Annual Report 2007 - Bank of Baghdad · 2 | Bank of Baghdad Annual Report 2007 Bank of Baghdad is a member of the KIPCO Group ... (UGFS), KAMCO, Al Dhiyafa, Royal Capital, North Africa

Our bank continues to build and grow, to embrace the future for our customers and stakeholders, offering the key to a brighter financial today.

Annual Report 2007

Vision, Mission and Values 01

Financial Highlights 03

Chairman’s Statement 04

Annual Review 08

Auditors’ Report 14

Financial Statements 2007 17

Bank of BaghdadPO Box 3192, AlwiyaBaghdad, IraqTel: +964 717 5007Fax: +964 717 5006

www.bankofbaghdad.org

Bank of Baghdad Annual Report 2007 | 1

Our Vision To be the leading financial services provider in Iraq, and to consistently meet or exceed customer expectations. Our Mission To provide leading financial service solutions that contribute to and support the long-term well being and success of all our customers, our country and our worldwide partners. Our Values guide everything we do: Trust and Integrity; Mutual Respect; Teamwork and Commitment; Excellence and Innovation.

2 | Bank of Baghdad Annual Report 2007

Bank of Baghdad is a member of the KIPCO Group

Over 27 years in the Financial Services Industry

The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than US$ 21 billion under management or control. KIPCO’s Financial Services interests include holdings in commercial and investment banking, asset management and insurance. The Group’s core operating companies in this sector include United Gulf Bank, Gulf Insurance Company and Burgan Bank. KIPCO’s core subsidiaries and associates include: Bank of Baghdad, Syria Gulf Bank, Jordan Kuwait Bank, Algeria Gulf Bank, Tunis International Bank, United Gulf Bank Securities Company (UGBS), United Gulf Financial Services (UGFS), KAMCO, Al Dhiyafa, Royal Capital, North Africa Holding Company and Manafae Investment Company.


Operating Revenue

06

05

17.7

9.5

Billions ( IQD )0 30252015105

07 32.3

Net Operating Profit

06

05

9.6

4.7

Billions ( IQD )0 20161284

07 22.4

Shareholders’ Equity

06

05

59.5

55.9

Billions ( IQD )7565554535

07 76.1

Net Income

06

05

3.6

2.4

Billions ( IQD )15129630

07 16.6

Total Assets

06

05

331.2

318.0

Billions ( IQD )350200 300250

07 363.7Bank of Baghdad achieved record profit during 2007 with an exceptional growth rate, posting a Net Income of IQD 16.6 billion (USD 13.6 million), compared to IQD 3.6 billion (USD 2.7 million) in 2006, and achieving a Net Income increase of 361.11% over 2006 figures.

Total assets at 31 December 2007 were IQD 363.7 billion (USD 299.3 million), with a strong equity base of IQD 76.1 billion (USD 62.6 million).

Fixed assets stand at IQD 11 billion based on book value, 3.03% of total assets reserves from the year’s net operational profit.

Total Assets – up 9.81% IQD 363.7 billion

Operating Revenue – up 82.49% IQD 32.3 billion

Net Operating Profit – up 133.33% IQD 22.4 billion

Shareholders Equity – up 27.9% IQD 76.1 billion

Net Income – up 361.11% IQD 16.6 billion

Financial Highlights


On behalf of the Board of Directors, it is our pleasure to present the results of Bank of Baghdad for the year ending 2007.

Bank of Baghdad witnessed exceptional growth over 2007, posting a Net Income of IQD 16.6 billion (USD 13.6 million), compared to IQD 3.6 billion (USD 2.7 million) in 2006, and achieving a Net Income increase of 361.11% over 2006 figures. A strong growth in operating income of 82.49% was achieved, with an expense growth of 22.18%.

Expense growth includes ongoing reinvestment back into our businesses, through recruitment of front line staff, increased spend on IT infrastructure, branch revitalisation and strategic support initiatives from UGB.

During 2007, the bank made a number of improvements to the retail and corporate product range and enhanced the underlying technology infrastructure, resulting in an increase in performance and productivity levels across the branch network, and excellent growth in corporate loans. The bank also adopted a new geographic organisational structure and made significant progress in the execution of strategic priorities, reinvesting in many areas of the business and infrastructure, to drive future profits. Further investments were made during the year in both staff numbers and training, product development, marketing and increased IT project spend, to support the strategic expansion of our banking activities.

It has been a year of many challenges for the bank, but also a year of significant change and success. Despite difficult market conditions, we achieved strong financial results and realised another year of record profitability. We also made important strategic progress on many new initiatives that, with continued development over the coming months, will contribute significantly to ourlong-term objectives.

Chairman’s Statement

Global Economy

The global economy remained resilient in the face of the slowdown experienced in the USA over the year. Despite this, liquidity remained abundant in Asia, though signs are now suggesting economic resource constraints are beginning to draw near.

In the Euro area, despite headwinds from the currency, high oil prices and the credit turmoil currently being experienced, strong fundamentals driven by supportive monetary and fiscal policies, plus the absence of imbalances, all indicate slow but continued solid growth, with some upside inflation risks.

Emerging EMEA made strong growth during 2007, though with some country dispersion. The main theme for the region as a whole has been rising inflation. Fiscal spending has surged in the Gulf, as the region starts to spend its oil windfall.

Iraq continued its healing process over the year, despite ongoing security issues and difficulties still being experienced. The economy witnessed some improvement through several positive factors, including the rise in oil prices across world markets, and favourable growth in the non-oil sectors, specifically in the area of construction in the Northern Province. The Central Bank also created increased growth, by successfully controlling inflation through its exchange rate policies. It also initiated and implemented a number of key structural reforms,


Bank of Baghdad has expanded its operations. 2007 has seen many changes in our organisation, from IT advancement to new products and services.


Bank of Baghdad will continue to strive to be the bank of first choice in all that we do, building on our mix of business strengths, enhancing our retail network across Iraq, and seizing opportunities arising from the robust building and re-construction in the Northern and Southern regions.


We are fortunate in growing, in building and in embracing the uncertainties of tomorrow with utter certainty. Your Board is focused on making Bank of Baghdad the leading financial services provider in Iraq, which will allow us to achieve superior long-term investor value.

Chairman’s StatementContinued

such as bank restructuring and development of the private sector, both of which will aid in maintaining economic growth over the coming years.

Outlook

Last year we undertook many initiatives across all areas of the business, to strengthen our capabilities and better position ourselves for the future, but there is much yet to do. To continue to strive to be our customers’ bank of first choice in all that we do, we will continue to build on our mix of business strengths, enhance our retail network across Iraq, and seize opportunities arising from the robust building and re-construction in the Northern, Central and Southern regions. In addition, the bank will continue to lay the groundwork for infrastructure improvements and operating efficiencies, through information technology advances and business process re-engineering.

