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NATIONAL BANK OF OMAN (S.A.O.G.) QUARTERLY REPORT SEPTEMBER 2002 INDEX PAGE CONTENTS No. 1. CHAIRMAN'S REPORT 1-3 2. SUMMARY OF RESULTS 4 3. PROFIT AND LOSS ACCOUNT 5 4. BALANCE SHEET 6 5. STATEMENT OF CHANGE IN EQUITY 7 6. STATEMENT OF CASH FLOWS 8 7. NOTES 9-17 CHAIRMAN’S REPORT- SEPTEMBER 30 2002 Page 1 Dear Shareholders: On behalf of the Board of Directors of the National Bank of Oman (NBO), I am pleased to report the financial results together with other developments for the nine months ended September 30 2002. As I said at the beginning of this year our strategy was to grow operating income, increase deposits while simultaneously lowering our risk profile by downsizing our corporate loan book overseas and managing our expenses. Our results reflect this strategy. The net interest income of the Bank grew by 23 per cent over the corresponding period last year. The growth in total operating income, at 18 per cent over the same period in 2001, indicates a steady increase in our revenues. Our operating profit for the period under review is RO 23.6 million, 22 per cent higher than for the same period in 2001, which indicates steady revenue growth in our core lines of business. Our cost to income ratio has improved from 40.44 per cent recorded for 2001 to 38.85 per cent for the period under review. Deposits In line with our strategy total deposits grew by 10 per cent, from RO 513 million in the third quarter of 2001 to RO 565 million in the same period this year. Our popular Savings Excitement product continues to record steady growth. Savings deposits grew from RO 91.5 million in the third quarter of 2001 to RO 121.7 million in the same period this year, a 33 per cent increase. NBO continued to improve its funding mix by increasing low-cost deposits by successfully launching the Certificate of Deposit issue. This medium term CD option has further improved the liquidity mismatch position of the bank and reduced, as planned, our reliance on interbank funding by RO 67 mm. Provisions and Non-Performing Assets (NPA) We are in the risk business and, as such, there will always be clients who face difficulties in meeting their payment obligations, particularly in times of economic recession. This holds true particularly in the case of Egypt where the economy continues to suffer as a result of shortage of foreign exchange and escalating tensions within the region. It is our stated policy to prudently take provisions on a quarterly basis in line with any incremental risk associated with asset quality. We review all Page 2 problematic exposures at management and board level, and although there may always be an element of subjectivity, we believe that early recognition of existing and potential problems provide a strong level of transparency in our disclosure. Accordingly, we have assessed the provisions for the nine months ended September 2002 at RO 21.19 million, which is 164 per cent higher than the corresponding period last year. We continue to adopt an aggressive provisioning strategy as we believe this is the most prudent way to rebuild the strength of the institution. The NPA position has increased by 20 % as compared to the previous quarter mainly on account of additional names which were classified during this quarter in the three countries where we operate. By the end of the third quarter of 2002 our provision coverage level is 74 % as compared to 71.1 % at the end of 2001. Results Our operating profit for the nine months was RO 23.6 million. However as a result of the the high provision figure we have made a net profit after tax (NPAT) of RO 1.1 million compared to RO 8 million in the nine months of 2001 a decrease of 86 per cent. Our operations in Oman and Abu Dhabi continue to provide us with strong operating revenues. Revenue growth in these two countries, coupled with our on going efforts to manage costs, has helped to maintain sound operating results for the third quarter of 2002. Egypt Egypt continues to be adversely affected by the economic downturn including a shortage