Report No. 8403-H Thailand Financial Sector Study (In Two Volumes) Volume 11 Annexes May 25, 199O Industry and Energy Operations Division Country Department 11 Asia Region FOR OFFICIAL USE ONLY (~~~~~~~~~~~~~~~ Documwnt of, dwWrMB This docufment has a restrited distribution and may be us.ed by'recipients only In the perforan-trce of their official duties, its contents mnay not otherwise be disclosed without world Bank authorization. CURRENCY EQUIVALENTS (December 31, 1989) US$" Baht 25.61 Bah. 1 US$0.039 FISCAL YEAR Government s October 1 to September 30 Most financial institutions s January 1 to December 31 LIST OF ACRONYMS BAAC - The Bank for Agriculture and Agricultural Coooperatives BOT - The Bank of Thailand cCC - Civil and Commercial Code of Thailand CDs - Certificates of Deposits FIDF - Financial Institutions Development Fund F&S Companies - Finance and Securities Companies FRlNs - Floating Rate Notes GDP - Gross Domestic Product IFC - International Finance Corporation IFCT - The Industrial Finance Corporation of Thailand IMF - International Monetary Fund MFC - The Mutual Fund Company PNs - Promissory Notes PGs - Peer Groups RGs - Risk Groups SET - Securities Exchange of Thailand FOR OFFMCL USE ONLY LIST OF ANNE!"ES (Volume I) Annex 1: GDP by industrial Origin and Expenditure, 1970-88 Annex 2: Inflation Rates, 1982-88 Annex 3s Gross Investment and Savings, 1978-88 Annex 4: Consolidated Non-Financial Public Sector Fiscal Account Summary, 1981-89 Annex 5t Results of Regression Analysis Annex 6s External Financing Ratios Annex 7: Financial Aggregates, Ratios to GDP, Investment and Savings Annex 8s Bills, Loans and Overdrafts of Commercial Banks as Percentage of GDP Value Added, Classified by Sectors Annex 9: Development Credits by Bank of Thailand, 1982-88 Annex 10: Main Interest Rates, 1983-89 Annex ls Determination of Short-term Interest Rates Annex 12s Assets of the Financial System, 1970-88 Annex 13s Analysis of Income Statements and Balance Sheets of all Commercial Banks Annex 14: Analysis of Peer Group 1 Commercial Banks Annex 15: Analysis of Peer Group 2 Commercial Banks Annex 16s Analysis of Peer Group 3 Commercial Banks Annex 17: Analysis of Peer Group 4 Commercial Banks Annex 18s Analysis of Bangkok Bank, Ltd. Annex 19: Analysis of Farmers Bank, Ltd. Annex 20: Analysis of Siam Commercial Bank, Ltd. Annex 21s Analysis of Bank of Ayudhya Annex 22: Analysis of Thai Military Bank Annex 23: Analysis of Krung Thai Bank Annex 24: Analysis of Sayam Bank, Ltd. Annex 25: Analysis of Siam City Bank, Ltd. Annex 26: Analysis of First Bangkok Bank, Ltd. Annex 27: Analysis of Bangkok Metropolitan Bank. Ltd. Annex 28: Analysis of Bangkok Bank of Commerce Annex 29: Analysis of Bank of Asia, Ltd. Annex 30: Analysis of Union Bank of Bangkok, Ltd. Annex 31: Analysis of Thai Danu Bank, Ltd. Annex 32: Analysis of Nakornthon Bank bnnex 33: Analysis of Laem Thong Bank, Ltd. Annex 34: Interest Differential Margins of Thai Commercial Banks, 1988 Annex 35: Sectoral Distribution of Credit, 1975-88 Annex 36: Estimated Direct and Indirect Taxes on Thai Banks, 1988 Annex 37: Branch Distribution of Thai Commercial Banks Annex 38: Percent Branch Distribution Annex 39: Summarized Balance Sheets of All Finance and Securities Companies, 1988 Annex 40: Summarized Income Statements of All Finance Securities Companies, 1988 Annex 41: Ratio Analysis of All Finance and Securities Companies, 1988 This document has a restricted distribution and may be used by recipients onlY in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. List of Annexes (Volume ii) (Coat.) Annex 42: Analysis of Securities Companies, 1988 Assets Annex 43: Sectoral Distribution of Finance and Securities CorTanies' Portfolio, December 31, 1980-88 Annex 44: Financial Institutions Development Fund Balance Sheet as of September 5, 1989 Annex '5: IFCT Summarized Balance Sheets as of December 31, 1984-88 Annex 46: IFCT Summarized Statements of Income and Unappropriated Retained Earnings, Years Ending December 31, 1984-88 Annex 47: Volume of Agricultiral Credit by Institutional Source, 1978-88 Annex 48: Number and Share of Agricultural Clients/Families Served by Institutional Lenders Annex 49s Percentage Share of Parmers' Loans, 1980-1986 Annex 50s Commercial Banks: Actual and Mandated Targets for Agriculture and Agri-Business, 1975-88 Annex 51: Commercial Bankss Actual and Mandated Targets as a Peceentatc of Total Deposits Annex 52: Calculation of Implicit Subsidies from Credit Requirement (Mandated Lending) Policy Annex 53: Calculation of Implicit Subsidies from BAAC's Average-Cost Pricing Rule Annex 54: Calculation of Subsidy-Free Interest Rates Annex 55: BAAC Summarized Balance Sheets as of December 31, 1979-88 Annex 56s BAAC Sumarized Income Statements and Ratio Analysis, 1978-85 Annex 57: Alternative Met Income Scenarios for BAAC Annex 58: Privat.t Capital Inflow and Outflow, 1980-88 FINNCIAL SECTOR STUDY GDP bv Industrial Oriain and Ergenditure. 1970-88 (Millions of baht) _ Average 1970-79 1980-85 1986 1987 1988 -------…( of GDP at Current Prices)------ Agriculture 25.7 19.8 16.5 16.1 16.9 Non-agriculture 74.3 80.2 83.5 83.9 83.1 Mining and agriculture 2.8 3.3 3.1 3.1 3.0 Manufacturing 4.6 5.3 5.2 5.1 5.1 Construction 19.0 21.8 23.3 23.9 24.4 Electricity and water supply 1.2 1.7 2.6 2.6 2.6 Transportation and comunnication 5.9 6.7 7.8 7.5 7.3 Trade 18.0 16.6 15.5 15.6 15.8 Financial services 2.2 2.6 2.6 3.1 3.2 Real estate Ua 0.4 0.7 0.8 0.8 0.9 All others 20.3 21.5 22.5 22.1 20.8 ----(Il change at Constant 1972 Prices)---- Agriculture 4.2 4.9 0.2 -2.0 8.6 Non-agriculture 7.9 5.8 5.6 10.8 11.5 Minig and quarrying 6.3 4.6 -2.0 7.3 13.5 Manufacturing 10.9 4.6 9.6 13.6 12.4 Construction 5.1 4.3 -2.9 8.1 13.7 glectricity and water supply 14.2 11.0 12.4 9.0 13.4 Transportation and communication 6.6 7.0 7.2 8.3 10.8 Trade 6.3 4.8 4.5 11.5 13.2 Financial services 8.2 6.9 -0.7 33.6 16.3 Real estate /a 11.0 8.6 11.4 6.6 26.8 All others 7.3 7.1 4.3 7.7 7.7 Total GDP (constant prices) 7.0 5.6 4.5 8.4 11.0 Aggregate Demand 7.0 5.2 4.0 11.6 13.1 Consumption 6.8 4.8 4.0 6.4 8.8 Private 6.3 4.1 5.0 7.6 9.8 Government 9.5 7.7 0.2 1.1 4.2 Gross fixed investment 6.7 4.0 -4.2 13.2 17.7 Private 6.7 3.2 -0.2 26.2 23.4 Public 6.5 5.4 -11.5 -13.3 0.7 Domestic Demand 6.6 4.6 1.7 9.2 10.6 Export of goods and services 9.7 8.2 14.6 21.6 22.6 Import of goods and services 7.1 1.7 3.3 28.4 30.9 /a Includes insurance. Source: NESDB, National Income of Thailand, 1988. ANNEX 2 -2- THAILAND FINANCIAL SECTOR STUDY Inflation Rates. 1982-88 (1976 = 100) 1982 1983 1934 1985 1986 1987 1988 1989 CPI (all items) 181.1 187.9 189.5 194.1 197.7 202.6 210.4 221.8 Food 176.6 185.5 183.4 178.9 180.8 184.1 193.5 204.3 Non-food 181.8 186.7 191.2 202.2 207.5 213.0 219.7 226.5 PPI (all items) 174.5 169.1 169.0 168.4 178.4 193.0 202.8 ----------------------- Change----------------- CPI 3.8 0.9 2.4 1.9 2.5 3.8 5.4 Food 5.0 -1.1 -2.5 1.1 1.8 5.1 5.6 Non-food 2.7 2.4 5.8 2.6 2.7 3.1 3.1 PPI -3.1 -0.1 -0.4 5.9 8.2 5.1 Sources Ministry of Commerce, Department of Business Economics. -3- ANNEX 3 THAILAND FINANCIAL SECTOR STUDY Gross Investment and Savings. 1978-88 (Millions of baht) 1970-79 1980-85 1986 1987 1988 InvestmentlGDP 25.8 25.1 22.0 25.8 27.5 Fixed investment/GDP 23.8 24.3 21.7 23.5 25.8 Private investment/GDP 17.4 15.7 14.1 17.3 20.0 Public investment/GDP 6.4 8.6 7.6 6.3 5.8 Inventories/GDP 2.0 0.9 0.4 2.3 1.7 SavingsjGDP 22.6 19.7 22.7 24.9 24.5 Total private/GDP 19.0 19.1 18.4 19.1 19.4 Net private/GDP 12.2 12.0 9.8 10.7 11.4 Depreciation/GDP 6.8 7.1 8.5 8.3 8.0 Public savings/GDP 2.8 1.3 1.8 3.8 7.2 Resource balance/GDP -3.2 -5.4 0.6 -0.9 -3.0 Private resource balance/GDP -0.4 2.6 4.0 -0.4 -2.4 Public resource balance/GDP -3.6 -7.3 -5.8 -2.5 1.5 Discrepance/GDP 0.8 -0.7 2.5 2.0 -2.1 Source: NESDB, 1989. AN=X 4 r:cu^AL #X $MXY Consolldat d "Nb-F)n00clol,Pubilc lgfr floc l AgMP Sunrs. 1981-89 (as porcotdX of coq fr > 4r r) F.4AC1. .ETO SlM 1981/82 10621/8 1988084 1084/06 1065,66 Isse/B 1987/86 1988169 e Revenu. and Or.nto 10.07 17.87 19.17 10.28 19.42 20.15 22.01 22.7S Revenue 16.85 17.54 16.77 16.1 18.90 19.69 21.59 22.82 Contral Govermet 14.17 14.90 15.24 15.86 1t.15 16.03 17.70 19.06 Local Goverment 0.91 0.91 0.97 0.98 0.98 0.97 0.9a 0.01 lhb-finoenlxl public *nt.rpr)ee 1.2t 1.66 2.6t 2.10 2.79 2.79 2.98 2.38 Grant. 0.62 0.8a 0.46 0.87 0.49 0.57 0.42 0.48 Central Government 0.82 0.88 0.40 O.87 0.49 0.57 0.42 0.48 tapsed and L od)ns - R.psr_ents Current Expeaditar. 