With the outlook for overall credit growth in 2008 remaining promising, the bank expects to achieve excellent growth in the coming year, through a continued focus on business expansion and delivering exceptional customer service. Despite the ongoing difficulties faced by the country, we remain optimistic of our future.

Over the past year all areas of the bank have been subject to considerable development and improvement, designed to enhance our network and broaden our expertise and abilities. As a result,

it has been another exciting year for the bank, with significant progress made on our strategic priorities. We remain focused today on delivering what our customers will need tomorrow, and will continue to develop and improve the bank to achieve this over the coming months. Our progress on our strategic initiatives to date, and the delivery of another year of excellent financial result is attributable to the commitment and hard work of all our employees. I would like to take this opportunity to extend my personal thanks to all our employees for their contribution to the success of the bank during these transitional challenges.

I would like to thank my fellow Directors for their continued commitment and dedication to the success of the bank. Their steady leadership and invaluable contributions remain key to the bank’s achievements.

I would also like to thank the Central Bank of Iraq, and our customers for their confidence and continued support of the Bank of Baghdad.

Emad Ismail ShareefChairman of the Board


Last year we took a number of steps to strengthen our capabilities and prepare for our future, focusing on the further development and implementation of our Strategic Goals set out in 2006.

The year’s success demonstrated the value of the enhancements and restructuring of our business already made, with more yet to come. Going forward, we have the full commitment of our Board and employees to realising our vision of being Iraq’s best financial services provider, through delivery of the best customer service, the best products and the best technologies.

Last year we identified four strategic priorities to raise our business performance and growth: Customer Relationships; Branch Expansion; Sales Culture; Technology and Operational Excellence. We made significant progress again this year in advancing these four strategies, and this is having a positive impact for all our areas of businesses.

Retail Banking

Customer service and technology improvements remain the bank’s top strategic priority, and while we have made real progress in this area, we still have some way to go before we achieve the level of service we are completely satisfied with. To instil a sales and service culture within the bank, we have placed particular emphasis on training our frontline people, focusing on understanding customer needs, relationship management, product knowledge and service, cross-selling, business referral initiatives, taking ownership and following up.

Annual Review

To better equip our frontline staff with product knowledge information, we have developed the ‘Bank of Baghdad guide’ - a comprehensive compendium of products, services and their features and benefits. We have opened new branches and are redesigning old branches to increase our frontline presence and become more accessible to our customers.

We are reviewing and refining our product portfolio and introducing new and improved products that will give us a competitive edge. We have also rationalised some of our product offerings, to provide simpler and more tailored solutions for customers at point of sale.

In addition, we are looking at ways to further simplify our processing procedures, to speed up approval times and improve responsiveness to all our customers.

Corporate Banking

We continue to develop our relationships within Iraq and with our seven partner banks across the Middle East and North Africa for mutual benefit – Jordan Kuwait Bank in Jordan; Algeria Gulf Bank in Algeria; Syria Gulf Bank in Syria; Tunis International Bank in Tunisia; Burgan Bank in Kuwait and United Gulf Bank in Bahrain. Other investment and asset management financial services in the network are located in Bahrain, Qatar, Kuwait and Abu Dhabi. These provide commercial banking services for small to medium-sized businesses and professionals in a variety of industries. We have also worked hard to identify new opportunities within the corporate banking segment, to improve our performance and

2007 was another milestone year for Bank of Baghdad. The year produced excellent financial results for the bank, and our strong record of achievement reflects the strengths and dedication of our management team. We continued to focus on profitable growth, while avoiding business that we perceived to have a high-risk profile, or which did not meet our return criteria. As a result our credit quality remains strong.


We are reviewing and refining our product portfolio and introducing new and improved products that will give us a competitive edge.

The Bank has made significant progress again this year in advancing four strategic priorities to raise our business performance and growth: Customer Relationships; Branch Expansion; Sales Culture; Technology and Operational Excellence.


In 2007 the Bank gave particular attention to building stronger customer relationships, improving products and services, expanding the branch network and improving on the bank’s image in the marketplace.

In 2007, a number of initiatives were undertaken to enhance the brand of Bank of Baghdad, in order to better differentiate the bank from competitors and set us apart as the financial partner of first choice.


Annual ReviewContinued

grow our business in the future. During the year we progressed a number of important initiatives designed to improve our corporate Banking division:

We now have in place a dedicated trade finance department to further focus on our customer’s needs.We have developed a new and improved portfolio of corporate banking products. Corporate / retail cross-selling programmes have been put in place to capture a broader share of customer business and we have invested further in training our staff, and added new technology to make it easier for our customers to bank with us.

Marketing

In 2007, a number of initiatives were undertaken to enhance the brand of Bank of Baghdad, in order to better differentiate the Bank from competitors and set us apart as the financial partner of first choice.

The Bank’s logo, corporate identity and marketing collateral received a face-lift across all areas of the bank, to modernise our look inline with the changes taking place to the business. This is just the first stage of a complete new branch network design and retail delivery programme to be rolled out in the second half of 2008.

We have signed an outsource agreement to manage our private label, Visa and MasterCard products which we will offer to our customers in the second half of 2008.

We have taken many steps to develop our marketing expertise, with the deployment of new marketing competencies, strategies and product development. Ambitious plans and strategies were further refined, to position us as a more market-driven operating environment.

‘Mystery shopper’ research was undertaken, to better understand our levels of service compared to that of our competitors and a number of specific marketing and communications programmes were developed over the year to support the different business groups.

The bank participated in the Erbil International Fair. We were one of three hundred participating companies attended by a diversified cross section of international businesses, providing financial advice to existing and potential retail and corporate customers. The Bank’s name and recognition was greatly enhanced and extensive new customer leads were generated.

Great time and care was afforded to the design and development of our new website, with enhanced customer features and capabilities, highlighting our products, services, international financial news and worldwide stock markets. The site will help us to track customer queries and generate sales leads, and was launched in the first half of 2008.

Technology and Operations

The initiatives in this area are designed to deliver greater efficiency across the Bank and to provide us with the technology to increase our competitive leverage through innovative process and systems.

We have further structured our new BoB Information Technology (BoBIT) team and we have reorganized the function into a more coordinated and effective structure.

We executed a number of initiatives designed to improve customer service, increase operational efficiency and provide increased security to the Bank and its customers.

