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2004  Annual Report  
 
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Annual financial statements
Group currency-adjusted income statement

for the year ended 31 December
 
 
 
 
2004 
2003 
2004 
2003 
2004 
2003 
2004 
2003 
 
Rm 
 
Rm 
 
$m 
 
$m 
 
£m 
 
£m 
 
€m 
 
€m 
Interest income
23 825 
28 141 
3 733 
3 788 
2 037 
2 305 
2 997 
3 323 
Interest expense
16 258 
 
21 333 
 
2 548 
 
2 871 
 
1 390 
 
1 747 
 
2 045 
 
2 519 
Net interest income
7 567 
6 808 
1 185 
917 
647 
558 
952 
804 
Non-interest revenue
8 197 
7 953 
1 284 
1 070 
701 
651 
1 031 
939 
Foreign currency
translation losses
(372)
 
(1 416)
 
(58)
 
(191)
 
(32)
 
(116)
 
(47)
 
(167)
Gross operating income
15 392 
13 345 
2 411 
1 796 
1 316 
1 093 
1 936 
1 576 
Impairment of advances
1 416 
 
2 063 
 
222 
 
278 
 
121 
 
169 
 
178 
 
244 
Income after impairment
of advances
13 976 
11 282 
2 189 
1 518 
1 195 
924 
1 758 
1 332 
Operating expenses
11 111 
10 309 
1 741 
1 388 
950 
844 
1 398 
1 217 
Recovery programme
expenses
379 
– 
59 
– 
32 
– 
48 
– 
Merger expenses
246 
 
394 
 
39 
 
53 
 
21 
 
32 
 
31 
 
47 
Profit from operations
before non-trading and
capital items
2 240 
579 
350 
77 
192 
48 
281 
68 
Non-trading and
capital items
(510)
 
(1 693)
 
(80)
 
(228)
 
(44)
 
(139)
 
(64)
 
(200)
Profit/(Loss)
from operations
1 730 
(1 114)
270 
(151)
148 
(91)
217 
(132)
Attributable earnings
of associates and
joint ventures
147 
 
132 
 
23 
 
18 
 
13 
 
11 
 
18 
 
16 
Profit/(Loss)
before taxation
1 877 
(982)
293 
(133)
161 
(80)
235 
(116)
Taxation
576 
390 
90 
52 
49 
32 
72 
46 
Taxation on non-trading
and capital items
(37)
 
(38)
 
(6)
 
(5)
 
(3)
 
(3)
 
(5)
 
(4)
Profit/(Loss) after taxation
1 338 
(1 334)
209 
(180)
115 
(109)
168 
(158)
Minority interest income
attributable to
ordinary shareholders
(135)
(133)
(21)
(18)
(12)
(11)
(17)
(16)
Minority interest
income attributable
to preference shareholders
(229)
 
(133)
 
(36)
 
(18)
 
(20)
 
(11)
 
(29)
 
(16)
Income/(Loss) attributable
to shareholders
974 
 
(1 600)
 
152 
 
(216)
 
83 
 
(131)
 
122 
 
(190)
Income/(Loss) attributable
 
to ordinary shareholders
974 
(1 600)
152 
(216)
83 
(131)
122 
190 
Less: Non-trading
and capital items
(473)
(1 655)
(74)
(223)
(41)
(136)
(59)
(196)
Non-trading and
 
 
 
 
 
 
 
 
capital items
(510)
(1 693)
(80)
(228)
(44)
(139)
(64)
(200)
Taxation on non-trading
 
 
 
 
 
 
 
 
and capital items
37 
 
38 
6 
5 
3 
3 
5 
4 
                               
Headline earnings
1 447 
 
55 
 
226 
 
7 
 
124 
 
5 
 
181 
 
6 
Average exchange rate
for the year ended

 
31 December for R1
1 
 
1 
 
0,1567 
 
0,1346 
 
0,0855 
 
0,0819 
 
0,1258 
 
0,1181