in foreign exchange. As communicated in the past we have continued our efforts to lower our risk profile in this country by reducing our corporate loan portfolio. Restructuring of corporate facilities is being pursued vigorously and legal action is being taken wherever necessary to try and recover outstanding amounts. In spite of the prevailing situation in the country we expect to continue to do business selectively with existing creditworthy corporate customers. The exit portfolio will be progressively downsized and our retail and corporate deposit gathering activities accelerated. Out of the Bank’s total advances, only 13 % is in Egypt which is relatively small in terms of concentration. Of the corporate portfolio in Egypt which totals RO 93 million, approximately RO 43 mm has been classified with Page 3 various levels of provisioning as stipulated by the Central Banks of Oman and Egypt. We have now identified exposure of RO 20 mm for exit and plans are being put in place, account-by-account, to exit these accounts. We presently hold RO 24 mm in provisions against the classified portfolio of RO 43 mm. To minimize the provisioning impact collection efforts have been intensified in Egypt and UAE, the work out function has been strengthened, and the legal effort on remedial names accelerated. NBO’s Business Initiatives We have concluded several new initiatives during the quarter namely: Al Khoud Branch During the quarter we have opened a new branch in Al Khoud to provide convenient banking services to our customers in that area. Long Term Certificate product in Egypt As part of our efforts to improve our funding in Egypt we have introduced a long term certificate product. We expect this product to help us build a long term stable funding base. We extend our sincere appreciation to His Majesty Sultan Qaboos bin Said for his wisdom and resourceful leadership. We are grateful for the free enterprise economy in which we do business and the guidance and support of the various regulatory bodies and the government of the Sultanate of Oman. KHALFAN BIN NASSER AL WOHAIBI CHAIRMAN NATIO NAL B ANK OF O MAN Page 4 Su mmary of resul ts Peri od ended 30 September 2002 9 mon th s 9 mon th s ende d ende d Parti cul ars 30/09/0 2 30/09/0 1 RO '00 0 RO '00 0 Loans and advances net of provisions and reserved interest 701,344 721,030 Depo sit s 565,832 513,829 Ot her assets 201,892 208,841 Net int erest income 30,189 24,561 Net pro fit before t ax 1,921 10,558 Earnings per share 0.033 0.240 Capit al adequacy rat io 12.61% 13.76% NATIO NAL B ANK OF O MAN Page 5 Profi t and l oss accoun t For th e n in e months e nde d 30 Se pte mbe r 2 002 9 mon th s 9 mon th s No te s e nde d e nde d 30/09/0 2 30/09/0 1 RO '00 0 RO '00 0 Int erest income 3 48,373 52,414 Int erest expense 4 (18,1 84) (27,8 53) Net int erest income 30,189 24,561 Administ rat ion and operat ional costs (14,9 73) (13,1 62) Ot her income 5 8,345 7,987 Op erat ing profit before provisions 23,561 19,386 Provision fo r loan losses 7 (21,1 99) (8,01 7) Provision - invest ments (441) (811) Net pro fit before t ax 1,921 10,558 Provision fo r Taxat io n 9 (797) (2,32 3) Net pro fit after tax 1,124 8,235 Dividen d per share N.A N.A. NATIO NAL BANK OF O MAN Page 6 Ba lan ce Sh eet As at 30 September 200 2 No tes 30/09/0 2 30/09/0 1 RO '000 RO '000 On balance sheet it ems Assets Cash 12,130 9,640 Treasury Bills 26,154 33,664 Due from bank s and ot her financial inst it ut ion s 66,144 72,543 Loans and advances (net ) 6,7 & 1 3 701,344 721,030 Port folio held for t rading 12 1,697 1,720 Port folio available for sale 12 32,820 31,169 Premises and equipment 9,053 8,897 Ot her assets 16 53,894 51,208 903,236 929,871 Li abi l iti es Depo sit s 8 & 13 565,832 513,829 Due t o banks and ot her financial inst it ut ion s 184,294 251,203 Ot her liabilit ies 16 42,155 38,442 Taxat ion 4,918 6,046 797,199 809,520 Sh arehol ders' funds and Subordi na ted Loan Sh are ho lders' fun ds Share capital 45,805 45,805 Legal reserve 15,966 15,966 Ot her Reserves 34,200 41,048 Ret ained earnings 104 845 Profit