Human Resources

The commitment, engagement and enthusiasm of our employees go to the heart of our success as an organisation and our ability to deliver on our strategies. Over the year we have put in place a number of initiatives: We engaged an international training consultancy to assist us in our in-house training programs for frontline and management. We recruited senior management to the team, to fill vital positions, and have increased our focus on our people with the introduction of a number of initiatives


designed to enhance their well-being. We have prepared new policies and procedures for the bank, already approved by the Board and we have prepared new job descriptions for the Executive Management of the bank, which will be filled in 2008.

Risk and Audit

We attach the greatest importance on improving our risk management and auditing procedures and controls, with regard to the Central Bank of Iraq regulatory requirements, international banking standards and in order to meet our own ambitious standards. several key initiatives have been taken in this area.

We have identified credit, market and operations risks and developed policies and procedures to measure, manage and mitigate those risks. We have reviewed and enhanced our management procedures for credit approval processes. We continue to set in place new procedures for management, business and operating departments, to focus on improvements

Looking ahead

Our vision for Bank of Baghdad is to be the leading financial service provider in Iraq, and to consistently meet or exceed customer expectations. To measure up to this ambitious goal, we gave particular attention in 2007 to building stronger customer relationships, improving products and services, expanding the branch network and improving on the bank’s image in the marketplace. All the successes and achievements made during the year have positioned us well to focus on our future ambitions. Financially we also had a very good year, giving us renewed momentum going into the 2008 financial year.

The bank’s ability to deliver the strong performance we have seen over the past year would not have been possible without the dedication and commitment of our employees. The challenges of moving into a more customer driven culture are not to be under-estimated, and we recognise the tremendous amount of effort each and every one of our employees has contributed over the last year. We recognise that the loyalty and contribution made by our staff has been a key factor to our achieving success, and we thank every one of them for their continued support.

Through our new branch network design rollout in 2008, enhanced business processes, further market research, greater sales culture and updated operations and technology, we will be able to develop products and services through the highest level of delivery channels to best meet our customers’ needs throughout their financial journey in life. We are well poised to make 2008 our best year yet.

Annual ReviewContinued


Our vision for Bank of Baghdad is to be the leading financial service provider in Iraq, and to consistently meet or exceed customer expectations.

The successes and achievements of the year have positioned us well to focus on our future ambitions, giving us increased momentum going into the 2008 financial year.

Auditors’ ReportMembers of the General Meeting


We examined the Balance Sheet of Bank of Baghdad (Private Joint Stock Company), Baghdad, as at 31st December, 2007, the Profit and Loss and Distributions Account for the year ended on the said date and the Bank’s Annual Report prepared according to the provisions of the Banking Law No. 94 of 2004 and the Companies Law No. 21 of 1997 and the Regulations and instructions issued in accordance therewith.

We obtained the information and clarifications, which we felt necessary for carrying out our duties in accordance with the applicable legislation and in compliance with the recognizing auditing procedures, which included the necessary tests of the Bank’s business which are part of our duties. We would like to note the following comments:

First: Bank’s Business Activities

The surplus of the Bank’s business activities for the year subject to the audit amounted to IQD 22,496,776,327 while it was IQD 9,694,202,698 in the previous year, which shows that it increased by an amount of IQD 12,802,573,629 representing an increase of 132% as shown in the following details:

a) Increase in the Revenues of Current BusinessDuring the year ended on 31st December, 2007 there was an increase in the revenues of current business in an amount of IQD 14,560,801,502 arising as follows: Iraqi Dinars %Increase in Banking Operations Revenues 7,820,329,677 54Increase in Investment Revenues 6,813,703,962 47Increase in Service Business Revenues (73,232,137) (1) 14,560,801,502 100

b) Increase in Expenses of Current BusinessDuring the year ended on 31st December, 2007 there was an increase in the expenses of current business in an amount of IQD 1,785,582,599 as follows: Iraqi Dinars %Banking Operations Expenses 785,404,904 44 Depreciation (65,149,359) (4) Overheads 1,065,327,054 60 1,785,582,599 100

c) “Miscellaneous Revenues and “Other Transfer Expenses”The increase in miscellaneous revenues amounted to IQD 151,417,752 while the increase in the Transfer and Other Expenses amounted to IQD 124,063,026.

According to the above, the increase in the Bank’s business surplus amounting to IQD 12,802,573,629 arose from the following: Iraqi DinarsIncrease in Current Business Revenues 14,560,801,502Less:Increase in Expenses of Current Business 1,785,582,599Add:Increase in Miscellaneous Revenues 151,417,752Less: Increase in Transfer and Other Expenses 124,063,026 12,802,573,629

Second: Financial Position:

The asset balance increased as at 31/12/2007 compared with the balance as at 31/12/2006 by an amount of IQD 32,515,002,973 as follows:

Iraqi Dinars %Current Assets:Cash (26,581,968,808) (81)Investments 31,997,029,920 98Cash credits 9,584,819,401 29Receivables 10,886,953,356 34 25,886,833,869 Net Fixed Assets 6,628,169,104 20 32,515,002,973 100

Sources of FinanceThe aforesaid increase being IQD 32,515,002,973 represents the increase arising from the sources of finance as shown hereunder:

Iraqi Dinars %Short term sources of finance 15,897,254,938 49Long term sources of finance 16,617,748,035 51 32,515,002,973 100Short Term Sources of Finance:Current Liabilities:Current Accounts and Deposits 13,157,118,127 83Provisions 4,593,473,792 29Payables (1,853,336,981) (12) 15,897,254,938 100Long Term Sources of Finance:Shareholders’ Equity:Paid-up capital — —Reserves 16,617,748,035 100 16,617,748,035 100

Third: Financial Investments:

The market value of the short term financial investments/private sector (shares) according to the Price Bulletin of the Iraq Stock Exchange at the last session of the Exchange in 2007 amounted at more than the cost of the investment portfolio, hence no provision was made for the decline in the value of investments in the year subject to the audit.

Fourth: Provision for Doubtful Debts:

A provision was made for doubtful debts being IQD 3,135,819,092 according to the instructions of the Central Bank of Iraq received in this respect, so that the balance of the provision for doubtful debts as at 31st December 2007 amounted to IQD 10,479,780,958.



Fifth: Money Laundering and Terrorism Financing

Through our examination of the accounting records and our review of the nature of banking operations undertaken by the Bank during the year subject to the audit, we did not find any activities indicating that there were banking transactions related to money laundering or those that contributed to financing terrorist activities.

Sixth: Capital Adequacy

Through our examination of the accounting records and statements prepared for the purpose of calculating the capital adequacy, we found that the capital adequacy ratio was 59.5% according to Article 16 of the Banking Law No.94 of 2004.

