iraqism
03/08/06, 03 :48 03:48:52 AM
In case you find it difficult to read the report on this site, please go to this link
http://www.bankofbaghdad.net/2004.html
General Budget 2004
Chairman of Managing Council Speech
Ladies and Gentlemen stockholders of Baghdad Bank
Iraq had been through some unusual circumstances within the last two years like instability and lack of security that have had a destructive impact on economy, investment and industrial production, but, despite of all that Baghdad Bank achieved a big success during the financial year of 2004 in comparison to the previous financial year and the most important index to that is balancing US dollar price with the current price of 1460 ID
Baghdad bank has taken also serious steps towards opening Al-Bayaa branch at the end of 2004 and rented a location for Al-Suliemaniya branch which shall be opened in March 2005 in addition to the expansion of Baghdad bank activities on the international level as it has made banking connections with many international banks. worth mentioning that Baghdad Bank started putting into practice new systems in Mansour, Palestine and Bayaa branches
Presently such systems are being put into practice in the general center and general management to be spread later on to the other branches. Baghdad Bank has also signed a contract to use (SWIFT) system in external transfers in 2005. This system shall be run during the above mentioned year
I would to inform all the stockholders of Baghdad Bank that the report of the managing council 2004 was prepared according to the demands of Central Bank of Iraq to balance US dollar price to0.310 ID instead of its real value (1460) ID per 1 US dollar, so, the report and general budget do not necessarily reflect the actual situation of Baghdad Bank and the volume of economical incoming indexes, so, this report was issued in order to meet the demands of the rules and instructions
The General Institution of Baghdad Bank that was held on November 16 2004 had taken a decision to make a partnership with Gulf Bank and Iraqi Payee Company with percentage of 49 %, increasing Capital to approximately 10.000.000.000 ID. We would like to inform stockholders of the bank that Central Bank of Iraq reclaimed that the increase of capital to 52.963.600.000 ID all at once instead of two stages. The managing council of the bank and new stockholders agreed to meet the demands of Central Bank of Iraq as long as they do not affect the basis of partnership that all sides have agreed upon in the previous meeting of the General Institution of Baghdad Bank and we are waiting for the final resolution of Central Bank of Iraq about our above mentioned approval
And hereby I express my deep appreciation to Central Bank of Iraq and department of company registration to their utilitarian and constructive roles in supporting Baghdad Bank and Iraqi economy in general. I also appreciate the honorable situation of all personnel of the bank for preservation of bank properties and for their exceptional efforts in hard times that Iraq had been through within the last two years
Dr. Monib Khalil Al-Skooti
Chairman of managing council
Net Profit and How to Deal with it
Baghdad Bank realized gross profit of 3.109.000.000 ID during 2004 this amount equals 59% out of its paid capital which is to be discounted from this profit
Managing council of Baghdad Bank thinks that distributing profit realized in 2003 and 2004 to stockholders that is about 2.246.506.176 ID which equals 43% out of the capital of the bank
Reserve Fund and Owings of Stockholders
Owings of stockholders increased from 3.700.000.000 ID
in 2003 to 8.600.000.000 ID in 2004
that equals 132% and the share of capital reserve fund of the profits of 2004 was approximately 448.000.000 ID, so, reserve fund was increased to 1.053.000.000 ID, and reserve of fixed deposits increased to 55.000.000 ID
The following table includes a detailed list demonstrating development of capital, reserve funds and stockholders’ owing in comparison to previous year
Assets
Account name
2004 I.D.
2003 I.D.
Assets
Cash in hand & at banks
16.359.903.887
37.041.063.542
Investment
16.211.065.318
8.873.007.912
Cash loans and advances
Commercial bills discounted & purchased
3.165.101.675
3.076.711.864
Loans & advances
14.171.611.502
6.113.669.395
17.336.713.177
9.190.381.259
Debtors & debit balances
7.867.640.718
7.376.909.335
Fixed assets
4.102.579.988
3.511.282.583
Total assets
11.970.220.706
65.992.644.631
Contra accounts
Customers liabilities for banking operation (less total)