16.00 16.00 16.68 17.61 10.62 15.09 14.08 14.02 Central Governmnt 14.96 15.02 S.5" 10.45 16.82 14.8a 18.74 1i.70 Local Government 1.08 0.06 1.08 1.05 0.99 0.88 0.69 0.6 Capital Eapendlture 6.82 7.40 7.05 7.69 7.1B 5.98 0.20 S.85 Central Government 4.02 8.51 8.10 8.78 8.89 2.82 2.82 2.41 Local Go4ovemoet 0.02 0.6 0.50 0.56 0.57 0.46 0.60 0.46 Nbo-flnaneial public enterprises 8.09 8.87 8.88 S.52 8.22 2.66 8.44 6.40 Lending atom Rpyayment 0.10 -0.02 -0.01 0.12 0.06 -0.01 -0.05 0.04 Centrel evrment 0.10 -0.02 -0.01 0.12 0.09 -O.t -0.OS 0.04 hhIcIt(-)/Seupluss(.) -7.70 -5.60 -4.61 -0.28 -4.67 -1.47 *1.16 *.1.7 Flmcineo 7.06 6.64 4.47 0.82 4.08 1.45 -1.28 -1.09 External Berrow1rt1 8.18 2.42 1.48 2.75 1.41 0.16 0.46 0.16 Receipt 4.08 8.20 6.09 6.89 4.11 2.80 2.77 1.80 Repay"t 0.65 0.85 2.21 2.04 2.70 2.14 2.81 1.20 Domestic Borrwlnv 4.71 8.22 2.09 8.57 6.22 1.29 -1.09 -1.86 Bank 8.68 1.#6 2.10 0.61 1.10 0.28 -8.41 -1.77 Nbn-banks 1.i. 1.84 0.69 2.76 2.12 1.04 1.72 -0.08 Governt Salnge lank 0.68 0.01 0.67 1.11 1.81 1.35 0.67 -0.07 Othero 0.60 1.08 0.22 1.66 0.61 -0.31 0.86 -0.01 Dlacreponcyt Defleit - Financing 0.13 0.03 -0.04 0.09 -0.04 -0.02 -0.06 0.04 O a estimate Source: BOT -5 ANNEX 5 T_HIAAND FINANCIAL SECTOR STUDY Results of Regression Analysis la Regression Equations (Billions of baht) Y - current account deficit (BOP) X - public sector deficit Y - .503 X - 1.585 Std Dev of Coefficient Coefficient T-Ratio Intercept -1.5849 X 0.502? 0.2472 2.0335 R SQUARED - 0.2161 ADJ R SQR - 0.1638 DURSIN WATSON STAT - 1.5247 Regression Equation: (Billions of baht) Y - change in net foreign assets (BOT) X - change in net domestic assets (BOT) Y - 5.93 - 1.04 X Intercept 5.9344 X -1.0399 0.0735 -14,1482 R SQUARED - 0.921? ADJ R SQR - 0.9171 DURIN WATSON STAT - 1.2418 la The analysis was undertaken by staff. AIEEO THAILAND FINUNCIAL SECTOR STUD Exterpa iFinencigg loti (Millilons of b b) 1973 1979 1980 1981 1982 1988 194 1986 1SS0 1936 1966 Ratlotts (s) -----~~------- --- -------- - - -- -% of Invastsent ------ - ---- - -- - Total Ext. Financing/Total Investment 10.9 17.6 22.9 23.1 20.6 16.2 16.9 89.4 12.4 18.7 8.0 Total Debt Flows/Total Investment 10.1 16.6 20.7 19.9 18.8 11.7 16.0 87.6 9.6 10.8 -4.0 OFI/otatl Inveottegt 0.6 0.7 2.2 8.2 2.8 8.6 4.0 1.e 2.9 2.8 7.0 Total Privat/Privat. Invoet_ot 2.5 7.8 18.4 23.6 9.0 11.4 16.1 11.0 -1.7 0.0 10.6 Debt/Privote tnvet nt 1.1 0.4 9.8 8.8 6.0 S.? 11.9 8.0 -8.2 -4.2 1.2 DFI/Private Investment 1.8 1.1 8.0 6.8 8.4 6.7 6.2 8.0 4.6 4.2 9.6 DFI lomna/privat. Investment 1.0 -0.7 0.7 -0.6 1.9 DWI equAly/PrOvato Investeent 4.6 3.7 8.8 4.6 7.8 c' Total Public/Publc Investent 84.6 44.9 48.6 48.9 41.7 26.1 21.6 97.0 39.1 56.1 -23.0 Total Debt Stock/GODP 11.8 14.6 17.7 20.6 28.8 24.1 26.2 34.2 33.6 32.6 26.6 Total Private Debt Stock/GDP 8.9 4.6 6.4 8.0 0.4 6.7 6.2 9.0 7.6 6.9 6.2 Total Public Debt Stock/GOP 7.4 9.9 12.3 14.6 18.9 17.4 18.0 26.2 28.8 28.9 21.8 Source: IFS Yearbook, 1989; Bank of Thailand, 1969. -7- ANNEX 7 THAILAND FINANCIAL SECTOR STUDY Financial Aggregates. Ratios to GDP. Investment and Savings Period AveraLe 1970-79 1980-85 1986 1987 1988 1989e Base Money/GDP 10.0 8.2 8.2 8.9 8.9 8.1 Ml/GDP 12.4 9.4 9.1 10.1 9.8 9.9 M2/GDP 34.2 46.7 58.3 61.7 63.3 65.4 Quasi-Money/GDP 21.8 37.2 49.2 51.6 53.5 55.5 Private Credit/GDP la ?.6.; 40.9 47.7 52.0 57.3 Public CreditjGDP lb 9.3 14.9 16.2 14.5 9.5 Total Domestic Credit/GDP 35.4 55.8 63.9 66.5 66.7 Net Foreign Assets/GDP 10.4 4.2 7.0 8.2 9.7 Ratios to Saving or Investment: Change in M2/Private Saving 46.0 63.6 70.6 100.6 88.5 Change Private Credit/Private Investment 29.0 40.3 16.5 60.1 62.6 Change Public Credit/Public Investment 25.2 26.5 17.9 4.3 -56.5 e - estimate /a Includes other financial institutions. lb Includes public enterprises and the government. Source: IFS Yearbook, 1989. Bank of Thailand; NESDB. ANNEX 8 FINANCTAL SECTOR SSUD $ills. Loans and Overdrafts of Comercial Banks as Percentage of GD? Value Added. Classified by Sectors 1981 1982 1983 1984 1985 1986 1987 1988 Loan/Value Addeds Agriculture 9.8 14.1 16.4 21.4 23.2 21.9 23.3 23.1 Hining and Manufacturing 31.5 33.2 41.3 43.4 47.6 44.3 49.7 56.8 Real Estate and Construction /a 20.5 21.9 26.9 26.7 27.0 25.1 26.6 28.2 Trade - wholesale, retail 42.8 53.2 68.7 73.0 79.8 75.1 72.9 70.7 Public utilities 10.5 7.9 8.4 8.5 9.4 8.3 10.1 9.5 Banking and Other Financial 70.9 81.3 104.9 111.6 113 7 118.0 162.6 116.9 Services 13.1 14.6 16.3 18.5 18.9 18.9 21.0 25.2 Total Loan/Total Value Added 32-1 35.4 42.7 46.7 49.4 4.6 53.4 56.4 /a Personal loans to consumers for housing is included under real estate and construction and excluded from personal consumption loans. Value added includes ownership of dwellings. /b Loans excludes personal consumption. Sources Bank of Thailand, PSD3, 1989. -9 ANNEX 9 KUMAL SECTOR~ STUDY Develowownt Credits bY Dank of Thailand. 1982-88 (Millions of baht) 1982 1933 1984 1985 1986 1987 1988 Export credits 15,801 18,602 19.540 19,142 19,888 17,966 35,408 IAdustrial credits 1,439 954 874 424 414 439 428 Agricultural credits 286 206 219 211 1,354 1,593 1,055 Other 8,343 6,912 11,267 17,016 26,746 35.383 35,271 TotaI 25.8tO 26.674 31.900 36.793 48.402 55.381 72.161 Total Credit by Sector - Commercial-Banks Export 28,992 32,022 39,733 45,020 50,144 60,809 72,067 Manufacturing 64,893 88,713 106,049 122,577 124,945 162,238 223,931 Agriculture 22,140 30,541 37,409 39.355 39,694 46,137 57,184 Other 190,763 260,686 298,661 322,553 334,241 422,598 513,680 Total 306,708 411.963 481.852 529.504 549.024 691.781 866.862 Ratio ot Dovelogavat Credits to Commercial Bark Credits by Sector (21) Export 54.5 S8.1 49.2 42.5 39.7 29.5 49.1 Manufacturing 2.2 1.1 0.8 0.3 0.3 0.3 0.2 Agriculture 1.3 0.7 0.6 0.5 3.4 3.5 1.8 Other 4.4 2.7 3.8 5.3 8.0 8.4 6.9 Total jI L 6.6 6.9 8.8 8.0 8.3 Sources Basic data by BOT. Analysis by staff. - 10 - ANNEX 10 THAILAND FINANCIAL SECTOR STUDY Ma)n Interest Rates. 1988-69 (In percentages-) Contral Bank deposits Bonk Loan. Govt. Intlation Sank Rapo Interbank Coiling Actual Ceiling Prime Bonds CPI (1) (2) (8) (4) (6) (6) (7) (8) (9) 1988 Q1 11.6 9.0 11.2 18.0 11.6 18.0 16.0 11.8 2.8 1988 Q2 11.S 11.8 11.1 18.0 10.6 17.6 16.0 11.1 8.8 1988 QS 11.5 12.5 12.0 18.0 11.5 17.6 15.6 11.1 4.8 1988 Q4 18.0 14.6 14.8 13.0 12.6 17.6 16.6 11.1 4.1 1984 Q1 18.0 14.5 16.7 18.0 18.0 18.C 17.0 12.1 8.1 1984 Q2 18.0 18.0 18.S 18.0 18.0 19.0 17.0 12.4 1.5 1984 Q8 13.0 18.5 13.0 18.0 18.0 19.0 17.0 12.6 -0.2 1984 Q4 12.0 7.7 12.8 18.0 12.6 19.0 18.5 12.6 -0.8 1986 Q1 12.0 15.1 13.2 18.0 12.6 19.0 16.6 12.5 1.4 1985 Q2 12.0 10.6 14.0 18.0 12.5 19.0 18.5 12.6 2.0 1985 s 8 11.0 10.4 10.9 18.0 11.0 19.0 15.5 11.1 8.5 1986 Q4 11.0 18.1 13.8 18.0 11.0 19.0 15.6 12.2 2.9 1988 41 10.0 8.4 11.0 9.5 9.5 16.0 14.0 10.7 2.3 1986 02 10.0 6.9 8.1 9.5 9.0 15.0 14.0 9.2 1.8 1986 48 8.0 6.2 7.1 9.6 7.8 16.0 12.0 8.5 1.6 1987 Q4 8.0 6.0 8.2 9.5 7.8 16.0 12.0 8.1 1.6 1987 Q1 8.0 5.8 6.0 9.5 7.8 16.0 11.5 7.6 1.8 1987 02 8.0 5.2 5.8 9.6 7.8 16.0 11.5 7.8 2.0 1987 Q8 8.0 5.0 6.6 9.5 7.8 16.0 11.5 7.5 2.8 1987 44 8.0 6.4 6.2 9.5 7.8 15.0 11.5 7.5 8.2 1988 01 8.0 6.7 7.2 9.5 7.3 15.0 11.5 7.5 4.0 1988 Q2 8.0 7.1 7.6 9.5 7.8 15.0 11.6 7.5 4.0 1988 ,8 8.0 8.9 9.0 9.5 8.0 16.0 11.5 7.6 8.7 1988 Q4 8.0 9.2 10.8 9.5 9.6 15.0 12.0 8.1 8.7 1899 Q1 8.0 9.2 10.1 9.5 9.5 15.0 12.0 8.9 5.5 Notes: (1) Bank of Thalland Basic Loon Rate. (2) Repurchase rat (one-month to 1984 Q8, 8-day since). (8) Money Market (perie. overage). (4) Ceiling on Bank Oep:.t4 rates (1-2 year). (5) Ceiling on Bank LondtIn rates (non-priority). ( Prlme Lsnding Rat., most banks. Coupon on Government Bonds (Period Average). (8) Percentage change In CPI over previous tour quarters. Sources: Bank of Thailand, IFS. - 11 - ThAILAWD Annex 11 FTNANCIAL SECTOR STUDY Page 1 of 7 Determination of Short-term Interest Rates A Technical Note 1/ This note reviews short-term interest rate developments in Thailand since the devaluacion of late 1984. The main variable used is the IFS money market interest rate monthlv 1985.01-1989.04. This is plotted with its US$ counterpart in figure Tl. The main features of this figure are the very large gap which persisted between baht and $ interest rates throughout 1985; the fact that baht interest rates never fell very far below $ rates (the widest gap was about 150 basis points); the surge in the interest differential in the second half of 1988, when baht rates exceeded 11 percent; and the subsequent decline to below $ rates in early 1989. Theory suggests that well-financed and risk-neutral speculators will ensure that the market-clearing interest rate for baht securities differs from the US$ rate only by the market's expectation of exchange rate change. A further assumption of rational expectations would implv that actual exchange rate