In our opinion and according to the results of our examination as indicated in the Bank’s records and the information and clarifications given to us:

1) The books of accounts maintained by the Bank fully comply with the book-keeping requirements and in our opinion they contain full records of all the Bank’s assets, liabilities, expenditure and revenues of the Bank; but owing to the poor standard of the Bank’s accounting staff and poor standard of internal control with the Bank’s business activities during the year, we recommend that more concern should be given to this area and the necessity of adopting the necessary action concerning this issue since it has an impact upon the significance of the financial statements that reflect the Bank’s business activities.

2) The inventory of the fixed and cash assets took place properly under our supervision and the inventory results were in conformity with the available records and such assets were evaluated according to the approved principles, rules and standards followed in the previous year.

3) The Annual Report and its contents reflect in a comprehensive manner the Bank’s development during the year subject to the audit and do not include anything that violates the provisions of the applicable laws and statutes.

4) The final statements and accounts have been prepared in compliance with the applicable legislation and accounting standards which conform with the data shown in the registers and are drawn up according to the Companies Law, regulations and instructions in accordance therewith and the Iraq Central Bank Law.

In compliance with the above that have an effect on the financial statements, the attached Balance Sheet reflects the financial position of the Bank as at 31st December, 2007 and the final accounts show the business profits for the year ended on the said date and as shown by the books and records.

Farqad Hasan Ahmed Al SalmanFellow of the Public Accountants Association UK of Farqad Al Salman & Associates Company, Auditors (Partnership)Baghdad, 2nd April 2008

Auditors’ ReportContinued


Financial Statements 2007


Financial Statements 2007

Balance Sheet (As at 31st December 2007)Statement A

Ali Muhsin Al-Asadi Adnan Al-Chalabi Emad Ismail Shareef

Accounts Manager Assistant Managing Director Chairman of the Board

Statement Accounting 31/12/2007 31/12/2006No. Manual No. Iraqi Dinars Iraqi Dinars

Assets

Current Assets

1 18 Cash in Hand 160,942,636,431 187,524,605,239

2 15 Investments 84,983,859,869 52,986,829,949

14 Cash Credits

3 144 Discounted Commercial Papers 5,437,493,913 5,221,187,116

4 14 except 144 Loans and Advances 52,663,889,482 43,295,376,878

58,101,383,395 48,516,563,994

5 16 Receivables 48,669,128,919 37,782,175,563

352,697,008,614 326,810,174,745

Fixed Assets

6 11&12 Inventory – at Book Value 11,027,577,737 4,399,408,633 (after depreciation & amortization)

Total Assets 363,724,586,351 331,209,583,378

Contra Accounts

12 19 Contra Customers’ Obligations for Banking Transactions (after deducting deposits) 124,229,295,886 138,018,023,623

Sources of Finance

Short term Sources of Finance

7 25 Current Accounts & Deposits 255,474,271,826 242,317,153,699

11 22 Provisions 13,232,213,042 8,638,739,250

8 26 Payables 18,911,099,440 20,764,436,421

287,617,584,308 271,720,329,370

Long Term Sources of Finance

9 211 Paid-up Capital 52,973,256,470 52,973,256,470

10 22 Reserves 23,133,745,573 6,515,997,538

Shareholders’ Equity 76,107,002,043 59,489,254,008

Total Sources of Finance 363,724,586,351 331,209,583,378

Contra Accounts

12 29 Contra Bank’s Obligations for Banking Transactions (after deducting deposits) 124,229,295,886 138,018,023,623


Profit and Loss Account (For the year ended on 31st December 2007)Statement B


Current Business Revenues

13 43 Service Business Revenue 21,656,213 94,888,350

14 44 Banking Operation Revenue 19,090,611,376 11,270,281,699

15 46 Investment Revenue 13,144,042,596 6,330,338,634

32,256,310,185 17,695,508,683

Less: Current Business Expenses

16 34 Banking Operations Expenses 4,465,585,569 3,680,180,665

6 37 Depreciation 355,465,648 420,615,007

17 31-33 Overheads 5,013,082,085 3,947,755,031

9,834,133,302 8,048,550,703

Current Operations Surplus 22,422,176,883 9,646,957,980

Add: Transferred and Other Revenues

18 49 Other Revenues 434,026,689 282,608,937

Less: Transferred and Other Expenses

19 38 Transferred Expenses 42,176,111 34,459,110

20 39 Other Expenses 317,251,134 200,905,109

359,427,245 235,364,219

Distributable Surplus: 22,496,776,327 9,694,202,698

Distributed as follows:

Doubtful Debts 3,135,819,092

Tax Provisions 2,743,209,200

Statutory Reserve according to the

Iraqi Central Bank Law 830,887,402

Undistributed Profits (Accumulated Surplus) 15,786,860,633

22,496,776,327


Financial Statements 2007Continued

Iraqi Dinars Iraqi Dinars

Cash balance as at 1/1/2007 187,524,605,239

Add: Sources of Finance

Surplus according to the attached Statement (B) 22,496,776,327

Non-cash Items:

Depreciation and Amortisation 355,465,648

Cash Sources:

Current Accounts & Deposits 13,157,118,127

36,009,360,102

Funds Available for Use 223,533,965,341

Less: Cash Uses:

Financial Investments 31,997,029,920

Cash Credit 9,584,819,401

Receivables 10,886,953,356

Payables 1,853,336,981

Fixed Assets 2,308,906,822

Projects in Progress 4,674,727,930

Income Tax Payments 1,285,554,500

(62,591,328,910)

Cash Balance as at 31/12/2007 160,942,636,431

Statement of Sources and Uses of Funds (For the year ended on 31st December 2007)Statement C

Accounting 31/12/2007 31/12/2006Manual No. Iraqi Dinars Iraqi Dinars

181 Cash in Hand 11,156,489,158 66,884,487,410

182 Standing Advance — 10,800

183 Cash funds in Local Banks 61,924,212,385 16,213,453,212

184 Statutory Deposits with Central Bank 41,105,679,000 94,129,499,055

185 Cheques and Drafts — 20,940,000

186 Foreign Currency Notes 34,340,729,618 —

187 Cash Funds with Overseas Banks 12,415,526,270 10,276,214,762

160,942,636,431 187,524,605,239

Cash Statement (As at 31st December 2007)Statement No. 1



144 Discounted and Purchased Commercial Papers

1441 Discounted Bills of Exchange 2,829,050,000 3,553,450,000

1445 Purchased Local Drafts 2,608,443,913 1,667,737,116

5,437,493,913 5,221,187,116


152 Long-term Financial Investments

1526 Long-term Financial Investments 1,582,121,422 953,086,669

153 Short-term Financial Investments

1531 Short-term Financial Investments/Government Sector 70,000,000,000 —

1536 Short-term Investments/Private Sector 36,738,447 32,743,280

1538 Short-term Investments/Overseas World 13,365,000,000 52,001,000,000

83,401,738,447 52,033,743,280

84,983,859,869 52,986,829,949

Investment Statement (As at 31st December 2007)Statement No. 2

Statement of Discounted and Purchased Commercial Papers (As at 31st December 2007)Statement No. 3


