oman remained well capitalized with a

-

Form No. CBO/MDR/5

Mr. Mohammed Ali Saleh Ba’Omar Chief Executive Officer

capital size of OMR 3 billion. The capital adequacy ratio stood at 16.2% as against the minimum requirement of 12%.The strong capital position of banks with good quality capital will ensure that the banking sector would easily withstand the periods of financial and economic stress, if any.

1,159 1,223 (64) 444 444 -

Minimum Disclosure Requirements in Year-end financial Statements

Total assets

❏ Oman has a strong financial system with quality financial assets, well regulated and monitored by Central Bank of Oman and Capital Markets Authority. This strength is well reflected in the Sovereign long term rating of A-1 with stable outlook, assigned to Oman by the global rating agency Moody’s.

1,285 1,390 (105) 514 514 -

Assets and Liabilites of Bank of Beirut - Oman Branch as on 31st December, 2013

13. Other assets

contributions from Member Banks and the Central Bank of Oman in providing funds through the collection of an annual insurance premium from the Member Banks and the Central Bank of Oman. This system is subject to the supervision of the Central Bank, both administratively and financially. It is worth mentioning that this system

12

[RO '000] Current Year Previous Year 8,363 7,490 (4,247) (3,612) 4,116 3,878 (102) (55)

Other Comprehensive Income for the Year

12. Losses carried forward

❏ The Deposit Insurance Scheme in the Sultanate is “explicit insurance”, which is a rule based scheme where the Government allows the banking sector to take the most of the responsibility through an independent deposit insurance system through Royal Decree # 09/95 with its amendments. In the Sultanate, the system is based on

Note

25,500 -

25,500 -

7,593

5,585

14,856

16,780

318,601

293,974

6

al nt O i c e e B Sp plem he C p t su d by ue s s I

Bank of Baroda, Oman Mr. Vellanki Venkateshwarlu Country Head,

❏ Educating the public about the benefits and conditions of BDIS is key to the effectiveness of the system. A successful public awareness program should be designed to build public confidence in the BDIS and the safety and soundness of the financial system. Financial system stability is a key component of a healthy economy and contributes directly to economic growth and development. An effective BDIS is one of the pillars of a sound financial system and public confidence in that system. Public awareness of BDIS – its existence and operations - plays a significant role in underpinning a sound deposit insurance scheme.

Habib Bank Limited, Oman Mr. Iqbal Ali Khamis Al Lawati Country Manager

Form No.CBO/MDR/3

Note Gross interest income Interest expense Net interest income Interest reserved

5

Other operating income: Dividend income Fees and commission income (net) Foreign exchange gain (net) Other income

5a

General and administrative expenses Depreciation Amortization of insurance deposits

❏ We in Oman are very fortunate to be living in an extremely well protected and well regulated financial environment, thanks to the prudent and realistic policies of the Central Bank of Oman, which have kept the country well insulated from the vagrancies of the

international market. This has been observed time and again as the international markets go in an ‘up & down’ swing from time to time, while our stability remains unchallenged. It is in keeping with this wise and prudent thinking on the part of the regulators

which saw the need to further strengthen and reinforce the financial security and stability of the small depositors vide the introduction of this Insurance Scheme, and mandating that all banks operating in the Sultanate are to participate in the scheme.

11 6

Net operating profit before impairment Bad debts written off Impairment loss on loans and advances General provision

5

5

Profit for the year after impairment loss on loans and advances and before taxation

Form No.CBO/MDR/5

2013 RO’000

2012 RO’000

1,890 (137) ______ 1,753 ______ 1,753

1,979 (134) ______ 1,845 ______ 1,845

100 151 557 ______ 2,561

70 187 361 ______ 2,463

(2,129) (62) ______ 370

(2,016) (60) (23) ______ 364

(12) (7) (44) ______

(4) (37) ______

307

Income tax

13

Net profit and total comprehensive income for the year Other comprehensive income for the year Movement in fair value of available for sale investments Effect of currency translation Other comprehensive income Total comprehensive income for the year

