OPEN JOINT STOCK COMPANY AMRAHBANK JOINT STOCK BANK
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2008
(in Azerbaijan Manats)
22
5. ALLOWANCE FOR IMPAIRMENT LOSSES AND OTHER PROVISIONS
The movements in allowance for impairment losses on interest bearing assets were as follows:
Loans to customers
31 December 2007
5,387,393
Additional provision recognized
2,415,929
Write-off of assets
(1,191,096)
31 December 2008
6,612,226
Recovery of provision
(445,763)
Write-off of assets
(5,038,105)
31 December 2008
1,128,358
The movements in allowances for impairment losses on other transactions were as follows:
Other assets
Guarantees and
other
commitments
Total
31 December 2006
8,714
213,267
221,981
Additional provision recognized
6,397
-
6,397
Recovery of provision
-
(213,267)
(213,267)
Write-off of assets
(6,465)
-
(6,465)
31 December 2007
8,646
-
8,646
Write-off of assets
(8,646)
-
(8,646)
31 December 2008
-
-
-
6. NET GAIN ON FOREIGN EXCHANGE OPERATIONS
Net gain on foreign exchange operations comprises:
Year ended
31 December
2008
Year ended
31 December
2007
Translation differences, net
313,461
19,702
Dealing, net
116,277
45,056
Total net gain on foreign exchange operations
429,738
64,758
OPEN JOINT STOCK COMPANY AMRAHBANK JOINT STOCK BANK
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2008
(in Azerbaijan Manats)
23
7. FEE AND COMMISSION INCOME AND EXPENSE
Fee and commission income and expense comprise:
Year ended
31 December
2008
Year ended
31 December
2007
Fee and commission income:
Cash operations
1,790,627
1,719,590
Settlements
723,652
640,818
Foreign exchange operations
126,260
141,386
Plastic cards operations
108,848
79,417
Others
7,349
17,252
Total fee and commission income
2,756,736
2,598,463
Year ended
31 December
2008
Year ended
31 December
2007
Fee and commission expense:
Settlements
(132,578)
(120,758)
Plastic cards operations
(98,774)
(72,934)
Documentary operations
(52,334)
(11,152)
Cash operations
(45,928)
(73,114)
Foreign exchange operations
(13,199)
(7,902)
Total fee and commission expense
(342,813)
(285,860)
8. OPERATING EXPENSES
Operating expenses comprise:
Year ended
31 December
2008
Year ended
31 December
2007
Staff costs
2,024,288
1,038,956
Rent on office premises
743,353
315,012
Security costs
221,294
103,262
Repairs and maintenance of property and equipment
198,032
27,208
Communications
139,364
115,864
Depreciation and amortisation
133,797
105,468
Professional services
124,591
86,121
Office supplies
119,278
109,502
Advertising costs
44,269
32,061
Utilities
39,522
30,686
Taxes other than income tax
36,311
2,541
Software costs
34,120
34,481
Others
298,101
171,430
Total operating expenses
4,156,320
2,172,592
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