IFRS income statement impact

    2004 as previously reported   Relevant accounting standards    
              Line by line           IAS 27          
              consolidation           Consoli-          
    Standard     Standard IFRS IAS 1   and reclassifi-           dation     IAS 39    
    Bank   Liberty Bank   adjust-   reclassi- cation of     IAS 12/         of mutual   IAS 39   reclassi- 2004  
    operations Life Group ment fication insurance   IFRS 2 IAS 40   IAS 16   IAS 17   IAS 18 funds   IAS 36   impairment   fication   restated  
    Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm  
        Note1 15 14 3 8 4 & 5 7 1 6 2 9 11    
Income from banking operations 26 499   26 499 37                       26 536  
Net interest income   11 451   11 451 41                       11 492   
Interest income   35 206   35 206 41             41         35 247  
Interest expense   23 755   23 755 –                       23 755  
Non-interest revenue   15 048   15 048 (4) 44           (46)       (2) 15 044  
Income from life insurance operations       32 311                       32 311  
Net insurance premiums         12 406   12 406                   12 406   
Investment income and gains         18 830   17 619     18 49   1 144       18 830  
Management and service fee income         1 075   1 075                   1 075  
                                     
Total income 26 499   26 499 32 348                       58 847  
Credit impairment charges 1 048   1 048 2                   2   1 050  
Benefits due to policyholders       24 809                       24 809  
Net insurance benefits and claims         19 115   19 030   85               19 115   
Fair value adjustment to policyholders' liabilities under investment contracts         4 666   4 645   21               4 666  
Fair value adjustment on third party fund interests         1 028               1 028        1 028  
                                     
Income after credit impairment charges and policyholders' benefits 25 451   25 451 7 537                        32 988  
Operating expenses in banking operations 15 242   15 242 142                      15 384  
Staff costs   8 499   8 499 111     111                  8 610   
Other operating expenses   6 743   6 743 31 32       (6) 5            6 774  
Operating expenses in life insurance operations       4 684                        4 684  
Acquisition costs – insurance and investment contracts         1 920   1 920 15                  1 920   
Other operating expenses         2 764   2 578   6   49   116        2 764  
Liberty Life – net income before goodwill     2 695 2 695 (2 695)   (2 695)                    –  
Net income before goodwill 10 209 2 695 12 904 16                         12 920  
Goodwill amortisation and exceptional items 86 – 86 (86) 12               (98)      –  
Goodwill impairment   – 12 12 36                 36      48  
Net income from banking and insurance 10 123 2 683 12 806 66                        12 872  
Income from associates and joint ventures   97 – 97 30   30                    127  
Net income before indirect taxation 10 220 2 683 12 903 96                        12 999  
Indirect taxation 389 – 389 262   262                    651  
Profit before direct taxation 9 831 2 683 12 514 (166)                        12 348  
Direct taxation   2 489 900 3 389 (113)       (112) 4   (5)         3 276
Profit for the year 7 342 1 783 9 125 (53) – – (126) – 20 (5) – – 62 (2) (2) 9 072
Attributable to minorities   127 1 257 1 384 4 – – (10) – 8 – (3) – 9 – – 1 388   
Attributable to ordinary shareholders   7 215 526 7 741 (57) – – (116) – 12 (5) 3 – 53 (2) (2) 7 684  
                                     
1Refer to Adjustments as a result of the adoption of IFRS under Annexure A for details relating to notes.