ASSETS

(25) ______ 298

______ 269 ======

_____ 298 ======

706

584 1,976

3. Capital deposit with CBO 500

500

2. Balances with CBO

LIABILITIES

2012 RO’000

6,071

1. Cash

4. Certificate of Deposits 5. Government and other Securities

-

4,500

-

-

6. Treasury bills and other Bills eligible for rediscount with CBO

-

-

7. Balance due from HO, Branches, and Affiliates Abroad 4,347

6,013

1. Deposit (including Government) a) Demand b) Savings c) Time 2. Certificate of deposits 3. Due to H.O, Branches, Principal Shareholders & Affiliates Abroad 4. Due to Banks - Placements - Borrowings 5. Other money market Deposits 6. Borrowings from CBO 7. Capital/assigned capital 8. Reserves 9. Profits carried forward 10.Other liabilities

8. Due from Banks - Placements 19 3 - Loans and advances 9. Other money market placements 10.Investments securities 5,083 3,935 11. Loans, advances and overdrafts (net of allowance for impairment)* 40,005 32,803 12. Tangible fixed assets 231 133 13. Losses carried forward 14. Other assets 1,141 697 _____ _____ Total assets 58,103 51,144 ====== ====== *Impairment loss on loans and advances

323

(38) ______ 269

2013 RO’000

Total liabilities

INTERNAL

INTERNAL

Standard Chartered Bank,Oman Gurcharan Kadan Chief Executive Officer Standard Chartered Bank – Oman Profit and loss account for the year ended December 31st, 2013

❏ The BDIS scheme is another very positive building block reflecting the strength and stability of the financial system in Oman and protecting the depositors from any Bank failure. With the deposit insurance scheme, Oman will now offer internationally bench marked and available best practice to their depositors.

Gross interest income Interest expense

2013

2012

RO’000

RO’000

Liabilities

9,448

8,035

(1,790)

(1,670)

a.

Assets

2012

2013

2012

RO’000

RO’000

RO’000

RO’000

year

Cash 89,878

-

-

b.

Saving

7,658

6,365

c.

Time

-

-

Net fee and commission income

2,508

3,313

Government and others: bonds, treasury and other bills

Net foreign exchange income

1,365

1,725

Bills eligible for re-discount with other financial institutions Bills eligible for re-discount with CBO

Other income

-

-

Gross income

11,531

11,403

General and administrative expenses

(4,339)

(4,298)

(228)

(146)

Other operating expenses

(3,267)

(3,378)

Total operating cost

(7,834)

(7,822)

Depreciation

7,471 150,577

Head office

b.

Branches

c.

Affiliates abroad

157 3,279 -

a.

Deposits

b.

Loans

2,076 -

3,581

-

-

212

(353)

Profit for the year after provisions and before taxation

3,909

3,228

Reserves

Taxation

(447)

(448)

Carried forward profits

7,329

Net Profit after Tax for the year

3,462

2,780

Fair value reserve

(112)

(343)

231

72

(44)

Other liabilities

35,864

3,191

2,967

Total liabilities

336,593

Other comprehensive income for the year Movement in fair value of available for sale investments (net of tax) Actuarial gain / (loss) recognised Total comprehensive income for the year

Actuarial valuation reserve

39,546

500

28

1,830

40,863

44,852

500

500

-

-

13,318

9,677

35,995

23,999

-

-

6,680

5,820

2

-

27,760

6,720

5,251 - Balances due from: a.

Head office and Branches

b.

Affiliates abroad

2,111 - Due from banks:

Capital resources: Capital

Impairment losses

1,577

151 Equity investment

Due to banks:

3,697

Bad debts written-off

5,751 Balances at CBO 114,735 Capital Deposit with CBO

Balances due to: a.

year

70,982

Net interest income Dividend income

Current

Current year

2013

Deposits (including government deposits): Current

Current

Current year

Net interest reserved

Net operating profit

The deposit insurance scheme will further provide the public in Oman the confidence and comfort in the soundness of the banking system.

Assets and liabilities as at 31 December 2013

a.

Deposits

b.