change would differ form the expected only by a serially uncorrelated random error term. Plotting actual exchange rate change against the raw interest differential as in figure T2 suggests at the verv least that the raw interest differential has been a very poor predictor of subsequenc exchange rate change. This is a common finding in countries with reasonably stable exchange rates, including industrial countries. Looking more closely at the data, using regression analysis, reveals that the raw interest differential has been a biased, as well as an inaccurate predictor of subsequent inflation. Thus, in a regression of the subsequent month's depreciation (DELE) on the raw interest differential (ID), theory would, on the assumptions given, call for an insignificant intercept and a coefficient of plus one on the interest differential. In facc the result of this regression is: DELE - -0.695 - 0.377 ID (0.4) (0.6) RSQ 0.01 SER - 11.26 DW - 2.37 Monthly 85.01-89.04. Wlhere t-statistics are in parentheses. The estimated coefficient on ID is significantly different from plus one. This bias is also reflected in the existence of an the average interest differential in favor of the baht despite the fact that the baht appreciated by a total of 7 per cent over the period. This sort of test is subject to the usual caveats that exchnage rate expectations may differ very widely from realizations, thereby weaknening the precision of the estimation process. and also that the timing of the interest rate and exchange rate observations may not correspond exactly. Nevertheless, the presumption must be that exchnage rate expectations are tlot the sole determinants of interest rate differentials of the baht. If baht interest rates are not simplv determined by exchange rate expectations relative to major currencies it is important to know what the determinants are. One simple modlel would suggest that in the long-run, given the historical stability of the baht/$ exchange rate, baht interest rates should have a tendency to converge to US$ rates, but that in the short-run domestic liquidity conditions could be important. This is a subject that deserves detailed examination. A reasonably good fit was ohtained for a model which describes such a process bv ec:nploving the stock of base money as an indicator of domestic liquidity 1/ The technical note was prepared by staff. - 12 - Page 2 of 7 conditions. Specifically note that the supply of base money is affected by flows which are not directly controlled by portfolio choice decisions. For instance base money is expanded by a current account surplus of the balance of payments and by the government's deficit. If portfolio adjustments take time, it may be that a disequilibrium may emerge in the market for base money with supply either higher or lower than the willingness of wealth managers to hold base money. An exception would be in the short-term borrowing of the banks either from the Bank of Thailand or from correspondents abroad: these can be quickly adjusted. If the demand to hold base money (other than that provided by short-term bank borrowing) has been roughly constant during the 50-month sample period, it would be appropriate to use base money (net of these borrowing - 'NETBAS1") as an indicator of excess supply of liquidity in the economy with the expectation that it would tend to cause a lowering of domestic interest rates. This hypothesis was tested by the following regression which models an "error-correction" or cointegration process of baht and $ interest rates, with a short-term influence from the disequilibrium liquidity term NETBAS1: DF.LBA11T -0.490 DEL.$ - 0.391 ID(-2) - 0.717 NFTBASI + 4.714 (1.0) (5.1) (4.5) (4.5) RSQ - 0.43 SER 0 0.956 I)W 2.33 Monthly 85.01-89.04 OLS DELBAHT = 0.323 DEL$ - 0.476 ID(-2) - 0.965 NETBAS1 + 6.284 (0.7) (5.0) (4.2) (4.3) RSQ - 0.40 SER - 0.980 DW - 2.36 Monthly 85.01-89.04 2SLS (DELBAIIT is the monthly change in the baht money market rate while DEL$ is the corresponding figure for the $1). The equation predicts that about one-half of any change in the $ interest rate will be passed through immediately to baht rates, and that gaps between the two rates will tend to be closed - with about 90 per cent of the gap closed after six months unless there is some new shock. Short-term shocks may come from fluctuations in the net monetary base. An alternative equation, assuming that bank borrowing from the Bank of Thailand are not as readily adjusted, uses the variable NETBAS2, equalling the base less only hank net foreign borrowing: DELBAHT - 1.039 DEL$ - 0.358 ID(-2) - 0.400 NETBAS2(-2) + 4.307 (2.1) (4.3) (3.5) (3.6) RSQ = 0.35 SER - 1.017 DW - 2.07 Monthly 85.01-89.04 OLS With this formulation the fit deteriorates a little, but the $ rate has a more imlmlC(di a toe i pact. These regression results are clearly preliminary and tentative. They do suggest that domestic liquidity conditions can matter for interest rates in the short- rtn, but further work would be needed to confirm this. If short-run liquidity conditions influence the baht money market rate, the role 'Data from IFS, monthly averages. - 13 - Annex 11 Page 3 of 7 of monetary policy interventions by the Bank of Thailand becomes important. Over the past thirty months the Bank appears to have adopted a policy of leaning against the wind, i.e. of providing liquidity to the market whenever domestic interest rates rose. Figure T3 illustrates the close correlation between Bank of Thailand interventions and the international interest differential. Covered interest parity: Even if short-term baht interest rates do not fully reflect subsequent exchange rate depreciation, they appear to be efficiently determined in the more limited sense that the international interest differential usually tracks the forward premium: thus there are no unexploited risk-free arbitrage possibilities. Put another way, the dollar interest rate adjusted for the cost of forward cover is approximately equal to the baht interest rate (Figure T4). The autocorrelation properties of the covered interest differential were also examined. For the epriod 1984-85 there appears to have been some autocorrelation in the series (rho-0.77), but since 1986, the Q-statistic cannot reject absence of autocorrelation. Deposit interest rates: Turning to deposit interest rates, even though these are not frequently adjusted, they do display a tendency to converge to intornational rates. The following regression equation suggests indeed that there is close to full adjustment after a few months. Statistical tests confirm that the long-run coefficient on thie foreign interest rate is not significantly different from one. Neither domestic inflation nor the government bond repurchase rate contributed to this equation after the effects of the foreign interest rate and the lagged dependent variable were taken account of: DEP - -0.003 REP + 0.163 PREM + 0.313 LIBOR + 0.645 REP(-l) + 0.005 (0.0) (1.6) (2.2) (8.9) (1.0) RSQ - 0.931 SER - 0.004 DW - 2.42 Monthly 85.12-89.05 OLS Here DEP is the end-of-period 3-month deposit rate, REP is the 3-day repurchase rate, LIBOR is the one-month US$ London interbank offer rate, PREM is the one- month formiward foreign exchange premium. All of these observed at end-month. - 14 - Annex Pane 4 of 7 Tt.JLE 1 THAILAND AND US INTEREST RATES (NIONEY HARIET) 2e6e P S Thailand !' 1250 7.l | ...........N,, 5 1.0 1985 1986 198? 1988 - 15 - Annex 11 Page 5 of 7 TABLE 2 THAILAND: EXCHANGE RATE CHANGE AND UNCOVERED INTEREST DIFFERENTIAL 18.4 _-. g 3 032 , . . , . . . ,. . ... I I~ 1985 1I9s6 199? 1988 (Annualised percentage change) - 16 - Annex 11 Page 6 of 7 TABLE 3 FORWARD BAHT PRENML'M AND BANX OF THAILAND SUPPORT, i987-B9 0.93 S... DOT SUPPORT (RH Scale) 0~~~~~~~~~~........ 01. 5/9:l -.l0 so2X6N9:tji. DAH-I INTEREST ieS6 .* *..* *.* ~~~~~~(LII Scale) I. .7 .19.8. ID-AJ ....... LB Table 4: Thai Interest Rates 19% - 18% I -M 17% - 16% 14% 13%- 12% 11% -4 10% 9% 8% 7% 6% Jan 1984 Jan 1985 Jan 1986 Jan 1987 Jan 1988 Jan 1989 c EURODOLLAR+I-MO. FORWARD PREMIUM - 3-DAY GOVERNMENT REPURCHASE RATE ANNEX 12 THAILAND FINANCIAL SECTOR STUDY Assets of the Financial SiLtem. 1970-88 0=ilio beht 1970 1976 1980 1985 l98 1987 1988 Amount (I) Amount (X) Amount (s) Amount (X) Amount (X) Amount (5) Amount () 1. Bank of ThaIland 80,814.0 85.6 56,282.8 24.2 142,727.8 28.9 228,0u.8 18.0 249,544.4 18.0 262,568.6 17.2 801,846.8 15.6 2. anaking System 49,987.2 59.1 160,271.9 08.9 404,071.7 07.5 916,298.2 7A.7 1,016,498.8 78.6 1,220,840.6 74.4 1,470,608.9 78.0 Commrcial Bonok 48,168. 