for t he current period 1,124 7,849 97,199 111,513 Su bordin ated Loan 8,838 8,838 106,037 120,351 903,236 929,871 Off-balance sheet it ems C ontin gent l i abi l iti es,C ommitments 279,801 316,119 & Derivati ves NATIONAL B ANK OF O MAN Page 8 Statement of cash fl ows As at 30 S eptember 2002 9 mon th s 9 mon th s ende d ende d 30/09/02 30/09/01 RO '000 RO '000 C ash fl ow from operati ng acti vi ti es Tax paid (985) (1,97 0) Int erest and commission received 35,519 52,384 Int erest paid (18,1 84) (27,8 53) St aff and supplier payments (13,2 27) (11,5 10) 3,123 11,051 Change in operating assets 21,259 (90,3 96) Change in operating liabilit ies (50,3 70) 31,486 Net cash used in investing act ivit ies (836) 952 Part ial Repayment of Subordinated Loan - (1,26 3) Dividend Paid - (6,87 1) Net increase/(decrease) in cash and cash equivalent s (26,8 24) (55,0 41) Cash and cash equivalent s bro ught forward 29,964 10,072 Cash and cash equivalent s carried forward 3,140 (44,9 69) Re prese ntin g Cash and Balances with Cent ral bank 26,996 28,322 Depo sits and balan ces wit h ot her banks (net) (51,7 07) (108,675) Treasury bills 26,154 33,664 Govt Devt Bonds - OTC 1,697 1,720 To tal 3,140 (44,9 69) NATIONAL BANK OF OMAN Page 7 Statement of Changes in Equity RO ' 000 Period ended 30 September 2002 Share Share Legal General Non Revaluatio Subordinate Retained Profit for the Total Premium n d capital reserve reserve reserve Distrubutabl reserve loan reserve earnings Current e period reserve Balance as at 31 December 2000 45,805 9,458 15,966 16,111 15,267 2,050 1,263 12,903 118,823 Net loss for the year -7,467 -7,467 Restatement in accordance with IAS 39 -9,464 -9,464 Dividends paid during the year -6,871 -6,871 Trasnfer to General reserve 1,263 -1,263 0 Release of impairment losses on assests previously recognised on adoption of IAS39 1,054 1,054 Transfer to Retained earnings -9,949 9,949 0 Balance as at 31 December 2001 (audited) 45,805 9,458 15,966 7,425 15,267 2,050 - 104 - 96,075 Dividend paid 0 Transfer to Retained earnings - Transfer to General Reserve - Net profit for the period 1,124 1,124 Adjustment relating to impaired assets 0 Balance as at 30 september 2002 45,805 9,458 15,966 7,425 15,267 2,050 - 104 1,124 97,199 NATIO NAL B ANK OF O MAN Page 9 For th e ni ne m onths e nde d 30 Se pte m be r 2002 No te s 1- Le gal status and prin cipa l activi tie s Nat ional Bank of Oman S.A.O.G ("t he Bank ") was est ablished in th e Sult anat e of Oman in 1973 as a join t st ock comp an y and is principally engaged in corporate and ret ail banking act iv it ies wit hin t he Sult an at e of Oman wit h Branches in the Un it ed Arab Emirates and Egypt . T he bank operat es in Oman under a banking licen se issued by th e Cent ral bank of Oman and is covered by its deposit insurance scheme. Th e registered o ffice of t he company is P O Box 75 1, Ruwi, Post al Code 112, Muscat , Sult anat e of Oman 2 -B asi s of accou ntin g Th e financial st at ement s have been prepared in accordance with t he prescribed format of t he Cap it al Market Aut horit y and th e Internat ion al Account ing Standards alon g wit h t he Int erpret at ions of the Standing Int erpret at ions Committ ee o f t he Int ernat io nal Account ing St andard Committ ee 3- Inte re st i ncom e Int erest bearing asset s earned int erest at an overall rat e of 8.44 % fo r t he quart er ended 30 Sept ember 2002 (2001 : 9.20 %) . This equat es t o an annual rat e of int erest of8.39 % per annum. 