141 Long Term Loans

1416 Medium Term Loans for the Private Sector/Companies — 57,000,000

1417 Medium Term Loans for the Private Sector/Individuals — 13,425,279,528

— 13,482,279,528

142 Short Term Loans

1426 Short Term Loans/Companies — 11,700,000

14271 Short Term Loans/Individuals-Iraqi Dinar 6,671,124,658 14,365,542,220

14272 Short Term Loans/Individuals-Foreign Currencies 36,883,515,001 7,120,234,113

43,554,639,659 21,497,476,333

143 Receivables Current Account

1436 Receivables Current Accounts/Private Sector/Companies 285,309,816 114,179,207

1437 Receivables Current Accounts/Private Sector/Individuals 7,781,939,003 7,669,899,549

8,067,248,819 7,784,078,756

1484 Advances Against Gold Jewellery Mortgage 1,024,927,471 430,679,250

1491 Staff Advances 17,073,533 100,863,011

52,663,889,482 43,295,376,878

Statement of Loans and Advances (As at 31st December 2007)Statement No. 4



161 Current Business Receivables 3,869,034 4,001,029

163-263 Mutual Receivables Accounts 12,423,849,659 13,308,400,307

165 Non-current Business Receivables 4,128,169 2,956,249

166 Miscellaneous Receivables Accounts

1661 Deposits with Third Parties 21,842,275 52,710,750

1662 Accrued Earnings 2,407,595,943 1,046,183,707

1663 Prepaid Expenses 1,043,098,552 678,979,531

1664 Compensation Claims 2,009,406,104 1,578,454,725

1665 Currency Differentials 12,071,639 14,850,759

1666 Legal Costs 105,380,400 49,592,562

5,599,394,913 3,420,772,034

167 Advances

1671 Advances for Business Purposes 285,336,741 810,784,030

16722 Advances for Currency Differentials (Counterfeit) 827,431,568 826,580,741

1,112,768,309 1,637,364,771

169 Miscellaneous Receivables Accounts

1691 Overdue Receivables Accounts 29,414,400,835 19,296,695,673

1693 Letter of Guarantee Debtors 110,718,000 111,985,500

29,525,118,835 19,408,681,173

48,669,128,919 37,782,175,563

Statement of Receivables (As at 31st December 2007)Statement No. 5



Office Deferred Buildings & Plant & Vehicles & Furniture & Revenue InvestmentFixed Assets Land Facilities Equipment Transport Equipment Expenses Expenses Total

Accounting Manual No. 111 112 113 114 116 118 12

Movement During the Year Iraqi Dinars Iraqi Dinars Iraqi Dinars Iraqi Dinars Iraqi Dinars Iraqi Dinars Iraqi Dinars Iraqi Dinars

Cost

Balance as at 1/1/2007 838,792,450 1,912,518,859 373,430,531 95,023,200 893,628,220 693,712,248 — 4,807,105,508

Net Movement during the Year — 17,498,974 23,665,503 47,201,000 287,869,179 1,890,614,521 — 2,266,849,177

Balance as at 31/12/2007 838,792,450 1,930,017,833 397,096,034 142,224,200 1,181,497,399 2,584,326,769 — 7,073,954,685 Provision of Accumulated Depreciation

Balance as at 1/1/2007 — 244,372,339 123,867,106 68,906,122 654,132,386 — — 1,091,277,953

Settlements during the Year — (345,880) (1,375,732) 7,179,076 67,217,634 — — 72,675,098

Add: Depreciation as at 31/12/2007 — 50,633,691 70,776,646 19,004,640 123,858,352 91,192,319 — 355,465,648

Balance as at 31/12/2007 — 294,660,150 193,268,020 95,089,838 845,208,372 91,192,319 — 1,519,418,699

Book Value at 31/12/2007 838,792,450 1,635,357,683 203,828,014 47,134,362 336,289,027 2,493,134,450 — 5,554,535,986

Projects in Progress 1,707,889,191 3,655,631,250 — — — — 109,521,310 5,473,041,751

11,027,577,737

Statement of Fixed Assets and their Depreciation (As at 31st December 2007)Statement No. 6



251 Payable Current Accounts

2511 Payable Current Accounts/Government Sector 23,927

2516 Payable Current Accounts/Private Sector/Companies 15,389,959,699 5,170,664,664

2517 Payable Current Accounts/Private Sector/Individuals 48,143,992,354 23,504,172,274

25191 Crossed Cheques 5,083,278,998 6,300,599,152

25192 Amounts booked by phone 259,375,730 633,749,100

25193 Dormant Payable Current Accounts — 140,115,983

68,876,606,781 35,749,325,100

252 Savings Accounts

2521 Savings Accounts 42,749,224,335 33,535,123,198

253 Term and Demand Deposit Accounts

2531 Fixed and Call Deposits 18,030,746,878 1,538,440,068

25331 Foreign Currency Savings Accounts 21,311,579,002 36,351,194,194

25332 Foreign Currency Fixed Deposits 670,162,507 12,890,178,946

2534 Foreign Currency Current Deposits 85,474,755,420 111,739,166,838

125,487,243,807 162,518,980,046

255 Deposits Received for Banking Transactions:

2551 Deposits for issued Letters of Credit 3,289,653,506 3,594,700,000

2552 Deposits for Letters of Guarantee 8,168,282,462 1,902,448,310

2555 Deposits for Leased Safe Deposit Boxes 1,017,300 1,007,300

11,458,953,268 5,498,155,610

256 Internal Drafts and Cheques

2561 Branches’ drafts drawn against the Bank — 374,650,858

2562 Bills of Exchange drawn against the Bank 4,498,677,262 2,825,321,492

2563 Cheques drawn against the Bank 1,495,696,354 213,248,935

2571 Overseas drafts drawn against the Bank 907,870,019 1,602,348,460

6,902,243,635 5,015,569,745

255,474,271,826 242,317,153,699

Statement of Current Accounts and Deposits (As at 31st December 2007)Statement No. 7