Loans and advances

39,546 Investment bonds

-

-

-

-

500 6,647 Loans, advances and overdrafts (net of provisions for impairment)

177,320

158,413

232 (44) Fixed assets

631

606

-

-

59,739 Other assets

31,947

53,184

305,601 Total assets

336,593

305,601

Carried forward losses

2013 RO'000

2012 RO'000

17,171 5,930 11,015

12,048 5,988 8,126 -

370 -

2,000

-

-

20,501 1,122 1,994

20,501 853 1,355

______ 58,103 ======= 877 =======

______ 51,144 ======= 878 =======

273

Iss su Spe ue ppl cia d b em l y t en he t CB O

7 State Bank of India, Oman Mr. Rajesh Kumar Verma Chief Executive Officer

lessens the impact of eventuality; on the other, it enhances the confidence by encouraging savings habit.

❏ Deposit insurance schemes are formulated by the central banks world over, mainly to protect the small depositors against loss of their deposits, to a specified amount, in the unlikely event of the bank they placed their deposits fails. Deposit insurance is an integral part of such a depositor protection scheme and is well-established in virtually all mature economies.

In the Sultanate, Central Bank of Oman ensures the protection of depositors principally through strong prudential oversight of the financial industry, including SBI Muscat. Aimed at promoting the safety and soundness of banks and maintaining systemic stability, the key elements of CBO’s prudential oversight are strict licensing standards, prudential regulation, risk-based supervision and systemic surveillance.

Small depositors could be badly affected by the loss of their bank deposits, in case of a Bank failure. Deposit insurance such as Bank Deposits Insurance Scheme (BDIS) at the one end,

Bank Saderat Iran, Oman

PO Box 1269 Ruwi PC 112 Sultanate of Oman Tel : 24833923 , Fax: 24836478 Swift : BSIROMRX Email: [email protected]

Bank Saderat Iran

�‫��� ����ا� �يرا‬

Oman Branches

���� �‫�رو‬

The Balance Sheet As On 31 December 2013

Assets

Mr. Hossein Partovi General Manager

2013 (R.O 000) 2012 (R.O 000)

1- Cash 2 - Balance With Central Bank of Oman 3 - Capital Deposit with Central Bank of Oman 4 - Govermental and Other Bonde and Securities

325 12,351 500 -

5 - Treasury Bill

383 10,517 500 -

-

6 - Other bonds can be deducted with the CBO 7 - Due From Head Office and Branches, Shareholders and affiliates abroad

-

-

-

5,608

5,298

-

-

8 - Due From Banks

❏ As the Bank Deposit Insurance Scheme (BDIS) is designed to further strengthen the financial system and protection of depositors, it is essential that the public be informed on an ongoing basis about the benefits of BDIS. Public awareness of BDIS and its operating mechanism plays a significant role in ensuring

1) Deposits a) Local b) Overseas 2) Loan and Advances 9 - Investments 10 - Lonns and advances and Overdrafts (net of allowance for impairment)

that depositors are aware that their deposits are safe. This knowledge can help maintain and ensure financial stability. The Road map initiated by Central Bank of Oman in association with Member Banks will raise confidence of the public to stay closer to Banking and financial systems in the Sultanate.

1 150

150

6,204

8,314

290

361

16 25,445

21 25,545

11- Tangible Fixed Assets 12 - Loss 13 - Other assets Total Assets

1

Liabilities

Income statement for the Year ended 31 December 2013 2013 (R.O 000) 2012 (R.O 000)

1 - Deposits (Include Government Deposits) a) Demand b) Saving c) Term 2 - Due to the Head Office and Branches, Shareholders and affiliates abroad 3 - Due to Banks 4 - Term Loans 5 - Assigened Capital and capital deposit with CBO 6 - General Reserve 7 - Retained earnings 8 - Other Liabilities

112 �‫ �و� ال�� البريد‬1269 � � ���� ����‫س‬ 24836478 : ���� 24833923 :���� BSIROMRX : ‫سوئيفت‬ [email protected] :‫البريد االكتروني‬