4- Inte re st e xpe nse For t he quart er ended 30 Sept ember 2002 t he average overall cost o f funds was 3.22 %. (2001 : 4.80 % ).Th is equat es t o annual cost of funds of 3.17 % per ann um. 5- O the r in come Ot her income comprises in co me on investment , fees, serv ice charges, sundry account charges and miscellaneous income . Ot her income excludes amount s released fro m reserved interest. For det ails on invest ment income refer to not e no. 11 6- Loans a nd a dvance s Loans and advances can be analysed as follows : 9 mon th s 9 mon th s e nde d e nde d 30/09/0 2 30/09/0 1 RO '00 0 RO '00 0 Corporat e len ding 435,635 408,991 Personal lending 277,094 247,189 Ov erdraft s 110,140 136,533 Gross Loans and advances 822,869 792,713 Less : P rovisions and reserved int erest (121,525) (71,6 83) Net Loans and adv an ces 701,344 721,030 Gross loans and advances include RO 24.34M as due from relat ed part ies as at 30 September 2002 (RO 21.7 M as at Sept ember 2001). NATIONAL B ANK OF O MAN Page 10 For th e ni ne months ended 30 September 2002 No tes - contd. Th e mat urit y of t hese can be analysed as follows : 9 mon th s 9 mon th s ende d ende d 30/09/02 30/09/01 RO '000 RO '000 0-6 mont hs 220,522 219,671 6-12 mont hs 23,921 38,674 1-2 y ears 39,987 45,524 2-3 y ears 37,916 47,756 3-4 y ears 64,849 46,406 more t han 4 years 435,674 322,999 822,869 721,030 Th e average effect ive int erest rat e o n gross loans and advances as at Sept ember 2002 was 7.59 % (Sept ember 2001 : 8.91 %). Th e fair value is t he net present value calculated by discount ing t he expect ed future repayments ( in cluding int erest ) by the average rat es of int erest . Th e estimat ed fair value of performing loans and advances is not significant ly different fro m the book value of t he loans. In t erms of t he requirement s o f IAS 39 all impaired loans and advances have been pro vided for as indicated in Page 12. NATIONAL B ANK OF O MAN Page 11 For th e ni ne months ended 30 September 2002 No tes - contd. 7 - Provi sion s an d reserved in terest Th e movement on provisions and reserved int erest for t he p eriod can be analy sed as follows : 9 mon th s 9 mon th s Loan l oss provi si on ende d ende d 30/09/02 30/09/01 RO '000 RO '000 Balance as at January 1 76,830 49,266 Provided during the period 21,199 8,017 Released/recovered during t he period (183) Writ t en off during t he period (923) (3,53 2) Transfers during t he period - - Balance as at Sept ember 30 97,106 53,568 Re se rved i nterest Balance as at January 1 19,244 14,326 Reserved during the period 5,571 4,354 Released/recovered during t he period - Writ t en off during t he period (396) (565) Transfers during t he period Balance as at Sept ember 30 24,419 18,115 NATIONAL B ANK OF O MAN Page 12 For th e ni ne m onths e nde d 30 Se pte m be r 2002 No te s - contd. In lin e with t he IAS 39 requirement s, t he est imat ed provision has been made by t he bank as at Sept ember 200 2. Int erest is reserved on all n on-p erforming loans and adv an ces where recovery is considered doubt ful. At 30 Sept ember 2002, loans and advances on which int erest had been reserved amounted to RO 163.16M (2001 : RO 106.6M). 8- De posi ts Depo sits can be an alysed as follows : 9 mon th s 9 mon th s e nde d e nde d 30/09/02 30/09/01 Current and Call 95,827 60,707 Savin gs 121,757 91,543 Cert ificat e of Deposits 30,442 - T ime 317,806 361,579 565,832 513,829 Depo sits include RO 3.378 M as due t o relat ed parties as at Sept ember 30 20 02. (RO 2.303 M as at Sept ember 30,2001). T h e mat urit y of deposit s are as follows : 9 mon th s 9 mon th s e nde d e nde d 30/09/02 30/09/01 RO '000 RO '000 0-6 mont hs 428,878 409,086 6-12 mont hs 54,725 51,170 1-2 y ears 26,097 1,337 2-3 y ears 4,379 28,610 3-4 y ears 50,141 2,192 more t han 4 years 1,612 21,434 565,832 513,829 30 ept ember 2002 was 3.03 % . T h e average effect ive int erest rat e of deposits as at S (30 Sept ember 2001 : 4.88 %). NATIONAL BANK OF OMAN Page 13 For the nine months ended 30 September 2002 Notes - contd. 9 - Provision for Taxation Taxation has been provided at 12 % on the net profits of the bank in Oman, 20% on the profit of the Abu Dhabi operations of the bank and 42 % on the profit of the Egyptian operations of the bank. 10- Asset liability mismatch The asset liability mismatch can be analysed as follows : 30-Sep-02 30-Sep-01 Maturities Assets Liabilities Mismatch Assets Liabilities Mismatch RO ' 000 RO ' 000 RO ' 000 RO ' 000 RO ' 000 RO ' 000 0-6 months 338,135 547,005 (208,870) 341,328 586,851 (245,523) 6-12 months 27,921 63,067 (35,146) 38,674 66,783 (28,109) 1-2 years 45,426 64,647 (19,221) 57,529 1,337 56,192 2-3 years 41,916 23,654 18,262 50,756 86,435 (35,679) 3-4 years 71,313 50,141 21,172 50,406 2,192 48,214 More than 4 years 378,525 154,722 223,803 391,178 186,273 204,905 903,236 903,236 - 929,871 929,871 - The above analysis is based up on residual maturity dates. However the bank does not expect its deposits retention to deteriorate significantly in the immediate future. 