261 Current Business Payables

2613 Financial Sector Payables 16,370,000 7,564,415,212

2616 Private Sector/Companies and Societies’ Payables — 91,814

2617 Private Sector/Individuals Payables 751,091,307 4,105,725,602

767,461,307 11,670,232,628

262 Insurance Premium Receipts 65,891,777 4,479,201

265 Non-current Business Payables 1,866,392,263 2,065,056,677

266 Miscellaneous Payable Accounts

2661 Received Deposits 77,511,251 1,340,410,466

2662 Prepaid Earnings 10,060,802,721 1,272,069,872

26631 Accrued Interest 1,921,412,313 1,064,693,667

26632 Accrued Interest/US$ 618,712,397 377,379,507

26633 Payable Overheads 1,139,641,788 764,511,900

2664 Payable Salaries and Wages (349,623) 404,872

26663 Financial Stamps Fees 140,553,527 182,945,866

2668 Increase in the Fund 3,554,229 3,444,230

26695 Amounts Received for Registration of Companies 669,280,000 921,656,600

26696 Subscription Deposits 327,430 937,544

26699 Accounts under Settlement 932,210,714 —

15,563,656,747 5,928,454,524

267 Deductions for the Account of Third Parties

2671 Staff Deductions for the Account of Third Parties 83,838,643 14,027,982

2672 Non-staff Deductions for the Account of Third Parties 42,000 —

83,880,643 14,027,982

268 Profit Distribution Payables 16,892,121 16,892,121

269 Other Payable Accounts

2695 Balances and Compensations of Deceased Customers 545,295,178 621,903,883

2696 Amounts Retained at Authorities’ Request 1,629,404 1,629,405

2698 Other Payable Accounts — 441,760,000

546,924,582 1,065,293,288

18,911,099,440 20,764,436,421

Payables Statement (As at 31st December 2007)Statement No. 8


Accounting Manual No. Iraqi Dinars

Nominal Capital

Nominal and Authorised Capital:

Number of Shares Share Value

52,973,256,470 IQD 1

211 Paid up Capital 1/1/2007 52,973,256,470

Paid up Capital 31/12/2007 52,973,256,470

Capital Reserve (According Reserve for Replacement Accumulated SurplusType of Reserve to Central Bank Law) of Fixed Assets (Undistributed Profits)Accounting 2141 2144 217 TotalManual No. Iraqi Dinars Iraqi Dinars Iraqi Dinars Iraqi Dinars

Balance as at 1/1/2007 2,134,370,692 56,842,298 4,324,784,548 6,515,997,538

Additions 830,887,402 — 15,786,860,633 16,617,748,035

Write-offs — — — —

Balance as at 31/12/2007 2,965,258,094 56,842,298 20,111,645,181 23,133,745,573

Balance as at Additions Depreciation Balance as atAccounting 1/1/2007 During the Year During the Year 31/12/2007 Manual No. Iraqi Dinars Iraqi Dinars Iraqi Dinars Iraqi Dinars

222 Provision for Doubtful Debts 7,343,961,866 3,135,819,092 — 10,479,780,958

224 Tax Provisions 1,285,554,500 2,743,209,200 1,285,554,500 2,743,209,200

225 Miscellaneous Provisions

2251 Provision for Decline in Investment Value 9,222,884 — — 9,222,884

8,638,739,250 5,879,028,292 1,285,554,500 13,232,213,042

Statement of Capital (As at 31st December 2007)Statement No. 9

Reserves Statement (As at 31st December 2007)Statement No. 10

Statement of Provisions (As at 31st December 2007)Statement No. 11a



Statement of Provisions (As at 31st December 2007)Statement No. 11b (Calculation of Tax Provisions)

Statement of Contra Obligations for Banking Transactions (As at 31st December 2007)Statement No. 12

Service Business Revenues Statement (For the year ended on 31st December 2007)Statement No. 13

Iraqi Dinars Iraqi Dinars

22,496,776,327 Business Surplus according to the attached Profit and Loss Statement (B)

Add: Unacceptable Expenses for Tax Purposes

2,000,000 Donations to Others

2,506,101 Compensations and Fines

50,000 Special Service Costs

13,200,000 Employees’ Income Tax

3,271,000 Aid Provided to Employees

1,495,780 Aid Provided to Others

22,522,881

22,519,299,208

Less: Non-Taxable Revenues:

4,221,002,500 Treasury Bills’ Interest

10,235,500 Earnings from Property Rents

(4,231,238,000)

18,288,061,208 Business Surplus Subject to Tax Provisions

Tax Provisions

15% x Taxable Business Surplus

2,743,209,200 15% x IQD 18,288,061,208


192/292 Issued Letters of Guarantee

1921/2921 Letters of Guarantee (after deducting deposits) 15,478,643,084 28,734,627,815

193/293 Issued LC Accounts

1931/2931 Issued LCs (after deducting deposits) 3,682,098,506 4,045,608,000

196/296 Accounts of Transactions under Collection

1969/2969 Cheques for Clearing 138,560,300 30,000

198/298 Contra Receivable Guarantee Accounts

1983/2983 Mortgages for Banking Facilities 104,929,988,007 105,237,751,220

199/299 Contra Debit Accounts at Nominal Value 5,989 6,588

124,229,295,886 138,018,023,623


437 Miscellaneous Service Revenues 11,420,713 300,350

438 Rents of Fixed Assets 10,235,500 94,588,000

21,656,213 94,888,350



441 Foreign Exchange Income

4412 Foreign Exchange Selling and Buying Income — 387,861,102

4413 Foreign Currency Selling and Buying Income 2,438,765,900 10,331,240

2,438,765,900 398,192,342

442 Internal Advances and Loans Income

4421 Loan Interest

44211 Loan Interest/Iraqi Dinar 3,985,886,069 5,412,541,042

4422 Receivable Current Accounts Interest 2,080,960,551 1,340,256,145

44231 Discounted Bills of Exchange and Drafts Interest 3,062,190,126 597,122,167

44233 Commissions of Bills for Collection 2,474,647 2,035,375

44243 Interest of Advances against Securities Pledge 100,000 —

44245 Interest of Advances against Jewellery Mortgage 88,756,850 41,942,824

44246 Personal Loans Interest 2,401,966 7,799,921

9,222,770,209 7,401,697,474

443 Drafts Commissions

4431 Commission of Sold Internal Drafts 19,579,736 779,405,435

4432 Commission of Overseas Drafts 3,076,716,975 1,800,889,475

3,096,296,711 2,580,294,910

444 Income of Drafts and Letters of Credit

4442 Interest of Outgoing LCs 620,753 36,292,366

445 Letter of Guarantee Income

4451 Commission of Internal Letters of Guarantee/Iraqi Dinar 279,495,808 474,659,048

4453 Interest of Letters of Guarantee — 8,603,684

279,495,808 483,262,732

Carried Forward 15,037,949,381 10,899,739,824

Statement of Banking Operations Income (For the year ended on 31st December 2007)Statement No. 14a