61.0 121,828.8 52.4 807,200.2 51.8 71n 279.1 67.6 776,206.8 6s.a 945,817.6 67.0 1,146,780.8 60.8 Private 80,109.8 86.6 92,078.4 89.6 289,806.8 40.1 698,212.6 47.8 840,786.8 48.8 747,848.2 46.0 928,408.4 47.7 Oovernrmnt 7,084.4 6.4 18,200.6 7.8 40,625.7 7. 8 98,68.8 7.6 106,857.1 7.7 186,404.6 9.4 186,722.0 8.7 Foreln 6,969.8 7.1 11,644.1 6.0 20,479.2 8.4 84,482.7 2.8 81,616.4 2.8 44,664.8 2.7 66,699.0 2.9 Financ A Sec. Co. - - 28,006.0 9.0 64,708.0 10.8 18O,950.0 10.6 180,842.7 10.1 159,966.1 9.7 196,687.8 10.1 Credit Foncler Co. - - 1,291.7 0.6 4,108.6 0.7 4,166.8 0.8 4,298.6 0.8 3,884.9 0.2 ,9S18.0 0.2 Goy. Savings Bank 6,S28.9 8.1 14,151.8 6.1 27,975.0 4.7 54,689.2 6.2 94,148.7 8.8 111,588.1 0.8 124,278.8 8.4 8. Nbebank Financnal Interediaries 4,269.6 5.0 18,194.4 7.0 61,681.2 8.6 103,250.6 8.8 116,759.2 8.4 187,870.9 8.4 102,604.5 8.4 Insurance Co_mnies 966.8 1.1 2,218.0 1.0 0,454.6 1.1 17,040.8 1.4 20,616.8 1.5 24,068.4 1.6 80,109.0 1.6 Governnt - - - _ _ _ _ _ _ _ _ _ _ _ Private 966.8 1.1 2,218.0 1.0 6,464.6 1.1 17,840.6 1.4 20,618.0 1.6 24,063.4 1.6 30,109.6 1 .6 Speclalizod Financial Institutions 8,808.2 8.9 18,978.4 6.0 45,176.6 7.5 86,610.0 8.9 98,240.6 7.0 118,817.5 8.9 182,894.9 6.8 AAC 1,817.0 1.6 5,188.0 2.2 17,825.4 2.9 26,478.7 2.8 80,227.9 2.2 85,696.8 2.0 87,826.4 1.9 IFCT 439.8 0.5 1,478.2 0.6 4,164.8 0.7 14,000.8 1.2 17,916.6 1.3 22,652.0 1.4 24,104.6 1.2 SIfO 49.8 0.1 55.8 0.0 55.0 0.0 68.5 0.0 67.2 0.0 57.6 0.0 78.4 0.0 0341 - - 814.2 0.8 10,116.2 1.7 18,695.4 1.1 14,696.0 1.1 15,441.1 0.9 195628.7 1.0 Savings Cooperatives 699.6 0.6 1,719.6 O.7 4,420.8 0.7 16,182.7 1.2 19,696.6 1.4 24,348.8 1.5 80,808.4 1.6 Agriculture Coops. 798.1 0.9 8,215.9 1.4 5,920.9 1.0 8,167.8 0.7 6,481.6 0.6 11,248.1 0.7 18,058.6 0.7 Pawn Shop - - 1,606.7 0.6 8,162.0 0.5 6,078.8 0.4 6,168.0 0.4 0,074.1 0.4 8,504.8 0.8 Total 64,671.6 100.0 282,698.5 100.0 568,480.2 100.0 1,248,47.6 100.0 1,882,800.4 100.0 1,640,600.1 100.0 1,934,468.7 100.0 Source: Bank of Thailand. - 19 - TBAMMII Amex 13 FINANOZL SZCTOR 8T Po" 1 AYS:8 OF MWMS SUTAMTS AMD WA= SUT Of AML COI AL BAN ALL CPWSRCIAA lANS ( 8t ti I4i1.11ltons ot 58ht) (million saht) FROFIT a LOSS 1980 S 1985 S 1os6 8 1907 S 19M8 S Intetrt Income 34.403 100 07.46 100 *a0.29 1oo 74.52 100 91,883 100 Interest Expense 2S,4S4 74 695.32 79 63.824 82 52.111 70 62,186 SO Not tat. 01ft. tneem 8.949 so 17,934 87 14.474 84 22.542 02 29.698 82 Fee Income 1.374 * 2.202 11 2.801 le 3,352 12 4.577 13 FX Incom 857 t S80 3 33 0 1,498 5 1.853 5 Hat Opeting nome lI,lttO11.1 00 20.71U 1l 17.308 100 27.392 100 36.128 100 Staffing 3.922 35 8,181 39 0.538 49 9.389 34 10.672 30 Ocepency 472 4 1,217 6 1.305 8 1,500 5 1.535 5 Equipment S9 5 1.672 8 2.072 12 2.339 9 2.704 7 Taxes gnd Outies 1.149 10 2,853 14 2.408 14 2.295 0 2.943 8 rea. and Servicee 120 1 192 1 204 1 276 1 388 1 Other Expense* 879 a 2.081 10 2.52S IS 3,255 12 3.9S1 11 Net Operating Expenses 7.137 64 16.197 78 17.052 99 19.053 70 22.303 62 Net Operating Profit 4,043 36 4.519 22 256 1 8,339 30 13,826 38 Other tInc. 220 2 1.003 5 2.765 16 3.313 12 2.761 8 Loan Los. aroveIrons 797 7 1.084 9 2.501 14 4.753 17 7.238 20 Not income .feor lat 3.46S 31 3.638 10 520 3 6,900 25 9.348 25 Taxse 1.375 12 1.831 9 1.344 8 2.729 10 3.774 10 Hot Inee_ Aftes Tax 2.090 19 1.087 9 (824) -1 4.171 1S 5,574 1S ALANC SHEET 1900 S 1985 S 1986 S 1987 4 1908 S CASH A OUt fPON SIAI 3.581 11 73,253 9 78,914 9 90.68 9 103.280 9 oe4stic Cash a" at lanka 20.361 6 33.141 4 24.51t 3 20.590 3 35.513 3 Fo"ign Cash and at aneks 122.32 4 25.362 3 36.161 4 29.242 3 386.95 3 0W from saeks S.859 2 13.760 2 16.243 2 33.054 3 29.172 2 INhESTMENTS iN SECURITIES 32.723 10 4.469 11 119.0e5 14 129.333 13 147.419 12 Repurhase Aro_artn 0 0 a 0 2,651 0 2,263 0 3.863 0 Gowt *ec. & Govt Guar atead Sac. 29.925 9 76,510 10 106.085 13 112.225 11 123.077 1O Listed and Autherised Securities 790 0 1.389 0 1.407 0 2.046 0 3.072 0 Other Securities 2.009 1 6.572 1 S.943 1 12.79S 1 17.406 1 LOAM & ACCRUED I/R (NET) 240.800 70 575.300 73 600.401 71 713.005 72 870.543 73 OTHER ASStS 29.611 9 57.216 7 44.722 1 54.9S9 6 64,695 5 Propertie Forecloed 1.09S 0 1.76S 0 2,593 0 2.087 0 2.807 0 CL unde. Accaptne 12.529 4 20.94 3 8,396 1 lO.ObS 1 16,016 1 Proparty. Plent and Equipment 7.325 2 14.714 2 16.474 2 17,549 2 18.273 2 Other Asst. 0.464 2 19t.76 3 17.2SS 2 26.541 3 27.600 2 TOTAL ASSM 341.919 100 790.249 100 843.122 100 990.213 100 1,185.937 100 OlPOSITS 2351791 69 602.344 76 660.220 78 773.042 78 923.749 70 Domen 25.202 7 24.001 3 22.400 3 43,964 4 S1.364 4 Savings and Tie1 180.S09 53 514.518 65 S7S8.02 69 670.026 68 01.52U1 Deposits in for1ign Currencies 30.060 9 63,025 8 59.818 7 59.02 6 70.86 6 OUE TO AN"S - interest bearing 1.478 0 1.376 0 11.18 1 21.579 2 19.45S 2 OtWJW LIAStLITIES 4.171 1 3.659 0 3.927 0 6,083 1 5.839 0 INVtSTMENT Ul¢SR REPURCHASE C01TRACT 0 0 8o 0 3,161 0 2.969 0 7,612 1 8ORRUtINGS 4S.308 14 69.107 11 85.697 10 90.739 9 113.765 10 Short Tem - omestic 16.783 5 23.640 3 24.214 3 24.833 3 39.596 3 - For1ig 31.,25 9 63.235 0 45.96S 5 48.127 S S6.925 S Long Team 0 0 2.312 0 15.518 2 17780 2 17.241 1 OTHER LIASILITIES 33.506 1O 63.844 7 39.025 5 40.556 4 50.214 4 D..wtftet and Pension Funds 769 0 752 0 881 0 1.026 0 1.204 0 Acceptance. Outstandig 12.929 4 20.869 3 8,396 1 10.088 1 16.016 1 Othar Liabilities 19.010 6 32.124 4 29.748 4 29.442 3 32.915 3 TOTAL LIA8IUTST 323.255 95 '50.492 95 803.216 95 934,969 94 1. 120.6t6 94 TOTAL CAPITAL ACCOUTS 18,6S4 5 39.757 5 39.905 5 55.244 a 55.301 6 Capital Stock 6.398 2 16.240 2 18.077 2 24,837 3 29,969 3 Promio on Capital Stock 1.744 1 7.593 1 7,e63 1 12.53S 1 15.S52 1 Legl Reserve 2.006 1 3.685 0 3.S37 0 4.099 0 4.367 0 Other Resarva 7.367 2 10.761 1 10.966 1 11.603 1 12.217 1 Retain"d Earning 1.149 0 1.470 0 (659) -0 2.164S 3.195 0 TOtAL LIABILITIES O CAPITAL ACCOUWTS 341.919 100 790.248 100 843.121 100 990.213 100 1.185.937 100 Contingent Liabiliti-S 0 0 0 0 24.494 3 79,316 8 89.946 0 Source: Bals. date tram the instituttons aual. report. hAaySLs by staff. - 20 - TRULM max~t13 MZAY=?A SECTO STODYu AXALSIS 01 UEW $ZUZPTS M 8160 MM OF AML IOM . SA17M ALL CoNRCIAL S( t UloI of la ) PERCWNCE gAnsos tss os 19e6 190 lNw Liquidity (M) Ronal Risk Acstts/Core Capoits t.U J.1 90.94 8.23 94.84 All Risk Aes-t/Care Op.eits 116.60 109.63 108.S6 109.06 110.20 ______----- - ---------.____._ ...... .............. _._ .. _.___ ................. ___ ......._._..... _._._....._._ ._ .......___.___............... ___...__ Capital Adequcy ( Eqtuity/nml Riski Asatn 7.78 6.01 6.66 7.75 7.50 Eqity/All Rlik Assets 6.82 6.03 S.65 6.16 6.41 Equity/Total Assetas .46 s.03 4.73 6.10 3.S1 Equity/ARA & Coatinges Licb. 8.46 6.03 4.60 S.17 5.12 equity/Core Depoalts 7.92 6.60 6.04 7.,1 7.07 gquityjFwading Liabilities 6.44 1.71 6.2a 6 o 6,10 ____________ ......... .. ...__. ....__ _ __ _.. _ _ . .................___ ___ __ __ __ ____........._______._....____________. Growth indicators (I) Cbangas in tNoml Risk Assets 27.78 4.36 16.78 82.00 Chang in All Risk AsSets 86.44 0.05 17.07 20.8S Chan" il total Assets 26.82 6.69 17.46 19.77 Chan, In Core Deposite 31.09 9.61 17.40 19.60 Change In Equity 22.60 0.37 36.44 18.20 Financial Perforace (S) oan at End Yar End Aversg Aversg Averae Return on Risk Assets 0.76 0.27 (0.12) 0.63 0.60 Return on Assets 0.61 0.23 (3.l0) 0.46 0.61 Return on Equity 11.20 4.54 (2.07) 6.77 9.25 Productivity Staff Eapenses/Cure Deposits .66 1 .36 1.35 1.31 1.26 Staff tapenses/All Risk Acces 1.43 1.24 1.24 1.20 1.15 staff Expenses/t tncom 137.60 462.79 (1 M. 02) M24.11 101.47 Inteest Rates Funding Rate 6.78 9.06 8.74 6.6 6.33 Lnding Rste, 12.3S 1." 11.10 9.26 9.56 Nagn 3.13 3.01 2.36 2.97 3.23 Tax Rates Incem Ta Rate 40 so 258 40 40 All Tax Rate a6 72 120 a SO arket Share Loans t60.00 160.60 160.60 160.60 100.00 Dapeits 160.60 1O0.60 160.00 100.00 100.00 et_ Incoe 100.00 100.00 1 60.60 160.60 Iute.usdictioa PiarginS r Totel Assets Staff Costs 1.S 1.04 1.01 1.08 0.96 oeccancy 0.14 0.IS 0. 16 0.16 0. IS Equip.at 0.17 0.21 0.26 0.26 0.41 Taxes & Licenss 0.4 0.36 0.29 0.2 o.27 Othat Operating Expens 0.29 2.09 0.29 2.05 0.33 2.09 0.39 8.00 0.40 2.01 Loa Les tExpense 0.23 2.32 0.24 2.29 0.31 2.39 0.62 8.60 0.67 2.71 Profit 0.61 0.23 (0.10) 0.46 0.61 tnc Tax 0.40 0.23 0. 16 0.30 0.3 tnterudiction Nkrgln 3.33 2.71 2.46 3.36 3.87 Dividends Pe4d 1S 340 149 8S6 649 Pyet Rate % a 9 (1I) 7 1U Return on Original lnvestment Dividend on YE Capital % 2.7 2.1 0.8 1.1 2.2 Capital Appreciation S (9.3) 84.6 16.4 Net Return on Cpital . (6.6) 3.7 10.6 Return an Averae Investment Dividnd an Captl a Preimm S. 2.2 1.1 0.6 0.8 1.4 Capital Appreciation S (6.9) 10.0 4.2 net Retur an Capital $ (6.3) 10.7 *.6 Now tquity Par Value 9.842 1,037 6,76 .13 PremIe 1.049 90 4,656 3.013 New Issuan"e S 59.4 4.9 71.0 16.7 Execss Seok Val. /Pr Cap. V 144.0 42.2 U1I.3 90. Total Equity 39.767 10.802 64,0o 44,051 Par Cap1tal 16.240 7.698 24.437 23.169 Turn~ Taxe s Interst Receivd 9 3.3S 1. 