11. Investment Income Investment income can be analyzed as follows: 30-Sep-02 30-Sep-01 RO’000 RO’000 Realized 26 - Unrealized - - Dividends 298 367 Interest on Govt. Devt. Bonds 1,428 1,626 Interest on Other Bonds (CD) 12 - 1,764 1,993 NATIONAL BANK OF OMAN Page For the nine months ended 30 September 2002 Notes - contd. 9 - Provision for Taxation Taxation has been provided at 12 % on the net profits of the bank in Oman, 20% on the profit of the Abu Dhabi operations of the bank and 42 % on the profit of the Egyptian operations of the bank. 10- Asset liability mismatch The asset liability mismatch can be analysed as follows : 30-Sep-02 30-Sep-01 Maturities Assets Liabilities Mismatch Assets Liabilities Mismatc RO ' 000 RO ' 000 RO ' 000 RO ' 000 RO ' 000 RO ' 000 0-6 months 338,135 547,005 (208,870) 341,328 586,851 (245,5 6-12 months 27,921 63,067 (35,146) 38,674 66,783 (28,1 1-2 years 45,426 64,647 (19,221) 57,529 1,337 56,1 2-3 years 41,916 23,654 18,262 50,756 86,435 (35,6 3-4 years 71,313 50,141 21,172 50,406 2,192 48,2 More than 4 years 378,525 154,722 223,803 391,178 186,273 204,9 903,236 903,236 - 929,871 929,871 The above analysis is based up on residual maturity dates. However the bank does not expect its deposits retention to deteriorate significantly in the immediate future. 11. Investment Income Investment income can be analyzed as follows: 30-Sep-02 30-Sep-01 RO’000 RO’000 Realized 26 - Unrealized - - Dividends 298 367 Interest on Govt. Devt. Bonds 1,428 1,626 Interest on Other Bonds (CD) 12 - 1,764 1,993 NATIO NAL BANK OF O MAN Page 14 For th e n in e months ended 30 September 2 002 No tes - contd. 12. Investme nts 12.a. Investme nt i n associates and subsi diari es Associ ates NIL Su bsidi ari es NIL 12.b. (cont inued) Investme nts Investment s in clude all lon g t erm an d short t erm invest ment s of t he company , excludin g only t hose associat es and subsidiaries listed in Not e 12.a. All market able securit ies are carried at t heir cost . net of pro visio ns Unquot ed invest ment s are carried at cost adjust ed for any permanent diminut ions in value. All t he investment s held as available for sale can be analysed as follows: Market Mark et Bo ok Book Va lu e Value Va lu e Value 30-Sep-02 30-Sep-01 30-Sep-02 30-Sep-01 C ost ** RO ’000 RO’0 00 RO ’000 RO’0 00 RO ’000 Marketabl e secu riti es - Oman Banking 16 17 16 17 55 Investment 1,050 871 1,050 871 3,620 Insurance - - - - - Services 844 2,638 844 2,638 1,683 Indust rial 735 514 735 514 1,587 Government bonds 25,934 23,096 25,934 23,096 25,934 28,579 27,136 28,579 27,136 32,879 Marketabl e secu riti es – Forei gn by Sector Banking - - - - - Indust rial 34 93 34 93 306 Bonds 151 1,542 432 1,404 1,893 Insurance 13 5 13 5 28 Government bonds 1,697 1553 1,697 1,553 1,697 1,895 3,193 2,176 3,055 3,924 Un quoted and oth er i nvestments Un quot ed Omani sh ares 3136 260 3136 Investment fund unit s - - - Term deposits - - - Un quot ed foreign shares 647 718 746 Ot her - - - 3,783 978 3882 34,538 31,169 40,685 ** Cost of invest ments held on 3 0 Sept ember 2 002. NATIO NAL BANK OF O MAN Page 15 For th e n in e months ended 30 September 2 002 No tes - contd. 12.c. Investment held for t rading represents Governmen t bonds purchased from Over T he Co un ter (OTC) Exchange fo r t rading purposes. 