2.325.327.348
503.046.749
Total
64.203.230.437
66.495.691.380
Liabilities
Account name
2004 I.D.
2003 I.D.
Liabilities
Current liabilities
Current accounts & deposits
49.006.168.708
39.410.007.997
Creditors & credit balances
4.237.174.590
22.836.844.857
Total current liabilities
35.243.343.298
62.246.852.854
Fixed liabilities
Paid-up capital
5.280.000.000
2.640.000.000
Reserves
3.354.559.790
1.105.791.777
Total fixed liabilities
8.634.559.790
3.745.791.777
Total liabilities
61.877.903.088
56.992.644.631
Contra accounts
Bank liabilities for banking operations (less deposits)
2.325.327.348
503.046.749
Total
64.203.230.437
66.495.691.380
Profit and loss and appropriation account for the year 2003
Account name
2004 I.D.
2003 I.D
Revenues of current activities
Banking operation revenue
5.050.996.873
1.964.450.088
Investment revenue
753.315.426
283.044.777
5.804.312.300
224.749.4865
Les-expenses of current activities
Banking operations expenses
1.398.409.117
1.007.757.657
Depreciation
53.170.909
121.194.739
Administration expenses
1.375.111.573
691.855.366
2.826.691.598
1.820.807.762
Profit of current activities
2.977.620.702
426.687.103
Add other revenues
237.891.513
250.253.346
Less-transferable & other expenses
Transferable expenses
35.207.098
30.379.283
Other expenses
71.103.075
42748545
106.310.173
73.127.828
Net profit-distributed s follows
3.109.202.042
603.812.621
Provision for income tax
245.331.403
Provision for social security
Capital reserve as per central bank law
448.398.655
120.762.524
Provision for doubtful debts
621.877.364
Undistributed profit
1.793.594.619
483.050.097
Total
2.863.870.638
603.812.621
http://www.bankofbaghdad.net/2004.html
General Budget 2004
Chairman of Managing Council Speech
Ladies and Gentlemen stockholders of Baghdad Bank
Iraq had been through some unusual circumstances within the last two years like instability and lack of security that have had a destructive impact on economy, investment and industrial production, but, despite of all that Baghdad Bank achieved a big success during the financial year of 2004 in comparison to the previous financial year and the most important index to that is balancing US dollar price with the current price of 1460 ID
Baghdad bank has taken also serious steps towards opening Al-Bayaa branch at the end of 2004 and rented a location for Al-Suliemaniya branch which shall be opened in March 2005 in addition to the expansion of Baghdad bank activities on the international level as it has made banking connections with many international banks. worth mentioning that Baghdad Bank started putting into practice new systems in Mansour, Palestine and Bayaa branches
Presently such systems are being put into practice in the general center and general management to be spread later on to the other branches. Baghdad Bank has also signed a contract to use (SWIFT) system in external transfers in 2005. This system shall be run during the above mentioned year
I would to inform all the stockholders of Baghdad Bank that the report of the managing council 2004 was prepared according to the demands of Central Bank of Iraq to balance US dollar price to0.310 ID instead of its real value (1460) ID per 1 US dollar, so, the report and general budget do not necessarily reflect the actual situation of Baghdad Bank and the volume of economical incoming indexes, so, this report was issued in order to meet the demands of the rules and instructions
The General Institution of Baghdad Bank that was held on November 16 2004 had taken a decision to make a partnership with Gulf Bank and Iraqi Payee Company with percentage of 49 %, increasing Capital to approximately 10.000.000.000 ID. We would like to inform stockholders of the bank that Central Bank of Iraq reclaimed that the increase of capital to 52.963.600.000 ID all at once instead of two stages. The managing council of the bank and new stockholders agreed to meet the demands of Central Bank of Iraq as long as they do not affect the basis of partnership that all sides have agreed upon in the previous meeting of the General Institution of Baghdad Bank and we are waiting for the final resolution of Central Bank of Iraq about our above mentioned approval