842 241 2,930 111 93

1,221 218 3,033 59

2013 (R.O 000) 2012 (R.O 000) Gross Interest Income Interest Expenses Net Interest Income

787 -119 668

1000 -126 874

30

49

Other Operating Incom

65

1 Dividend Income

-

-

2 Net fee and commission Income

20,500

20,500

372 356

155 294

3 Net foreign exchange Income

2

8

4 Other Income Gross Income

7 707

3 934

Employment Costs Other Operating Expenses

-247 -241

-230 -270

Depreciation

Total Liabilities

25,445

25,545

-72

Impairment allowance and reserve interest released Allowances for impairment Operating profit after impairment allowances Previous years Tax Provision for income tax

-72

332

97

-57 422 0 -50

-282 177 0 -22

372

155

Notes to the loans and advances and overdrafts 2013 (R.O 000) 2012 (R.O 000)

Total loans, advances and overdrafts Deduct: Bad and Dubtful debt and interest in suspenses

7,767

10,305

-1,563 6,204

-1,992 8,313

Total Profit and other comprehensive Income for the Year

Bank Melli Iran Mr. Abolghasem Naseri General Manager

❏ Effective Bank Deposit Insurance Scheme (BDIS) is a pillar of a sound financial system. In order for the deposit insurance system to be effective, it is essential that the public be informed on an ongoing basis about the benefits and limitations of BDIS. Public awareness of BDIS, its existence and how it works plays a significant role in ensuring that depositors are aware that their deposits are safe. In turn, this knowledge can help contribute to financial stability. The steps initiated by Central Bank of Oman in association with Member Banks will raise confidence of the public to stay closer with the genuinely regulated financial systems and procedures of the country.

Form No. CBO/MDR/4

BANK MELLI IRAN MUSCAT BRANCH

Minimum Disclosure Requirements in Year-end Financial Statements Statement of Retained earnings for the year ended 31st December 2013

Form No. CBO/MDR/5

Minimum Disclosure Requirements in Year-end Financial Statements Summarised Statement of Financial Position as at 31st December, 2013

Assets 1. Cash 2. Balances with CBO 3. Capital Deposit with CBO 4. Government & other Securities 5. Treasury Bills & Other Bills eligible for rediscount with CBO 6. Due from H.O., branches, principal shareholders & affiliates abroad 7. Due from banks: i) Placements ii) Loans & Advances 8. Other Money Market Placements 9. Investment securities held to maturity 10. Loans and advances (net of provisions for loan losses & reserve interest) 11. Tangible Fixed Assets 12. Losses carried forward 13. Other Assets Total Assets

MANAGER

Current year Previous year 2013 2012

216 2,194 500 -

17,000 7,734 -

1

75 1,411 500 -

Liabilities & Capital 1. Deposits (incl. Govt.) a) Demand b) Savings c) Time

17,000 2. Certificate of Deposits 3. Due to H.O., branches, principal

7,309 shareholders & affiliates abroad -

1,448

2,882 6. Borrowings from CBO

1,968

2,227 7. Assigned Capital

461 223 31,745

Current year Previous year 2013 2012

5,812 196 3,368 -

6,020 271 3,827 -

1,033

994

2 4. Due to Banks:

i) Placements ii) Borrowings 5. Other Money Market Deposits

519 8. Reserves 9. Retained Earnings 303 10. Other Liabilities 32,228

11.Deposit with CBO Total Liabilities & Capital

Details

-

15

-

15

20,000

20,000

656 165 500 31,745

425 176 500 32,228

-

EXTERNAL AUDITORS

Profit for the year before taxation Taxation Profit for the year after taxation Retained Earnings brought forward from previous year Profits available for appropriation Proposed Appropriations: Legal Reserves General Reserves Directors Remuneration Cash Dividend * Stock Dividend * Remittance to Head Office# Other Allocations a) b) c) Un-appropriated Profits carried forward

Note Current Year 2013

(21) (21) 425 404

-

-

404

RO. 000’s Previous Year 2012

275 (33) 242 183 425

-

-

425