Brought Forward 15,037,949,381 10,899,739,824

447 Miscellaneous Bank Commissions

4471 Commission for Issue of Promissory Notes and Cheques 118,505,930 175,815,291

4473 Commission for Stock and Bond Sales 55,650,585 66,251,690

4479 Other Bank Commissions 3,816,540,686 84,294,921

3,990,697,201 326,361,902

448 Recovered Expenses

4482 Recovered Communication Expenses 22,440,009 16,945,496

4485 Sales of Banking Stationery 39,304,785 26,889,477

61,744,794 43,834,973

449 Other Banking Operations Revenues

4492 Safe Deposit Box Rents 220,000 305,000

4493 Charges for Custody of Sealed Deposits — 40,000

220,000 345,000

19,090,611,376 11,270,281,699


462 Earnings of Domestic Financial Investments

4621 Interest of Treasury Bills 4,221,002,500 1,050,192,608

4622 Interest of Cash Deposits with Third Parties 8,914,303,883 1,626,196,466

4624 Earnings of Domestic Participations 8,736,213 6,116,498

13,144,042,596 2,682,505,572

463 Earnings of Overseas Financial Investments

4633 Interest of Overseas Foreign Currency Deposits — 3,647,833,062

13,144,042,596 6,330,338,634

Statement of Banking Operations Income (For the year ended on 31st December 2007)Statement No. 14b

Statement of Investment Earnings (For the year ended on 31st December 2007)Statement No. 15




342 Paid Bank Interest

3421 Savings Accounts Interest 3,092,955,748 2,355,284,852

3422 Fixed Deposit Interest 1,278,739,717 483,639,484

3424 Overdrawn Current Account Interest — 54,945

3425 Credit Current Account Interest 64,035,253 326,948

4,435,730,718 2,839,306,229

343 Paid Banking Commissions 29,854,851 42,200,994

344 Foreign Exchange Differentials — 798,673,442

29,854,851 840,874,436

4,465,585,569 3,680,180,665


31 Salaries and Wages

312 Cash Salaries

3121 Salaries 665,751,099 573,240,075

3123 Overtime Wages 36,235,797 104,759,438

3124 Staff Bonus 176,928,760 85,345,906

3125 Professional and Technical Provisions 99,376,568 80,760,209

3126 Compensation Provisions 32,298,355 36,273,455

3129 Other Provisions 925,537,777 653,694,070

1,936,128,356 1,534,073,153

315 Contribution to Employees’ Social Security

3151 Bank’s Share to Social Security 106,239,325 72,286,431

Total Salaries and Wages 2,042,367,681 1,606,359,584

32 Goods and Supplies

322 Fuel and Oils 216,830,275 121,434,590

323 Standby Items 453,500 234,500

325 Miscellaneous Items

3251 Supplies and Requirements 23,564,801 19,923,873

3252 Stationery Items 24,632,244 35,718,321

48,197,045 55,642,194

326 Staff Facilities 135,007,743 148,253,335

327 Water and Electricity 16,266,638 15,382,601

Total Goods and Supplies 416,755,201 340,947,220

Statement of Banking Operations Expenses (For the year ended on 31st December 2007)Statement No. 16

Statement of Overheads (For the year ended on 31st December 2007)Statement No. 17a



33 Service Requirements

331 Maintenance Services

3312 Buildings and Facilities Maintenance 41,477,662 36,395,314

3313 Machinery and Equipment Maintenance 42,443,977 18,212,975

3314 Transport Facilities & Vehicle Maintenance 10,806,500 6,488,000

3316 Office Furniture and Equipment Maintenance 64,919,077 69,433,540

159,647,216 130,529,829

332 Research and Consultancy Services 1,404,828,600 888,715,800

333 Publicity, Printing and Entertainment

3331 Publicity and Advertising 28,050,344 6,403,875

3332 Publishing and Printing 10,433,508 25,667,686

3333 Entertainment 4,690,025 7,578,086

3334 Exhibitions — 7,895,850

3335 Ceremonies 125,000 41,250

3336 Conferences and Seminars 2,164,380 2,858,750

45,463,257 50,445,497

334 Transport, Trips & Communications

3341 Staff Transport 134,567,733 109,813,974

3342 Goods and Items Transport 41,994,510 60,983,036

3343 Travel and Business Trips 214,901,003 196,639,369

3344 Corporate Communications 120,880,473 107,040,020

512,343,719 474,476,399

335 Fixed Assets Leasing

3352 Lease of Buildings and Facilities 182,232,146 75,714,805

3354 Lease of Transport Facilities & Vehicles — 25,000

3356 Lease of Office Furniture & Equipment — 3,642,400

182,232,146 79,382,205

Carried Forward 2,304,514,938 1,623,549,730

Statement of Overheads (For the year ended on 31st December 2007)Statement No. 17b




Brought Forward 2,304,514,938 1,623,549,730

336 Miscellaneous Service Expenses

3361 Subscriptions 31,865,350 28,475,400

3362 Insurance Premiums 106,487,338 192,626,796

3363 Non-Staff Bonuses 6,257,057 2,835,111

3364 Taxes and Fees for Foreign Parties 71,800 —

3365 Legal Services 4,315,450 9,545,250

3366 Banking Services 21,596,935 82,126,638

3367 Training and Qualification 17,484,500 598,920

3368 Accounting Services

336821 Audit Fees/Central Bank — 9,100,000

336822 Audit Fees/Auditor 20,000,000 12,000,000

3369 Other Service Expenses 41,365,835 39,590,382

249,444,265 376,898,497

Total Service Requirements 2,553,959,203 2,000,448,227

Total Overheads 5,013,082,085 3,947,755,031


491 Previous Years’ Revenues 433,227,644 274,325,590

492 Incidental Revenues 799,045 8,283,347

434,026,689 282,608,937

Statement of Overheads (For the year ended on 31st December 2007)Statement No. 17c

Statement of Other Revenues (For the year ended on 31st December 2007)Statement No. 18