3S 2.61S 2.604 2.464 3.031 fees Income 3.35 46 73 08 1I lox Met Foreign Exchane 0 16 12S 07 S M 170 Actual T"es and Duties 1.149 2.S53 2.408 229S S.943 get. Accrue Intertt Raud c S * 81.8 93.3 69.4 79.1 S9.9 Est. Accrd intaret Post Due% * 14.2 6.7 10.6 20.6 17. 1 I ItNDICATVE ONLY - Includes unrelated taxs and duties an Iguore impact of foregn eareins Source: Basic data Cco the inettutioUMs omuaL zoport. Analysts by staU. - 21 - TIAIM A6612 14 FteIJAL 2CT0 SluGr P49g 1 1NAL? OF PM GRP 1 cP IIRCIAL SARI1 (Assents in nillons of Saks) PtS GROUP 1 PROFIT a LS 1O60 S 19s" s 16 s 19i7 " 196 % laternst tr_mn U.01 100 56.300, 100 52.86 100 49.649 0oo 60.931 100 Interest Inea"s 16.70? 74 44.74 77 40,255 7 33.544 67 9.433 65 Net tat. Di"5. t_ao 0.044 60 MISS 06 11.931 60 16.306 St 21.497 02 Fee t.t-.. 931 t 1 1.52 10 I1'6 14 3.653 1. 3.542 13 PX t_nc 616 765 5 3 a 1.039 5 1.266 6 Net Operating tlear 7.590 tO0 t5.633 100 14.651 100 19.998 0oo 56.305 100 Staffing 2.629 35 5.459 34 5.764 39 6.5 31 4.971 27 otpena" 307 4 73s a 793 5 a62 4 971 4 WquiPMet 360 5 1.211 8 1.51 1s 1W,622 a 1,022 7 Tates and O45. 797 to 1.803 11 1.529 1o 1.504 a 1.933 7 r and Service S1 1 171 1 1S1 1 a4u 1 343 1 Other Expenes 51 7 1.365 9 1.570 11 22.03 is 2.470 9 N.t Operating Epen9 s 4.7 6a 10.744 Go 11.343 76 12.695 63 14.510 Ss Net Operating Profit 2.003 38 5.070 32 3.506 24 7.303 37 11.795 45 Otherlmor 1632 a 79" S 1.715 la 3.000 10 1.620 6 Loan Loss Provisions 643 e 1.64 10 2.072 14 o 3.720 19 5.693 22 Net Inca" before Tan * 2.400 32 4.313 2 3.153 al 5.601 a0 7.723 29 Tax" 906 13 1.443 9 1.006 7 1.996 1o 2.979 1i Not nacme After TYe 1.494 20 3.77 1s 23146 14 3.606 1s 4,743 10 SALAM SH2tT 1990 s 100 s 1060 S 1060 s 1900 s CASH A, rUE , MLS 24.563 13 47.056 9 S.359 to 61.06 10 56.940 0 Omatlo Cash Om at eaus 10.990 S 19.73s 4 14.446 a 17.174 3 21.15S 3 Foreign Cash anm at sas 9.613 * 31.64 4 31.6e9 6 *5.64 3.46 - Dlue from sotn 3.769 a 626.6 1 9.254 a 16.349 3 14.318 2 1NvIsiNNT IN 6KCUTIS 17.s66 9 ,.711 10 6*.692 13 74.296 12 84.174 11 Reporehas Agrornats a 0 0 0 1.046 0 1.060 0 as 0 Govt se. a S Gusrented Sa. 15,700 7 46,400 9 60.547 11 62.449 10 69.64 9 Listed a Auwthorisd Securities Su 0 1.079 0 1.033 0 1.406 0 2.s5s 0 Otbh Securities 1.646 1 .2214 1 6.37 1 9.272 1 11.600 a LOmaS a ACCD 1ti (INM 154.94 74 101.940 75 397.,11 7 468.676 74 445.903 75 OTR ASSTS 13.15 * 2U.1u0 6 22.613 4 V7.031 4 33.246 4 Pso let Forealsed 172 o 3 0 10 l .0 0 1.019 0 1.568 0 C OHdM Agepftane 3.79 11.S03 a 4.835 1 5.632 1 6.791 1 Property. Plant and *pip, 4.47 a 9.70 a 10.779 a 11.474 2 11.063 2 Other Assts 3.726 2 4.063 1 6.177 1 5.656 1 11.026 I TOTAL ASSS 2309.679 1o 0 W0.160 100 544.233 100 631.269 100 790.246 1oo _- -X- -- - - ---- - - . ........ .., .... . . ............_............._- --- -- -- -- *- *-- -- -- -- -- OPOITS 147.975 71 391.01 7 435.062 75 "S9.6 79 591.457 79 DONS" 13.402 6 12.969 3 u.9ss a 16.911 3 19.229 3 Savlngs an Tims 105.65 so 5 318.634 62 34.007 6 430.300 67 a0.,'" 67 Ospoits tn Foreign Currencies 2.0s2 14 63.246 12 69.078 11 58.363 9 69.s63 9 WSE TO SAS - interest heerlng 1o 0 9 0 2.,22 0 5.052 1 21918 1 0O90 LIABILITIES 3.207 3 2.725 1 2.3.6 1 4.406 1 4.344 1 tNVKSVNT WM RuuERNCHWAS COTRhACT 0 0 2.069 0 694 0 4.13S 1 0ORt01U 30.432 15 55s0#7 11 s9.013 11 ".909 10 74.050 tO short Tom 0@ue tio .0e 4 14.091 3 1.894 3 14.392 2 25.571 3 - Foreign 13.334 11 41.76 a 36,349 7 41.697 7 40.637 5 Long teo 0 0 0 4.771 1 7.68 1 7.550 I O0l1 ULAtIUTIES 16.713 a 33.6V 7 2#.089 1 M5.0n 4 30.570 £ Provide" an PeesovFun 19 0 2t 2 0 236 a 3*6 0 384 0 A_ceptetes OtstadWing 3.77 2 11.63 a 4.835 1 5.682 1 ,.791 1 Otr Liabilities 12.386 6 31.573 4 19.991 4 19.05t 3 21.395 3 MOTAL LIABILItS t68.427 95 454.109 95 517.33 9S 594.951 94 708.481 94 TOTAL CAPITAL AtCSU 11.15 5 28.5" 7 5 26.S6 5 2S.318 6 41.786 6 Capitel Steok 2.9*2 1 8.739 a 6.729 a U.350 a 13.700 a Premi. on Captal St.. 1.343 1 * .901 1 S .901 1 10.216 a 12.486 2 gl Rerve 1 597 1 3.140 1 3.27S 1 3.42* 1 3.745 1 Other Reascu 4.454 2 7.093 1 7.265 1 7.707 1 8,433 1 Rftea Earings 831 0 1.715 0 1.483 0 3.130 0 3.399 0 TOTAL LIASILITIES & CAPItAL AnC3US 209.679 t1O 510.968 100 544.325 100 31.269 100 750.266 100 Contingent Liabilities 0 0 0 0 34.002 4 50.322 8 63.604 6 Sourco: 3"Lc dat f60 tbf laStAtnsA's aewmal 200tt. hA lyIs by staf. - 22 - AP 24 PUU ooIP I PetPO _WNU RATIOS M* OM son 19S7 191i Nauu_l Qtas Asiet/Care Osppalts 104.74 97.46 93.81 S4.60 9.58 A11 Utash Aaaet#Core Deposits 116.82 130.91 t99.36 109.6 109.91 -.-.-.... ........ -- .......... . .. .......... . .. . .. . . . ....... . _.._....................... Capital Adequ_ y (%) gqutty/N_l Ritsk Access 7.20 8.90 0.70 7.76 7.36 gquity/All atak *Aa.ts 8.44 6.33 6.76 6.69 6.43 IquIY/Total Ateals 6.38 S.20 4.93 S.7S S.87 guttARA A Centiasent Liab. 8.32 6.8t 4.7S 6.33 5.13 C"Ity/care ODepits 7.54 6.76 6.30 7.33 7.06 tquitpI'ding Liabtlttiea 6.14 6.90 S.4S 6.37 6.1e ._ . ............. ___ __ ... ....... . ...... . ......... . .... . ..... ._......................... Grauth Indicator (S) C bse isn Ibml tsah Ansata 29.89 3.99 16.05 20.69 Chane in All Rtah Aseta 39.29 7.83 16.54 19.68 Chan" In ttal Aatn 286.73 6.57 16.99 18.85 Chang In Care Oesuits 32.97 S.3 16.33 19.33 Change is EAqity 27.66 1.03 38.85 15.05 .___ ........ _....... . . _ ....__.._.___,._ .............................................._._......... _.......__. Financaal Perfarmnce ) on Y er god year nd Averae Av sa Average R ntu an Rist Assets 0.06 0.64 0.40 0.71 0.79 Retdm on Aaaata 0.71 0.64 0.41 0.61 0.69 Raturn an equity 13.40 0.43 G.f 11.41 12.15 ____ . ......._ ._._...... ... __ . ... . . .. ... ....__..... __ ... .. ......._._......._.__...... PV.ductivity Staff EtpesaeCe aOtita 1.78 1.39 * 41 1.38 1.28 Staff Epesaea/All Riah Asests 1.62 1.26 1.20 1.24 1.17 Staff Enpasaeltt magma 175.2I 196.99 t86.10 172.96 146.90 ...--- -. _________._ ----__ -. _ .... ., ...................... --- -.... ,____. -....... ---- ____ - - ------ --------------_-_ Intaret Rates Fundisg Rate 9.23 9.9" 0.S4 6.32 6.32 Lwang Iate 12.91 13.2 11.40 9.S2 9.94 _:igin 3.69 3.32 8.66 3.30 3.62 Tar Rat"e ato Ta Rat" 3 34 52 3S 39 Al*Ta Rate 53 4 S4 49 G1 ,._ .___ ................. _.__............ .__._ ....-__-_._._.____ ........................_.__._.__.....__ .. . arhet She Lea" 64.36 S6.39 6.IS 4f.76 66.01 Dapoatt 62.78 6e.06 64.54 4.38 64.03 :-t Incame 71.41 183.4 76.26 77.30 __,,,_, __.._, ........................................................-- - - -_------ . ... ._.... lnot n.daticen Ntmis. S Total Assets Stff Costt 1.25 1.07 1.09 I.06 1.01 say O.I 0.16 0.14 0.1U 0.1 0.14 qupant 0.10 0.24 0.29 0.80 0.26 TaYen & L1oasea 0.39 0.36 0.29 0.26 0.26 0t. perating npesa 0.28 2.28 040 8.') 0.33 2.1S 0.48 2.16 0.41 2.10 'ea Eapesa 0.31 8.68 0.3# 2.43 0.36 2.54 0.43 E.79 0.02 2.92 pafzlo 0.71 0.4 0.41 0.61 0."9 logo" Ta 0.43 0.28 0.19 0.34 0.43 tntrmad1atien Nsrgin 3.70 3.2S 3.14 3.74 4.04 Olvideada Paid 1.034 *.819 1 .0 2.72 3.26 Payou Rate 2S so 76 60 Return en Origiral tnvetiest Dividend as YC Ceptal S 3S.S 25.4 19.6 2.1 23.6 Capitl Appre1itien S 3.2 47.3 30.0 Wt bRas on Captaol S 28.7 49.4 53.7 Retn ar Aerae t_nvatat Dividend an Catl , Pe S 24.8 1U.6 1U.1 12.4 Capital A1 veoistias 2 1.9 *.8 7.0 at Retun as Capital 13.15 14.9 19.4 Nt_ qity Per Vlva 8.663 0 3.S21 1.350 Pr_t_q 4.68 (0) 4.318 2.272 NM aenne 2 1t.6 0.0 U19.2 146.3 Eaxes" Seek Wa1.1par Cap. S #4.6 0.0 194.1 106.0 Total Eqtty 26.677 0 36.318 83.10 Par Capital 6.78 0 12.360 8.000 Turnovr Tanea tntaet Reeived 0 3.3S 753 1.924 3.722 1.5 2.011 Fee tlna_. S3.3S 31 so 177 Noet PoFrignEcae 0 sin 92 113 119 IS ISO Ant.l Ta an Ouaties 79 1.603 1.2 1.804 1.933 get. Acred InteratItRd 8S9.6 85.2 ".8 76.6 80.9 Est. Aterd Intereat Paat One S * 10.S I4.8 22.2 23.4 19.1 IN6ICATIVE GNL - tIlud unrelated te and dutiee Gen _poe mnt of ftreig rn . SOotgc: S , dat.. f4 U thU%e lztAt4UonS wmu. gepwt. A6alya bY staU. - 23 - T)IAIU AMECX 15 FIACIl. SCR SFUD Page I AtALYSIS OPF V 2 a CIA. Mlmm (_outs in dill1on of ge Par PROFIT a ur5s o s i 1, 10 t95 1 190$7 x 1908 s slterest acms 4.972 100 11.240 -A 0 1t0.9 100 9.409 100 11.9 1 0oo Int.eret Ipese 3.608 74 980 a 41.97`6 82 e.074 73 8.724 73 Not lat. D1ff. t * 1.204 as 1342 144 1.903 179 2,534 07 3,24S es Pe teI . i1s5 0 170 19 170 16 169 6 276 7 FX tnc.. 92 0 (590) 43 (1.042) .95 200 7 277 7 Net operating tCom 1.491 100 Jo0 10 1.097 100 2.903 100 3.790 100 Staffing Su 40 1.157 124 1.244 113 1.289 44 1.515 40 Occupancy 56 * 19 19 102 17 200 7 208 s I4uipast 70 5 190 20 264 24 316 11 414 11 Teax and Outis 147 10 s99 43 345 31 278 10 30S 10 ree sn Services 0 0 St 1 9 1 6 a 7 0 Ouer _ apea" 1S1 7 100 19 322 29 326 11 698 18 94t 51 eroting 5 nes 9164 0 2.10 22 2.307 210 2.412 03 3,228 e5 Net Operatins Profit 607 34 (1.18) .120 (2.270) .116 o 90, 17 e 70 15 Other Incom i5 1 73 a 93 a 794 27 639 17 Loan Loss Provisions 73 a is 1 11O 10 W42 23 615 14 Nat l@.a Before Tea 40 30 (1.124) -1*1 (1.287) -117 622 21 S94 16 Txes 22 15 10 20 210 19 477 16 45a 12 Net Int_ After ra 223 is (1.312) .141 (1.497) -136 145 s 136 4 AAW sHKt411? 