Barclays Bank Plc Offshore Banking Unit Unaudited Interim Financial Statements For the half year ended 30 June 2003
Barclays Bank Plc Offshore Banking Unit Unaudited Interim Financial Statements for the half year ended 30 June 2003
Contents
Management Discussion and analysis Balance Sheet Memorandum Items Income Statement Statement of Changes in equity Cash Flow statement Notes to Financial statement
Pages
3-9 10 12 13-14 15 16 17-19
Barclays Bank Offshore Banking Unit Management Discussion and Analysis
We are pleased to enclose the Unaudited interim financial statements for the half year ended 30 June 2003 which have been prepared in accordance with the guidelines issued by the Bank of Mauritius on Public Disclosure of Information.
Financial Review
Profit before tax for first half year 2003 reached USD 4m compared to a budget of USD2.8m Net interest income for first half year 2003 stood at USD 3.1m compared to budget of USD 2.2m Total income for first half year 2003 reached USD 5.4m compared to a budgeted figure of USD 3.6m Total Costs for first half year 2003 stood at USD 1325k against the budgeted figure of USD 731k. Deposits by customers decreased from USD 679m as at 31 December 2002 to USD 582m as at 30 June 2003. We paid out some large amounts during the month of June, but this has been recovered in July. Loans to customers increased from USD 120.2 m as at 31December 2002 to USD180m as at 30 June 2003. We have disbursed USD47m as Loan to Banks.

Review by financial priority is as follow:
Revenue growth
Interest income June 30, 2003 % Net Interest income/average interest earning assets Net Interest income/ total average assets 0.88 0.87 December 31, 2002 % 0.87 0.84
Non-interest income
Non-interest income has increased by 66%, and income on foreign exchange by 96%, compared to June 2002.
Cost Control
Breakdowns of the costs have been provided for in the notes. Staffs costs have increased due to BNPI take over. Property costs have increased following the move to new premises.

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