CONSOLIDATED

INCOME STATEMENT
All amounts in US dollars thousands unless otherwises stated

Year ended 31 December

2008
Interest income
Interest expense
Net interest income

2007

710,249

428,423

(319,848)
390,401

(150,346)
278,077

Fee and commission income

275,683

185,406

Fee and commission expense

Net fee and commission income

266,138

(9,545)
182,426

5,625

174

117,259

2,679
70,584

Lease income
Dividend income
Net trading income
Gains less losses from investment securities
Other operating income
Impairment losses for loans
Operating expenses
Income tax expense

14
10,122

(550,812)

(113,071)
(334,269)

(51,245)

(51,634)
162,241

(19,148)

190,570
-

144

Share of profit of associates

Profit before income tax

162,385
111,140

Attributable to:
Equity holders of the company

2,590

(11,299)
55,321

Operating profit

Profit for the year

(2,980)

190,570

138,936
94,195

107,373

Earnings per share for profit attributable to the equity holders

of the parent company during the year (expressed in United States cents per share):
Minority interest

16,945
111,140

31,563
138,936

basic

1.56

diluted

1 ANNUAL REPORT 2008

1.35

1.51

1.39

CONSOLIDATED
BALANCE SHEET
All amounts in US dollars thousands unless otherwises stated

As at 31 December
2008

2007

Cash and balances with central banks

810,393

978,233

Treasury bills and other eligible bills

420,316

547,401

Loans and advances to banks

1,994,951

834,404

Loans and advances to customers

3,754,206

3,117,036

7,106
-

10,375

584,000

553,013
-

ASSETS

Trading assets
Derivative financial instruments
Investment securities: available-for-sale
Investments in associates
Intangible assets
Property and equipment
Investment property
Deferred income tax assets
Other assets
Total assets

75,003

1,514
34,924

20,445

315,802

242,984
-

12 083
9,589

8,762

361,302

162,568

8,306,186

6,550,224

334,446

462,666

5,798,895

4,714,327
-

LIABILITIES
Deposits from other banks
Due to customers
Other deposits
Derivative financial instruments

93,819
-

75,000

Borrowed funds

345 157

216,298

Other liabilities

495,825

349,058

Current income tax liabilities

37,073

43,754

Deferred income tax liabilities

31,180

23,853

Retirement benefit obligations

12,169

13,508

7,148,564

5,898,464

Share capital

774,496

265,155

Retained earnings

206,401

145,314

52,313

103 079

1,033,210

513,548

124,412

138,212

Total liabilities
EQUITY
Capital and reserves attributable to the Company's equity holders

Other reserves
Minority interest
Total equity

1,157,622

651,760

Total liabilities and equity

8,306,186

6,550 224

CONSOLIDATED BALANCE SHEET 2

CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
All amounts in US dollars thousands unless otherwises stated

Attributable to equity
holders of the company Share Retained
Other capital
earnings reserves

Minority

264,115

65,209

52,764

100,227

Interest
482,315

investments, net of tax

6,409

6,409

Currency translation differences

25,563

10,388

Net income recognised directly in equity

31,972

10,388

42,360

Profit for the year

107,373

31,563

138,936

Total recognised income for 2007

107,373

41,951

181,296

Dividend relating to 2006

(18,355)

31,972
-

Transfer to general banking reserves

(6,405)

6,405

(3,966)
-

(22,321)
-

Transfer to statutory reserve

(11,938)

Share options granted

9,430

11,938
-

1,040

1,040

265,155

145,314

103,079

138,212

651,760

investments, net of tax

14,413

Currency translation differences

(84,554)

(8,509)

Net loss recognised directly in equity

(8,509)

Profit for the year

94,195

(70,141)
-

Total recognised income for 2008

94,195

(70,141)

8,436

32,490

Dividend relating to 2007

(26,940)

(22,236)

(49,176)

Transfer to general banking reserves

(9,335)

9,335

Transfer to statutory reserve

(5,508)

3,168
-

8,675
-

5,508
-

11,843

4,532

4,532

~ Rights issue

184,490

184,490

~ Public offer

369,991

Share issue expenses

369,991
(48,308)

At 31 December 2008

774,496

206,401

52,313

124,412

At 1 January 2007
Net changes in available for sale

35,951

Employee share ownership scheme:

~ Proceeds from shares issued

At 31 December 2007 / 1 January 2008

Net changes in available for sale

Share options granted

Convertible loans - equity component

16,945

14,413
(93,063)
(78,650)
111,140

Proceeds from shares issued

CONSOLIDATED
3 ANNUAL REPORT 2008

(48,308)
1,157,622

Total

CASH FLOW STATEMENT

All amounts in US dollars thousands unless otherwises stated

Year ended 31 December 2008

2007

Cash flows from operating activities

Interest and similar income received
Interest paid

(292,822)

Dividends received
Net fee and commission receipts
Net trading and other incomes
Cash payments to employees and suppliers
Cash payments to retired employees
Income taxes paid
Changes in operating assets and liabilities

266,138
(604,458)
(51,426)

assets

derivative financial assets

reserve deposits with central banks

(354)

net increase/(decrease)
93,819 (5,027)
net increase in amounts due to customers
2,214,149

in other deposits

1,084,568

net (decrease)/ increase

(75,000) 75,000
net increase in other liabilities 119,740
41,732
317,858
619,315

in derivative liabilities

Net cash from operating activities

Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired
Purchase of software
Purchase of property and equipment
Proceeds from sale of property and equipment
Purchase of investment securities
Proceeds from sale and redemption of securities
Net cash used in investing activities
Cash flows from financing activities
Proceeds from borrowed funds
Issue of ordinary shares
Deposit for shares
Dividends paid to minority shareholders
Dividends paid

15,603

net increase in other

(155,709)
(5,745)
net increase in mandatory
(95,744)
(54,616)

assets

2,590

net increase in loans and

(461,374) (261,961)
net increase in loans and advances to
(637,170) (1,197,670)

advances to banks

customers

439,096

net decrease/(increase) in trading

3,269
(9,628)
net decrease/(increase) in
75,003 (74,983)
net decrease/(increase) in other treasury
200,926
(251,101)

bills

667,225
(136,585)
2,679
182,426
178,194
(322,625)
(30,985)

(18,322)
17,452
71,948

25,656
(12,838)
(172,082)
6,619
(172,351)
223,122
(247,699)
133,391

40,773
(139,283)
(376,964)
(258,571)
165,638

509,341

(22,236)

(3,966)
(26,940)

Net cash from financing activities

593,556
Net increase in cash and cash equivalents
Cash and cash equivalents at start of year
856,154
Effects of exchange differences on cash and cash equivalents
Cash and cash equivalents at end of year
1,493,804

141,913
663,715
413,496
(26,065)
856,154

(1,404)
(18,355)
502,657
(59,999)

CONSOLIDATED BALANCE SHEET 4

PARENT COMPANYS FINANCIAL STATEMENTS

INCOME STATEMENT
All amounts in US dollars thousands unless otherwises stated

Interest income

Year ended 31 December

2008___________________
2007
2,825
308

Interest expense

(8,473)

(2,702)

Net interest expense

(5,648)

(2,394)

Fee and commission income

12,804

7,004

(42)

(46)

7,114

4,564

81,388

49,440

(23,455)

(11,305)

65,047

42,699

~ basic

0.96

0.62

~ diluted

0.93

0.60

Fee and commission expense

Net interest, fee and commission income
Dividend income
Operating expenses
Profit for the year
Earnings per share for profit attributable to the equity holders of the company
during the year (expressed in cents $ per share):

PARENT COMPANYS FINANCIAL STATEMENTS

BALANCE SHEET
All amounts in US dollars thousands unless otherwises stated

5 ANNUAL REPORT 2008

2008

As at 31 December
2007
(as restated)

ASSETS
Balances with banks

234,939

80,524

Investment in subsidiaries

346,131

293,888

Other assets

538,096

44,135

1,357

455

1,120,523

419,002

224,160

129,783

52,418
2,252

6,421
1,760

Total liabilities

278,830

137,964

EQUITY
Share capital

773,492

264,547

Retained earnings

38,959

1,538

Other reserves

29,242

14,953

841,693

281,038

1,120,523

419,002

Property and equipment

Total assets
LIABILITIES
Borrowed funds
Other liabilities
Retirement benefit obligations

Total equity
Total liabilities and equity

CONSOLIDATED CASH FLOW STATEMENT 6