IN THIS SECTION:

Income statement

for the year ended 31 December 2005
        Group     
        2005 2004  
  Note     Rm Rm  
Income from banking operations       29 705 26 536  
Net interest income       12 987 11 492  
Interest income 23.1     38 697 35 247  
Interest expense 23.2     25 710 23 755  
Non-interest revenue 23.3     16 718 15 044  
Income from life insurance operations       51 127 32 311  
Net insurance premiums 23.4     18 979 12 406  
Investment income and gains 23.5     30 982 18 830  
Management and service fee income       1 166 1 075  
             
Total income       80 832 58 847  
Credit impairment charges 23.6     1 207 1 050  
Benefits due to policyholders       41 004 24 809  
Net insurance benefits and claims       32 816 19 115  
Fair value adjustment to policyholders’ liabilities under investment contracts       6 834 4 666  
Fair value adjustment on third party fund interests       1 354 1 028  
             
Income after credit impairment charges and policyholders’ benefits       38 621 32 988  
Operating expenses in banking operations       16 817 15 384  
Staff costs 23.7     9 613 8 610  
Other operating expenses 23.8     7 204 6 774  
Operating expenses in life insurance operations       7 222 4 684  
Acquisition costs – insurance and investment contracts       3 594 1 920  
Other operating expenses 23.8     3 628 2 764  
             
Net income before goodwill       14 582 12 920  
Goodwill impairment 23.9     421 48  
Net income from banking and insurance       14 161 12 872  
Income from associates and joint ventures 11     226 127  
Net income before indirect taxation       14 387 12 999  
Indirect taxation 25.1     778 651  
Profit before direct taxation       13 609 12 348  
Direct taxation 25.2     4 312 3 276  
Profit for the year       9 297 9 072  
Attributable to minorities       639 1 388  
Attributable to preference shareholders       226 –  
Attributable to ordinary shareholders       8 432 7 684  
             
Earnings per share (cents) 28     699,7 581,4  
Fully diluted earnings per share (cents) 28     668,4 571,3  
Dividends per share (cents) 26     267,0 231,5  
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