1960 `1 1s"0 196 s" 1967 % 1908 % ................. CASH & Oc P BANKS 6.005 9 11,313 10 10.616 a 14.922 10 10.030 10 Ostic Cash ad at benks 4.03s 7 5.674 5 2.929 2 3.002 3 6.032 4 Forg Cash end m t i"ms 915 2 1.394 t 3,114 a 1,613 1 3.3SO 2 Os frm Bank. 51 0 4,246 4 4.473 4 9.507 e 8.047 5 tiNsTIT 24 SCUwAITIES 7.143 12 15.097 13 20.109 21 23.386 16 29.067 16 Rspurches Agresmats a 0 0 0 e.194 1 1.160 1 3.523 2 Govt see. * Got Guarateed Scc. 0.924 13 14.270 13 22.720 1s 19,356 13 21.675 12 Listed and Authoisd Scurities 157 0 107 0 227 0 309 0 139 0 Other Securities 02 0 G3U 1 1.961 2 2,561 2 3.730 2 LwCS , ACCU t/R (MMT) 39.733 09 76.930 00 60.035 64 93.812 63 112.692 64 OTHt ASSETS e.543 10 S,58 9 9.173 7 15.6l 11 16.603 9 Proertte Frelosed 150 0 1n 0 1 0 124 0 13 0 CL u r Ac_eptan 1.82 3 o02 1 a3 1 1.73 1 3.549 2 Property. P1ant end gqu1 714 1 1.310 1 1.315 1 1.367 1 1.413 1 Othr Assts 2e907 s 7.234 0 6,070 5 12.427 8 11.503 7 TOTAL ASSETS 67.435 10 111.907 100 125.832 100 147.811 100 176,392 100 00tItS 37.544 64 07.333 78 9.70 77 110.765 so 145.666 03 omand 5.362 9 6.34s a 4.117 3 4.69 3 S.114 3 Savins ad Ti. 31.560 55 S0.49S 72 92.602 74 113.847 77 140,227 79 OsWsits In Foreign Cura cl 096 1 490 0 l 0 20 0 323 0 OU TOr Sa . interet bearing 9 0 GU 0 o.494 4 7.051 5 4.580 3 0£AND LIABILITIES 1" 0 269 0 405 0 376 0 300 0 IN"KSTNE NDMSE REPURCHASE CONTRACT a 0 0 0 0 0a 0 BORROWNGS 10.3S8 1i t2.080 11 12.035 1 S.344 6 0.892 5 Shbrt Tem - Oeentic 5.727 10 4.291 4 4.094 3 5.393 4 5.410 3 - reivg 4.641 a 5.489 e 2.574 2 1.335 1 2.133 1 Lan TeM 0 0 2.3,0 ,.367 4 1,015 1 1.348 1 OTHR LAILITItS *.291 11 7.499 7 6.161 5 7.016 6 10.03 6 P ueiet and Pension Funds 0 0 4so 0 SW 0 "1 0 780 0 Aeep^tenos Outete ing 1.72 3 o62 1 833 1 1.773 1 3.549 2 Other Liabilities 4.327 6.142 0 4.740 4 6.302 4 5.711 3 TOTAL LIAULIT 54.511 iS 10.73,5 96 120.060 96 142.362 96 169.476 96 TOTAL CAPITAL A60116 2.924 e 4.10, 4 4,946 4 5.459 4 6.910 4 Capital StoAt 1.000 3 2.086 3 4.030 3 3.5S9 2 5.000 3 Prmii ea Cpitel Stock 32 0 32 0 32 0 0 0 0 0 Legl Reserve 17 0 217 0 227 0 4 0 193 0 Otle Resere 1.117 2 1.642 1 1.037 1 1.570 1 1.s7 1 Retined Cain" 37 0 (6) -1 (9o1) -1 101 0 153 0 TOTAL LIDILITIIS & CAPITAL ACCOUMTS 57.438 100 111,9056 10 125.032 1oo 147.611 100 176,392 100 Contingent Liebilities 0 0 0 20.411 14 18,515 10 Source. 301 data from the i.tltutiLoIa annua repot. Anal.is by staff. - 24 - A1Et 1 Page 2 POW group 2 PKWFOW RATlR 98 l 1971980 Liquidity () Hornal Risk Assets/Co"e Depsits 108.588 a.9" W1."9 78.99 77.10 All Risk Assets/Core Oepwits 124.82 104.24 109.46 90.6 97.12 _._____._ __........................... _._ ____._.___....................................................... _. _______....._.....__ _ Capital Adusacy (S) tquity/Norul Risk Assets 7.16 6.49 6.18 5.82 6.14 Equity/All Rist Asses 6.24 4.60 4.66 4.66 4.88 Equity/Total Asts 5.09 3.72 3.93 3.69 3.92 Equity/AM S Ceti oent Lios. e.09 3.72 3.93 3.28 3.55 Wuty/Core Deposits 7.7 4.7n 5..1 4.60 4.75 Eauity/Fwding Liabilities 6.06 4. 10 4.31 4.0C 4.14 Growth Indicators (5) Change in "ots Rtsk Assets 18.22 8.39 17.21 20.12 Chang In Al? Risk Assets 18.04 18.60 10.42 20.98 Chane in Total Assets 18.97 12.44 17.47 19.34 Cheng in Core epIts 26.40 10.88 2.71 22.85 Chan" In Cquity 6.81 18W" 10.19 26.69 Ff1nanoal Perfomnw (5) eV Year EW Yew bg . Awere" A-4ag Average Retum an ltisk Assts 0.49 (1.44) (1.52) 0.13 0.11 Retur on Assets 0.3 (.17) (1.26) 0.11 0.09 Return en Equity 7.d2 (1.47) (32.04) 2.79 2.20 Podctivity Staff Epenses/co,Je Deposts 1.t7 1.32 1.38 1.20 1.15 Staff Expenses/All Risk Assnts 1.26 1.27 1.24 1.18 1.17 Staff Enpense/Net Income 264.58 (83.21) (83.10) s80."2 2.113.37 Interet Rates roning Rate 7.61 9.8t 8.35 8.82 5.94 Lending Rate 10.89 11.40 10.63 7.93 8." margin 2.95 1.92 2.27 2.41 2.72 tncom Ta s0 (17) (16) n All Tae 63 (81) (89) 84 8S Market Share Loans 1.80 13.20 13.33 13.16 12.95 Depsits 18.97 14.90 14.66 15.3J 1S." Not Income 10.65 (78.61) NA 3.15 2.22 InterMditi Mtgin. S Total Assets Statt Costs 1.03 1.03 1.06 0.94 0.93 occupancy 0.10 0.10 0.18 0.18 0.1J equipment 0.13 0.17 0.22 0.23 0.26 T*xes & Liec"s 0.26 0.1 0.29 0.20 0.24 Other Opating gapene 0.20 1.71 0.17 1.89 0.20 1.99 0.24 1.76 0.43 1.99 Losn Less Enpens 0.13 1.04 0.01 1.90 0.09 2.06 0.40 2.25 0.18 2.37 Prefit 0.39 (1.17) (1.26) 0.11 0.08 1nome Tom 0.39 0.1? 0.18 0.35 0.20 lat*r"diation Nft5rin 2.62 0.90 1.00 2.70 2.74 Dividends Paid 0 0 0 0 ° Payout Rs s 0 0 0 0 0 Return en Original Investment Divided en YC Capital 5 0.0 0.0 0.0 0.0 0.0 Capital Appreetatien 1 (9.8) 26.3 1.1 Not Retur an Capital S (9.0) 26.3 1.1 Retu ean Avere Investment Difden en Coptl & PriMt S 0.0 0.0 0.0 0.0 0.0 Capital Appreiatien (9.7) 27.2 1.1 Not Return en Capitol S (9.7) 27.2 1.1 N" Equity Par Value 1.280 1.172 (431) 1.401 Premium 0 0 (32) 0 _ Isslac S 0.0 0.0 0.0 0.0 ra_es. Soot V.l./Var Cap. S 48.9 22.7 81.7 18.1 Totel Equty 4.1 4.966 5 .49 6.916 Par Capital 2.060 4.030 3.m99 5.000 Turnover Tao tnterest Received 1 3.3S 16 171 361 310 3498 Feer ncm o .3s 4 6 6 6 9 Nat Foreign etachng 9185 14 a 0 so 42 Actual Tas an Outies 147 SS9 345 270 S35 Est. Accrued Interest Rvd S * 79.1 106.0 94.1 70.1 84.7 get. Accrd Interest Past ue S * 20.9 (8.0) 8.9 21.9 18.3 * INDICATIVE ONL - Includes unrelated taes end duties end tg9are ipat of fteig esar"ing. Source: Buic data fra the ;astltution s aual. zept. -aI"s1 by Stan. - 25 - THAIAD A,X 116 F:tJIL SW=CTait StIIDY Page 1 ARLYShS OF FM Ol 3 CtittCL BANSc Pu (A-at* in KLlImU Of ikhtj (Mllian PRofIt & LOSS ISII0 S 1S8S S 1966 S 1I87 S. 1180 Interest Inee_ .9110 t0-oo 14. 14 100 11.40 to0 12.259 100 15,067 100 Initeret 1*penbo 4.503 76 12.061 84 11.942 101 9,448 77 11.390 76 Net 1t Out. lcms 1.407 78 2.323 7 (94) -18 2.811 83 3,677 02 Fe Ine" 2ss 10 371 12 329 63 280 11 561 13 Fx lesoe 110 6 330 11 291 54 199 6 221 5 Net Opertin nome 1.802 100 3.034 100 535 100 3,390 100 4*458 100 Staffing 618 34 1.2127 40 1.161 217 1,443 42 1,668 37 Occupancy 102 5 248 a 252 47 321 9 341 8 Equip5mt 127 7 214 7 211 3S 280 a 332 7 Taxex and Outie 18O 10 527 17 420 7S 405 12 483 11 fe and Services 31 2 9 0 13 2 17 0 35 1 Otbor Expenses 205 11 420 14 530 99 5S2 17 616 14 Not Operating Expenses 1.264 70 2.263 07 2.587 403 3.06S 90 3.474 78 KAt Operating PrPofit 539 30 318 12 (2.051) -383 333 10 985 22 Otbe lncm 2 2 5 3 797 149 317 9 442 10 Loco Less Previsioss 73 4 12 4 230 43 316 0 340 8 Net Income oftre ta 505 28 357 12 (1,44) -277 224 10 1.087 24 Texae 205 11 143 5 70 13 142 4 203 S Not Ircome After Tax 300 17 213 7 (1,553) -290 192 6 S84 20 SALWCE SHEET IS80 S I9S0 19SO % CASH & UE O FRa AES 7,351 12 11.522 0 10,5f6 8 11.553 7 14,4S6 7 Ometlo Coal sa at Beks l 4.174 7 * .162 * 5.704 4 5,964 3 5.894 3 Foreign Cash and at anbs 1.138 2 1.890 1 1.009 1 1,441 1 3,476 2 Cue from Boaks 2.020 3 3.581 3 3.802 3 4.248 2 5,127 2 INVESTMENTS in SECURBTIES 6,346 11 13.362 10 1S.750 14 22 470 15 2J,S32 14 Rpurdhse Apromento 0 0 0 a 3O2 0 7 0 222 0 Govt soe. & Gtv%t Guranted Sec. 6.02e 10 12.711 9 18.744 14 25.767 IS 26,8S2 13 Listod god Axtherwso Securities 78 0 S 3 0 84 0 129 0 271 0 Other SecurIties 240 0 560 0 551 0 647 0 1,417 1 LOANS a ACCRUED SIR (NET) 37.557 53 #.204 71 96.60 71 121.963 71 155,186 74 OTHR ASSETS 8.153 14 12.851 10 9.409 7 11.125 5 10.SS1 5 Propeties foreclosed 72m I 971 1 1.102 1 1.322 1 039 0 CL usda, Aooeetaao 3.953 7 4.197 3 1.374 1 1,670 1 2,221 1 Prope,ty. pleat sd vquipmet 1.814 3 2.790 2 3.107 2 3.290 2 3.4*8 2 Other Asts 1.66S 3 2 .89 4 2.026 3 4.733 3 4.432 2 TOTAL ASSETS 59.517 100 134.050 100 10.57n 1oo 171.212 100 209,505 100 OEPOSITS 41.652 70 100.039 75 110.494 s0 1265SSI 74 148. 