383 Miscellaneous Transferred Expenses

3831 Donations to Third Parties 2,000,000 —

3832 Compensations and Fines 2,506,101 1,899,850

3833 Doubtful Debts 3,135,819,092 4,841,193,240

3834 Special Services Expenses 50,000 289,000

3,140,375,193 4,843,382,090

384 Taxes and Fees

3843 Financial Stamps Fees (18,350) 69,400

3846 Miscellaneous Taxes and Fees 32,871,580 26,512,360

32,853,230 26,581,760

385 Aid

3851 Staff Aid 3,271,000 4,708,500

3852 Third Party Aid 1,495,780 980,000

4,766,780 5,688,500

Total Transferred Expenses 3,177,995,203 4,875,652,350


391 Previous Years’ Expenses 306,743,301 191,317,084

392 Incidental Expenses 10,507,833 763,914

393 Capital Losses — 8,824,111

317,251,134 200,905,109

Statement of Transferred Expenses (For the year ended on 31st December 2007)Statement No. 19

Statement of Other Expenses (For the year ended on 31st December 2007)Statement No. 20




1) Staff Compensations

31 (a) Salaries and Wages 2,042,367,681 1,606,359,584

326 (b) Benefits in-kind – Staff Facilities 135,007,743 148,253,335

2,177,375,424 1,754,612,919

2) Operations Surplus:

Net Profits 9,383,633,745 4,309,816,224

37 3) Depreciation and Amortization: 355,465,648 420,615,007

11,916,474,817 6,485,044,150


1) Value of Total Production at Product’s Price

1 Commissions 7,368,964,367 3,383,351,235

2 Charged Service Fee 4,785,185,597 4,605,251,920

3 Other Revenues 2,499,946,898 520,315,169

14,654,096,862 8,508,918,324

2) Value of Production Requirements:

4 32 Goods Requirements 281,747,458 192,693,885

5 33 Service Requirements 2,393,166,506 1,762,397,535

6 34 Banking Operations Expenses 29,854,851 42,200,994

2,704,768,815 1,997,292,414

3) Total Added Value at Product Price (1)-(2) 11,949,328,047 6,511,625,910

384 Less: (Indirect) Fees and Taxes 32,853,230 26,581,760

Total Added Value at Production Elements Cost Price 11,916,474,817 6,485,044,150

Statement of Added Value at the Production Elements Cost Prices (For the year ended on 31st December 2007)Statement A

Statement of Added Value at the Production Elements Cost Prices (For the year ended on 31st December 2007)Statement B



1) Interest Received:

442 Revenues of Domestic Loans and Advances:

4421 Loan Interest 3,985,886,069 5,412,541,042

4422 Interest of Debit Current Accounts 2,080,960,551 1,340,256,145

4423 Interest of Discounted Bills of Exchange and Drafts 3,062,190,126 597,122,167

44243 Interest of Advances against Pledged Securities 100,000 —

44245 Interest of Advances against Mortgaged Gold Jewellery 88,756,850 41,942,824

44246 Interest of Personal Advances 2,401,966 7,799,921

9,220,295,562 7,399,662,099

444 Revenues of LCs and Drafts

4442 Interest of Outgoing LCs 620,753 36,292,366

445 Revenues of Letters of Guarantee

4453 Interest of Letters of Guarantee — 8,603,684

9,220,916,315 7,444,558,149

2) Paid Interest:

342 Bank Interest Paid

3421 Interest of Savings Accounts 3,092,955,748 2,355,284,852

3422 Interest of Fixed Deposits 1,278,739,717 483,639,484

3423 Interest of Domestic Borrowing — —

3424 Interest of Overdrawn Current Accounts — 54,945

3425 Interest of Credit Current Accounts 64,035,253 326,948

4,435,730,718 2,839,306,229

Service Fees Charged (1 – 2) 4,785,185,597 4,605,251,920


442 Revenues of Domestic Loans and Advances

4423 Revenues of Discounting and Collection of Commercial Papers

44233 Commissions of bills for Collection 2,474,647 2,035,375

44247 Commissions and Charges/ Miscellaneous Advances — —

443 Drafts Commissions

4431 Commission of Domestic Drafts 19,579,736 779,405,435

4432 Commission of Overseas Drafts 3,076,716,975 1,800,889,475

444 Revenues of LCs and Drafts

4441 Commission of Opening of Outgoing LCs — —

445 Letter of Guarantee Revenues

4451 Commission of Domestic Letters of Guarantee 279,495,808 474,659,048

447 Miscellaneous Bank Commissions 3,990,697,201 326,361,902

Total Commissions Received 7,368,964,367 3,383,351,235

Statement of Received Commissions (For the year ended on 31st December 2007)Statement No. 1

Statement of Components of Service Fees Charged (For the year ended on 31st December 2007)Statement No. 2



43 Revenues of Service Business

437 Miscellaneous Service Revenues 11,420,713 300,350

438 Rents of Fixed Assets 10,235,500 94,588,000

21,656,213 94,888,350

441 Foreign Exchange Revenues

4412 Revenues of Sale and Buying Foreign Currencies — 387,861,102

4413 Revenues of Foreign Exchange Selling and Buying 2,438,765,900 10,331,240

2,438,765,900 398,192,342

448 Recovered Expenses

4485 Sales of Banking Stationery 39,304,785 26,889,477

449 Revenues of Other Banking Operations

4492 Rents of Safe Deposit Boxes 220,000 305,000

4493 Charges for Safekeeping of Sealed Deposits — 40,000

220,000 345,000

2,499,946,898 520,315,169


32 Goods Requirements 416,755,201 340,947,220

326 Less: Staff Facilities 135,007,743 148,253,335

281,747,458 192,693,885


33 Service Requirements 2,553,959,203 2,000,448,227

3361 Less: Subscriptions 31,865,350 28,475,400

3362 Insurance Premiums 106,487,338 192,629,796

138,352,688 221,105,196

2,415,606,515 1,779,343,031

448 Less: Recovered Expenses

4482 Recovered Communications Expenses 22,440,009 16,945,496

2,393,166,506 1,762,397,535


343 Paid Bank Commissions 29,854,851 42,200,994

Statement of Other Revenues (For the year ended on 31st December 2007)Statement No. 3

Statement of Goods Requirements for National Accounts Statements (For the year ended on 31st December 2007)Statement No. 4

Statement of Goods Requirements for National Accounts Statements (For the year ended on 31st December 2007)Statement No. 5

Statement of Banking Operations Expenses for National Accounts Statements (For the year ended on 31st December 2007) Statement No. 6


Documents

Annual Report 2007 - Bank of Baghdad · 2 | Bank of Baghdad Annual Report 2007 Bank of Baghdad is a member of the KIPCO Group ... (UGFS), KAMCO, Al Dhiyafa, Royal Capital, North Africa