12.d. De tai l s of Si gni fi cant In vestmen ts Det ails of invest ment s exceeding 10% of t he mark et value of t he port folio as at 30 Sept ember 2002 is as follows : Market Book Ho lding % t o Number of Val ue Value Cost t ot al co st of in v. Securit ies RO ’000 RO’0 00 RO’0 00 MSM Q u oted securi ties Government bonds 63.74% 262,022 25,934 24,816 25,934 262,022 25,934 24,816 25,934 Forei gn Li ste d securi tie s - - - - Mark et Value as of 30 Sept ember 20 02 262,022 25,934 24,816 25,934 MSM Unqu oted securi ties - - - - Forei gn Un li sted secu ri ti es - - - - To tals as of 30 September 2002 262,022 25,934 24,816 25,934 13. Re lated Parti es and Hol ders of 1 0% of the company’s sh ares a) In t he ordinary course of business the bank conduct s t ransact ion s with certain of it s direct ors / shareho lders and companies in which t hey have a significant interest. T hese t ran sact ion s are conduct ed at an arm's lengt h and are approved by t he management . Th e nat ure of significant t ransact ions involving relat ed parties or ho lders of 10% or more of t he company’s shares, or t heir family members, and t he amount s invo lved during t he p eriod were as follows: Nat ure of transaction 30-Sep-02 30-Sep-01 RO ’000 RO ’000 Depo sit 3,378 2,303 Advances 24,341 21,699 Int erest expense 90 90 Int erest income 681 600 Ot her Income 9 7 Capit al ex pendit ure 54 110 Revenue expendit ure 23 6 NATIONAL BANK OF OMAN Page 16 For the nine months ended 30 September 2002 Notes - contd. b) Expense Items - Items of expense which were paid to related parties or holders of 10% or more of the company’ s shares, or their family members, during the period can be further analysed as follows: Interest Expense : 30-Sep-02 30-Sep-01 Identity RO’000 RO’000 Al Fajer Furnishing Co - 2 Arvind Aiyer 2 4 Khalfan Nasser Al Wohaibi 7 17 Harshdeep Singh Munjal 1 1 MB Petroleum 48 47 Purushottam Kanji 7 6 P.Kanji Exchange Co. 21 0 Tawfiq Ahmed Sultan 2 3 W.J. Towell 2 10 90 90 c) Loans, Advances, Receivables Due, Provisions & Write-offs Loans, advances or receivables due from related parties or holders of 10% or more of the company’s shares, or their family members, minus all provisions and write-offs which have been made on these accounts at any time, can be further analysed as follows: Identity 30-Sep-02 30-Sep-01 RO’000 RO’000 Abul Hamid Ahmed Mohd Al Balushi - 19 Al Arkan Trading 658 636 Abdul Aziz Al Balushi 8 12 A M Al Barwani 11 - Arvind Aiyer 3 - Desert Palm LLC - 712 Golden Village 457 509 Khalfan Nasser Al Wohaibi - 1 Harsh Munjal 8 1 Hydro Chemical - 1 Pankaj Khimji 4,631 4,607 Khimji Ramdas 2,947 2,111 M B Petroleum 12,207 12,548 Mohd Ali Barwani 4 11 Murtadha Sultan 142 149 Muttrah Cold Store 425 38 Stephen Davies 15 - Taqi Ali Sultan 19 22 Tawfiq Ahmed Sultan 107 - W J Towell 2,699 322 24,341 21,699 LESS : Provisions - - LESS : Write Offs - - Total receivable from related parties 24,341 21,699 NATIONAL B ANK OF O MAN Page 17 For th e ni ne months ended 30 September 2002 No tes - contd. 14. Sh arehol ders All t hose shareh olders of t he co mpany who own 10% or more of th e company’s sh ares, whet her in t heir name, or t hro ugh a n ominee account , and t he n umber of shares t hey ho ld are as follows: a) C ommon Sh are Hol ders: 30-Sep-02 30-Sep-01 Identit y RO’0 00 RO’0 00 Al Barwani In vest ment Co. 4,712 4,712 Public Aut horit y for Social Insurance 4,711 4,711 Civil Service Employees Pension Fund 4,709 4,709 b) Preferred Share Hol ders: - - 14,132 14,132 15. Segmen t Repo rti ng Th e revenue and result for the comp any ’s report able segments aft er adjust in g for interbranch t ransact ion s for t he period ended 30 sept ember 2002 are as follows: Identi ty of S egments: Oman Abu Dhabi Egypt Total s Segment Revenue 43,034 5,712 7,972 56,718 Segment Operating Expenses (36,4 84) (6,11 9) (12,9 91) (55,5 94) Segmen t Resu lts 6,550 (407) (5,01 9) 1,124 16. O ther Assets & O ther Liabi l i ti es Included in Ot her Assets is a sum of RO 38 .4 M receivable from BCCI which is guarant eed by t he Government of t he Sult anate of Oman, unconditionally, of all and an y sums which are due t o t he bank by t he Bank of Credit an d Commerce Int ernational (BCCI). BCCI is in liquidat ion. Upt o Jun e 2002 t he bank has received RO 23.2 M from t he liquidat ors which is recorded separately in Ot her Liabilit ies pending th e final no tificat ion of sett lement by t he BCCI liquidat ors.
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