103 71 _emnd 1,402 9 3.834 3 4.243 2 20,61 12 25.640 12 Savings sad Time 35.84 60 SO.130 72 105,431 76 105.355 62 121,790 SO Deposits in Foeign currencies 406 1 75 0 720 1 675 0 673 0 OUt TO LNS - interest earig 1.069 2 233 0 2.944 2 S.576 5 8.825 4 OEJWQ LIASILITIES 702 1 174 0 504 0 1.101 1 "S 0 IlNvStINT UNDER REPURAE CITRACT 0 0 0 8a7 1 1.659 1 3.104 1 IOORCUINoS 5,089 10 18.992 14 12.875 9 17.047 10 28.351 14 Short Tetr - Oomest1c 2.164 4 5.9f5 3 3.235 2 3,9S 2 6,978 3 - Foreign 3.926 7 15.025 11 e.304 5 4,766 3 13.042 6 Leag To 0 0 0 0 3.337 2 8.332 5 8.331 4 OTHR LtASILITIES 5.402 11 7,624 6 S3567 4 5.730 3 6.870 3 Preovidt nd Peusion Funds 51 0 20 0 15 0 IS 0 a 0 Aceptanc.s Outstanding 3.953 7 4.197 3 1.74 1 1.670 1 2.221 1 Other Liebilities 2.478 4 3.407 3 3.97 3 4,04S 2 4.641 2 TOTAL LIASIUTES 55.9S4 9 127.,S1 95 123.022 ff 161.136 94 194.248 94 TOTAL CAPITAL ACCUIKTS 3.524 6 6.489 5 5.551 4 10.075 6 13.256 6 Cap1txl Stock 1.634 3 3.503 3 4,24 3 7.529 4 9.640 a Pr_im on capital stock 21 0 971 1 1.054 1 1.40 1 1.851 1 Loel Resorw 143 0 22 0 229 0 279 0 285 0 Other Resorvo 1.291 2 1,454 1 1.484 1 1.491 1 1.499 1 Rotaind Earnings 211 0 2a4 0 (1S463) -1 (628) -0 (19) -0 TOTAL LIASILITInS * CAPITAL ACCOUNTS 59,517 1S0 134,050 100 130.573 100 171,211 100 20S.504 100 Contingent Liabilities 0 0 0 0 42 a 7.U2 4 6,830 3 SourcO: B98c eet* for the institut.I.On's aSm l repo2t. AnaySiS by stff. - 26 - TBAnLAND Am=u 16 FlNhICIAL 8ECStOR 8=TUDY Pge, 2 MALYSIS Of FM GROtW 3 CO CIAL DAM (Am tos in tiUAonu of Baht) PtCR 0R#1P 3 PWOIRF tCE RATIOS 1980 98 *SS 1987 198S ._.... ___._......__ ___ .........____.........___..... _______...................... _......._.___...........__...........__.. _._......................... Liquidity (%) Mormes Risk Asset*/Core Ospesits 90.41 95.17 89.42 96.04 104.78 All Risk A$ssts/Cer Deeesits 105.65 108.52 107.31 116.69 124.25 Capital Adequacy (%) tquity/Mormal Risk Assets 9.36 6.82 5.62 8.26 8.54 Equity/All Risk Assets 8.01 5.96 4.68 6.79 7.20 Equity/Total As*etx 5.92 4.84 4.01 5.68 6.33 Equity/ARA & Contingent Liab. 5.92 4.S4 3.99 5.64 6.13 Equity/Corc Oeposits 8.46 6.49 5.02 7.93 6.95 Equity/Funding Lisbilltits 7.12 5.41 4.3)3 6.46 7.00 Growth Indictore () Ch30g In Normal Rxft Assets 30.56 3.78 23.44 27.24 Change in All Risk Assets 29.34 9.21 25.19 23.97 Cheatn in Totel Assets 25.08 3.37 23.5S 22.37 Change in Coar Deepsits 26.04 10.45 14.93 16.63 Chsrgs in Equity 16.83 (14.45) 81.49 31.58 __...___.____.__._.__.._.__. ___._________________________________..______.______._...________________.-___________________.._..____.... finac1ial Performance (%) on Year End Yser End Avarsge Avers9e Averseg Rturn on Rick Assets O."S 0.20 (1.37) 0.14 0.53 Return on Asets 0.50 0.16 (1.14) 0.12 0.46 Return on Equity 6.52 3.29 (25.81) 2.45 7.58 __-F--_--------------------_-----------___----___-_-_-___-_-_--_----__-----__-__-_------.---_---_--------_---_------_-.----_-------____ Productivity Itcht tneses/Cor 0Osoits 1.48 1.22 1.10 1.22 1.21 Staff Expesesx/All Risk Asste 1.40 1.12 1.02 1.08 1.00 Stott expenses/Not Income 205.69 570.46 (74.71) 752.40 188.64 ----------_-----------------_-_-_--------_-__-__--------_-----_-__----_-__--___---__-_----------__-------------_--_-------------_---- *Interet Rates Funding Rate 9.09 10.06 9.65 6.68 6.61 Landing Rate 12.84 12.83 10.10 8.91 8.82 Hargis 3.74 2.7S 0.46 2.24 2.21 Tax Rntes InCOMe Tx Rate 41 40 .5 43 19 All TaJ RSte 56 76 (4e) 74 44 market Shere Loas 15.64 16.55 16.45 17.11 17.83 Deoits 17.66 16.61 16.74 16.43 16.03 Net 1ncom 14.38 11.S0 NA 4.60 15.86 lnt.rmsdiation Margin. S Total Asset Staff Costs 1.04 0.91 0.85 0.93 0.S6 Occupaecy 0.17 0.19 0.19 0.21 0.18 Equip1t 0.21 0.16 0.15 0.19 0.17 Tes a Lienases 0.30 0.39 0.31 0.26 0.25 Other Operating EspO"s 0.40 2.12 0.32 1.97 0.40 1.90 0.39 1.98 0.34 1.82 Loan Loss Espense 0.12 2.24 0.09 2.06 0.17 2.07 0.20 2.18 0.18 2.00 Profit 0.50 0.16 (1.14) 0.12 0.4" Inome Ta 0.34 0.11 0.05 0.09 0.11 In-trmdfetion Margin 3. 9 2.33 0.98 2.40 2.57 Dividends Paid 107 158 75 130 448 Payout Rets % 36 70 (5) 68 51 Return on Original Itvestmnt Dividend an YE Capital S 6.5 4.2 1.8 1.7 4.6 Capital ApprocetioN % (37.2) 16.5 11.1 Mot Return on Capital tL (35.5) 18.2 15.6 Retur on Averge Investment ODvidend on Csptl a Pr_i1m IS 5.7 3.3 1.4 1.5 3.9 Capital Apprecistion S (31.4) 10.0 5.4 Iet Return on Capital 7 (30.0) 11.4 9.3 Mew Eqity Per Vlue 1.969 644 3.2S1 2,112 Premium 726 64 350 446 Mow Issuance % 36.9 13.0 10.7 21.1 Esecess c ook Vel./Par Cap. IL 80.1 61.5 33.8 31.1 Totsl Equity 6.469 5.569 10.075 11.590 Par Capitol 3.603 3.448 7.529 S8,40 Turnovr Tax e Interct Received 0 3.3% 196 475 391 405 497 Fee Iloms 3.3% 9 la 11 13 18 NMt Foreign CEohene 0 15% 17 50 44 30 33 Actuel tames end Duties 180 527 420 405 483 Est. Accrued Interet Recud S * 79.0 98.0 93.4 69.5 06.8 tEt. Accrd Intertt Peat Duo e * 21.0 2.0 6.6 10.5 13.2 * INDtCATIVE ONLY - Includes unrelated taxe and duties and 1mor5 Impact of foreign *erainge. SOuIcO: Basic date fra tho ±nstltution's nnual coWot. AnJysis by staff- - 27 - THAtLASI ANNC3X 17 FINANCIAL SECtOR STUDY Page I ANALYSIS OF PMER OR0UP A AMS (Amounts in millions of Bhbt) Peer GPro 4 PROFIT & LOSS 19 1965 S 1906 S 1987 S 1968 S Interest Incs_ 710 100 3.523 100 3.326 100 3.135 100 3.918 100 Interest Expense 496 70 2.032 60 2.652 s0 2.245 72 2.6#3 67 Net Int. Dtff. Inome 214 72 691 75 674 82 890 81 1,279 82 fee tneo 43 14 141 15 160 19 143 13 198 13 FlIncin 39 13 85 9 (9) -1 61 6 89 6 Net Operating Income 297 100 917 100 625 100 1.094 100 1.567 100 Staffing 86 29 349 38 379 46 423 39 518 33 Occupancy a 3 54 6 78 9 97 9 115 7 Equipment 13 4 Be 6 82 10 113 10 136 9 Taxes and Duties 24 8 124 14 114 14 108 10 141 9 Fesh nd $S"ices 2 1 2 0 1 0 5 0 4 0 Other Expnses 47 16 96 10 103 12 134 12 178 11 Net Operating Expenses 161 S1 660 74 766 92 860 s0 1.091 70 Net Operating Profit 1i1 39 237 26 69 6 214 20 476 30 Other Inc_m 5 2 54 6 159 19 195 18 59 4 L~ Loss Provisions 8 3 100 13 89 11 65 6 590 38 Net Inc Before Tex 112 38 192 21 139 17 343 31 (55) ,4 Taes 39 13 58 6 59 7 114 10 134 9 Net Income After Tax 73 25 134 15 60 10 229 21 (189) -12 BALANCE SHEET 1960 Y 1985 S 1986 S 1987 S 1988 5 .......................... CASH & UCE FRP6 BANKS 1.663 11 2.461 7 2.444 7 3.243 a 3.813 6 DOmestic Cash and at Banks 1.157 0 1.552 5 1.430 4 1,650 4 1,830 4 Foreign Cach and at Banks 495 3 236 1 300 1 543 1 303 1 Due from "ks 10 0 672 2 714 2 1.050 3 1.680 3 INVESiNTS IN SECURITIES 1.352 9 3.300 10 4.324 13 5.182 13 5.344 11 Repurchase Agreements 0 0 0 0 29 0 7 0 30 0 Govt sec. Govt Guaranteed Sec. 1,272 8 3.115 9 4.067 12 4.744 12 4,874 10 Listed and Authorised Securities 19 0 40 0 73 0 112 0 106 0 Other Securities 61 0 145 0 155 0 319 1 334 1 LOANS . ACCRUED 1/ (NET) 6.427 55 22.219 66 24.389 71 28.354 71 36.762 74 OTHER ASSES 3.94 26 5.627 17 3.326 1O 3.143 a 3.054 8 Prorties Foreclosed 48 0 115 0 320 1 331 1 261 1 CL under Acceptance 3,396 22 4.058 12 1.3" 4 964 2 1.455 3 Property. Pleat *ad Equipmnt 350 2 907 3 1.273 4 1.319 3 1.499 3 Other Assets 152 1 548 2 379 1 529 1 630 1 TOTAL ASSETS 11.380 100 33.606 100 34.483 100 39.921 100 49.774 100 DEPOSITS 8.519 55 23.091 69 26,8S5 76 31.624 79 38.524 77 Dmand 1.037 7 823 2 945 3 1.163 3 1,382 3 Savings and Time 7.426 48 22.256 66 25.902 75 30.436 76 37,138 75 Dposits I Foreign Curracis 57 0 12 0 9 0 4 0 4 0 DUE TO BANKS - Intrest beAri 300 2 476 1 525 2 900 2 2,134 4 DEMAND LIABILITIES 63 0 91 0 130 0 201 1 200 0 tNVEST1ENT UNDER REPURCHAS$ CONTRACT 0 0 80 0 235 1 383 1 373 1 BORRoChiNS 1.416 9 2.258 7 1,772 S 1.439 4 2.464 5 Short Trm - Domestic 795 5 1.294 4 991 3 1.098 3 1,537 3 - Fe1ign 623 4 953 3 736 2 326 1 916 2 Long Trm 0 0 12 0 44 0 13 0 12 0 OTHER LIABILIttES 4.023 26 5.087 15 2.408 7 1.983 5 2.735 S Provident end Pension Funds 7 0 2S 0 23 0 25 0 32 0 Acceptaneso Outstanding 3.396 22 4.058 12 1.354 4 964 2 1.455 3 Other Liabilities 619 4 1.005 3 1.032 3 994 2 1.248 3 TOTAL LIASILITES 14.324 93 31,083 92 31.925 93 36,530 92 46,430 93 TOTAL CAPITAL ACC0Dfi.sd 1,064 7 2.523 a 21557 7 3.392 8 3.343 7 Capital Stock 238 2 1.050 3 1,070 3 1.360 3 1.629 3 Proium oan Capital Stock 124 1 689 2 695 2 918 2 1.213 2 Legal Reserve 12 1 103 0 106 0 111 0 124 0 Other Reser 506 3 673 2 583 2 829 2 714 1 Retained EArnings 70 0 109 0 103 0 174 0 (338) -1 TOTAL LIABLITIES & CAPITAL ACCOUNTS 15.386 100 33.606 100 34.482 100 39.921 100 49.774 100 Contingent Liabilities 0 0 0 0 0 0 1.051 3 1.097 2 Source: aabc dote fSco the instItut4On's 0nusal repOrt. Analysis by staff. - 28 - Pg 2 Peer of 4 PERF0ONgCE RATIOS 1S60 ls i9s 1007 1 Liquidity (t) Iorml Rist Asoots/Cof Osposits S0.90 f6.22 S0O02 69.66 95.43 All Risk Assets/Cae Oesosts 114.78 110.511 11.9# M0.05 109.30 Capital Adequacy (1) Cquity/Mornal Risk Assts 2U.63 11.35 10.48 11.96 S.Oo tquitytAll Risk Assets 10.60 9.00 6.90 10.11 7.94 Equtty/Total Assets 6.91 7.11 7.41 8.50 6.72 Equity/ARA A Catingent Liab. 6.91 7.51 7.41 0.20 6.57 Equity/Coe Deposits 12.49 10.93 9.52 10.73 8.68 Equity/Funding Liabilities 10.33 9.70 8.66 9.82 7.65 Growth Indicators (1) Cbhago in Kerel Risk Assets 2.73 9.77 16.26 29.66 Chan" In 411 Risk A xsts 32.19 12.62 16.60 25.56 Change In Total Assets 23.60 2.61 IS.7 24.68 Chang in Coe Deposits 34.21 16.30 17.76 21.a2 Chane In Equity 27.42 1.33 32.68 (1.43) - --- -- - -- - - - - - ov- - _.. . _- - 4s- _ - - - * - - - -_- -- -- - -- - - - -- - - -- -- -- -- -- -- -- -- -- -v- -- - - - Finscisl Performae (S) en Year gad Veer En Averag Averag Averago Retura on Risk Assets 0.75 0.63 0.30 0.74 (0.10) Return on Assets 0.48 0.40 0.24 0.62 (0.42) Return on Equity 6.90 5.31 3.16 7.71 (5.62) _______ .........