And hereby I express my deep appreciation to Central Bank of Iraq and department of company registration to their utilitarian and constructive roles in supporting Baghdad Bank and Iraqi economy in general. I also appreciate the honorable situation of all personnel of the bank for preservation of bank properties and for their exceptional efforts in hard times that Iraq had been through within the last two years
Dr. Monib Khalil Al-Skooti
Chairman of managing council
Net Profit and How to Deal with it
Baghdad Bank realized gross profit of 3.109.000.000 ID during 2004 this amount equals 59% out of its paid capital which is to be discounted from this profit
Managing council of Baghdad Bank thinks that distributing profit realized in 2003 and 2004 to stockholders that is about 2.246.506.176 ID which equals 43% out of the capital of the bank
Reserve Fund and Owings of Stockholders
Owings of stockholders increased from 3.700.000.000 ID
in 2003 to 8.600.000.000 ID in 2004
that equals 132% and the share of capital reserve fund of the profits of 2004 was approximately 448.000.000 ID, so, reserve fund was increased to 1.053.000.000 ID, and reserve of fixed deposits increased to 55.000.000 ID
The following table includes a detailed list demonstrating development of capital, reserve funds and stockholders’ owing in comparison to previous year
Assets
Account name
2004 I.D.
2003 I.D.
Assets
Cash in hand & at banks
16.359.903.887
37.041.063.542
Investment
16.211.065.318
8.873.007.912
Cash loans and advances
Commercial bills discounted & purchased
3.165.101.675
3.076.711.864
Loans & advances
14.171.611.502
6.113.669.395
17.336.713.177
9.190.381.259
Debtors & debit balances
7.867.640.718
7.376.909.335
Fixed assets
4.102.579.988
3.511.282.583
Total assets
11.970.220.706
65.992.644.631
Contra accounts
Customers liabilities for banking operation (less total)
2.325.327.348
503.046.749
Total
64.203.230.437
66.495.691.380
Liabilities
Account name
2004 I.D.
2003 I.D.
Liabilities
Current liabilities
Current accounts & deposits
49.006.168.708
39.410.007.997
Creditors & credit balances
4.237.174.590
22.836.844.857
Total current liabilities
35.243.343.298
62.246.852.854
Fixed liabilities
Paid-up capital
5.280.000.000
2.640.000.000
Reserves
3.354.559.790
1.105.791.777
Total fixed liabilities
8.634.559.790
3.745.791.777
Total liabilities
61.877.903.088
56.992.644.631
Contra accounts
Bank liabilities for banking operations (less deposits)
2.325.327.348
503.046.749
Total
64.203.230.437
66.495.691.380
Profit and loss and appropriation account for the year 2003
Account name
2004 I.D.
2003 I.D
Revenues of current activities
Banking operation revenue
5.050.996.873
1.964.450.088
Investment revenue
753.315.426
283.044.777
5.804.312.300
224.749.4865
Les-expenses of current activities
Banking operations expenses
1.398.409.117
1.007.757.657
Depreciation
53.170.909
121.194.739
Administration expenses
1.375.111.573
691.855.366
2.826.691.598
1.820.807.762
Profit of current activities
2.977.620.702
426.687.103
Add other revenues
237.891.513
250.253.346
Less-transferable & other expenses
Transferable expenses
35.207.098
30.379.283
Other expenses
71.103.075
42748545
106.310.173
73.127.828
Net profit-distributed s follows
3.109.202.042
603.812.621
Provision for income tax
245.331.403
Provision for social security
Capital reserve as per central bank law
448.398.655
120.762.524
Provision for doubtful debts
621.877.364
Undistributed profit
1.793.594.619
483.050.097
Total
2.863.870.638
603.812.621