- ___ .. . .. __._ . ............. ._.___ ......... ........____ ........... ___,_,_,,.___ .............................................._ _____,_ _ _ _ _ Productivity Staff Expeanse/Core D1sts l.01 1.51 1.62 1.45 1.48 Staff Expeese/AIl Risk Assets 0.66 1.37 1.40 1.36 1.37 Staff Expanse/Nt Income 117.17 260.30 472.07 184.60 (273.34) inter"t Rates Funding Rate 4.81 10.09 9.51 7.01 6.74 Lending Rate 7.t 13.45 11.96 9.79 10.00 Margin 2.44 2.56 2.41 2.79 3.25 Tea Rates Sncom TOR Rte 3 3D 42 33 -242 All e" gate 46 So 6o 49 320 Market Share Loans 3.50 3.MS 4.06 3.90 4.22 Deposits 3.61 3.03 4.07 4.09 4.17 Net noo_me 3.61 7.48 MA 4.98 (3.09) Intermediation Mrgin. S Totel Assets Staff Costs 0.66 1.04 1.11 1.14 1.1l Oecupancy 0.01 0.16 0.23 0.26 0.26 Equipment 0.09 0.1? 0.24 0.30 0.30 Txes & Licenes 0.1t 8.37 0.33 0.20 0.31 Other Operating Expu"s 0.32 1.17 8.29 2.02 0.31 2.22 0.37 2.37 0.40 2.43 Loan Loss Expenoe 0.06 1.23 0.30 2.32 0.21 2.40 0.17 2.54 1.32 3.75 profit 0.48 0.40 0.24 0.62 (0.42) Income Tae 0.25 0.17 0.17 0.31 0.30 Intarmsdietion Mrin 1.96 2.09 2.89 3.46 3.62 Dividends Paid 69 199 74 185 201 payout Rate S4 140 n2 GO (106) Return On Original Investment Dividend en Ye Cspits8 S 29.2 10.9 6.9 11.4 12.3 Capital Apprecition 1.3 40.1 (19.5) Net Return en Capital 5 .2 11.5 (7.2) Return as Average Invetmnt Dividend on Captl a Pr_1u S 19.1 11.4 4.2 6.8 7.1 Capital Apprciatlon 0.4 14.2 (21.6) Not Return on Capital S 4.6 21.0 (14.5) N Equity Par Value 614 20 20 269 Premium SG 6 223 205 Naw Issuan" 60.4 31.5 76.7 109.6 Exmaess Seex V.1./fPr Cap. S 140.3 3.9.6 133.0 03.5 Total Equity Z.62 200 2U237 2.440 Par Capital 1.0t0 120 960 1.329 Turnover Taxes - Iateret Received 0 3.31 23 11S 110 103 12S Fee lncome J. 1 I 5 7 Net Foreign Exche 0 15t 6 13 0 9 13 Actual Teses snd Outies 24 124 114 tO8 141 Est. Acerud tateet Red S * 72.9 91.7 S0.7 91.4 93.8 Eat. Acerd Itekast Past Due S * 27.1 8.3 1.3 8.6 6.2 * INDICAtIVt OLY - Includes x related tes" and dutie d ign1ore imat Of foreign earnings. Source: Basic deto tran the iatitlUticm awn CZpot. husjys. by stafV. - 29 - rrVcIAu SECt Si" Pagse 1 ANALYSIS OF SMAUI GMN. LTD. ( Ants to ailtios of Sah*) PROFIT a U 19B0 S LOSS S it" S 1 S S ....... ........ .. Interest Incom 14.446 160 30Sc.2 teo 8,290 so1 2s349 100 28.841 100 Interest Expense 10.,41 75 23.47 7t8 19.0s3 7t8 ISS.5 68 18.691 64 Net tt. 01ff. 3 3.603 76 .M 3 0.S04 78 7.500 7 10.250 el FPe learn 667 14 973 12t 1.1, 16 1.478 10 1.868 1s PX Income 457 10 410 a 43 6 aSO 5 039 4 not Operating Income 4.720 100 *,U37 100 7.270 100 9,4B5 100 12.656 100 Staffing 1.600 34 2.869 3S 2.91U 40 3.048 32 3.397 27 Occupancy 171 4 322 4 3" a 359 4 392 3 24quiot 216 5 S31 7 C10 0 63 7 656 5 Texas and Outis 503 12 947 12 711 10 70B 7 88l 7 Pars nd Services 48 1 o I 72 1 125 1 160 1 other gxpece 271 6 569 7 507 a 805 8 916 7 Net Operating Expe"ss 2.13 61 0.303 a S.241 72 5.079 s0 6.407 51 Has operating Potfit 1.04 39 2.O3 30 2.037 2B 3.606 40 6.249 '9 Othr let_n 79 2 325 4 25u 7 348 4 607 5 Loa Less Poi.si". 52 11 1.002 12 1.22 17 1.869 20 3.72S 29 met Income Befoe Tax 1.441 30 2.157 2V 1.343 1s 2.285 24 3.128 25 Taxe* SW t2 725 9 411 0 760 a 1,285 tO Het Incoe After Ta. 551 19 1.42 1s 932 13 1.250 16 1.043 1s =AJANX SHCst 1980 s 1S96 s t196 s 1967 S 1988 s CASH A C Feut "NO 14.056 1a 26.115 10 24.7T7 9 20.977 9 33.885 10 Doestic Cash and at Banks 0,371 4 B.01 3 0.760 2 0.103 2 7.792 2 Foreign Cash and at Sanke 7,113 6 1 6 6 15.167 6 10.180 5 21.863 6 Re frm ses 1.578 a 23.5 1 3.831 1 4.694 2 4.231 1 INVEOWTSN gm SEOuTIne 7.677 7 24.300 9 * 9.010 it 0.477 10 33.513 10 RavereassAgreeentsn 0 0 0 0 301 0 0 293 0 25 0 Got see. a Govt Gmersantae sec. 0.399 0 21.851 0 "6I11 10 25.010 8 28.270 8 Listed end Asthosed Securities 207 0 215 0 10 0 521 0 044 0 Othbe SeCuities 1.191 1 2.240 1 2.996 1 4.640 2 4.370 1 La" a ACCND tIl (ME) 94.663 70 2.42 " 204.7t0 70 234,2S7 76 272.422 78 O0 2 ASSETS 4.302 A 10.0I, 4 0.084 3 9.324 3 11.024 3 Propetie Peoretlosd 34 0 2n 0 266 0 S1 0 493 0 CL une Acceptan 1.000 1 8.011 1 2.422 1 1.90 1 2,629 1 property. Plant e*d Ui 1.9S0 2 3.396 1 3.080 1 3.717 1 3,796 1 Otber Assets 1.215 1 s.0s0 o 2.4s4 1 3.30B 1 4.104 1 TOTAL ASSTS 21t.100 100 20.9S4 1o0 267.9.0 100 301.015 100 350.84s 1oo - - -- - - - - - - - - *-~-------------------*---- -_- - - _- - ------ - - - - ----- - -- - -- - -- - ---- -- -- -- -- -- ----w- *-- --------- IvoTn 82.,33 66 194.930 7s 199,696 70 221.025 74 270.084 77 Ome" 4.960 4 4.20 2 4.669 2 6.178 2 7.033 2 Savigs am Tim U4.223 46 149.195 57 104.304 5B 175,740 58 209.098 60 Deposits in foreign Currencies 23.430 19 41.470 1 40.643 1s 3.702 13 63,456 1s OUg TO SAN - intarest bearing 2 0 1 0 809 0 2,380 1 1.364 0 OCD4 LIABILITIES 1."41 1 1.422 1 1.402 1 1.935 1 1,876 1 INVEt3 T LlwtR R _PURCm CONtAC 0 0 0 0 1.223 0 141 0 1,919 1 UORUStNs 21.834 10 3527 1s 41.070 1s 47.607 16 46,508 13 hort Tom - Somtic .974 a 0.62 2 7.3BS 8 7.99 3 11.920 3 - Foreign 16S,61 14 32.701 13 29.766 is 33.524 11 27.734 8 Lan TeM 0 0 0 0 O .9*4 1 6,069 2 50854 2 OtO LtAOtUTIES 9.072 7 1M.M0 6 11.so9 4 12.424 4 12.072 3 Provident an Penai Funds 40 0 60 0 71 0 91 0 97 0 Aceptance Outstanding 1.0 1 3.511 1 2.422 1 1.961 1 2.629 1 Othe Liabilities 7.016 6 10.09 4 9.016 3 10.203 3 9.346 3 TOTAL LIIMTES 114.983 90 246.7t1 95 255.714 90 26.092 95 132.823 95 TOTAL CAPITAL ACCONTS 6.117 5 12. 163 32.276 0 14.923 5 18,022 5 Capital Stock 1.600 1 4.000 2 4.000 1 .000 2 6,000 2 Prmim on Capital Stock 014 0 1.831 1 1.831 1 2.866 1 4.330 1 Legl Reserv 1.300 1 R .7 I 2.796 1 2.90 1 3.170 1 Othe Reserve 2.195 2 3.00 1 3.120 1 3.295 1 3.395 1 Retained arnins 46 0 608 o 531 0 770 0 1.128 0 TOTAL LtASIUttES & CAITAL ACoesNs 121.100 100 260.934 100 267.990 1SO 301.015 100 350.845 100 Coentiagt Liablities 0 0 0 0 17.733 7 24.661 a 30.612 9 Source: Baic dota frm the institution,s anaual zepOt. balsis by staff. - 30 - AISE 18 BAUM=OK GMNE LTD. Peor I RgR ^WAM 'ttOt lS80 lS8S19 1 9788 ..............._.,______._................................. _._ .. . . .. . .. . ______...................... -____ --------....... - ____._ -__________---- - ---- Liquidity (%) Nourml) Rihk Asset/Cor Deosits 114.80 102.63 102.56 105.69 100.87 All Risk Assts/CAre DOopoits 124.33 11t.30 117.38 119.44 113.27 Capital Adequacy (11) Equity/Norul Risk Assets 6.88 6.0t S." 6.37 6.62 Euity/All Rsk Aeseto S.SS S.42 6.24 6.64 .89 tquityltetal Assets 6.0S 4.67 4.58 4.96 5.14 Equity/AMA Continge1t Liab. S.06 4.67 4.30 4.50 4.72 tEqity/Core 0,poits 7.40 6.261 8.1 6.73 6.67 Eq4ity/Pundin, Liailities 6.78 5.1S 6.03 6.45 5.62 ._______________---------------- -..... ...... . -- ____________.______ . ...................................................................____________._.___............................ ._ Growth Indicaters (t) C hana ian bWa_l Rish Asets 22.26 2.16 14.3J 16.30 Cheng in All R1ia Asacta 23.75 4.29 12.93 15.57 Cheag Is Total ABsato 23.09 2.70 12.32 16.65 Ceang in Core Depoits 27.08 V.44 10.98 21.7 Chan" In 1Equty 19.84 0.76 21.66 20.77 Financial performance (1) on Year End year End Averke Aveege Average Retur on Rich Assets 0.66 0.6k 0.41 0.61 0.65 Return on Assets 0.73 0.66 0.3J 0.64 0.67 Return on Etuity 14.40 1t.7S 7.62 I1.21 11.19 Productivity Staff Enpeses/Core Depoits I.94 1.47 1.46 1.45 1.38 Staff Expenses/All Risk Aa"ta 1.66 1.20 1.27 1.22 1.19 Staff Expeasee/Nt l_o 162.1 200.31 312.0 199.61 184.36 Iaterest Rat.. Punding tat 10.44 9.98 6.20 6.1 6.26 Lending Rate 13.86 13.30 10.67 9.24 9.9S N 'rgin 3.61 3.31 2.67 3.00 3.69 Taxr Ret.. Incom Tax Rate 39 34 33 41 All Tax Rate M 64 49 54 Market Share Loas 39.39 34.864 34.11 32.65 31.29 DoNits 36.06 32.36 30.26 28.7 29.24 Net Income 42.13 79.20 NA 33.10 30.03 Intermediation Wrgn. S total Aso tt Staff Costa 1.32 1.10 1.10 1.07 1.04 Oeawny 0.14 0.12 0.13 0.13 0.12 Equipment 0.ti 0.20 0.23 0.22 0.20 TaxY. 4 Licns" 0.46 0.3 0.2? 0.20 0.27 Other Operating Efpese 0.26 2.36 0.24 2.03 0.2S 1.98 0.33 2.00 0.33 1.97 Lon Lose gxpease 0.41 2.78 0.38 2.42 0.46 2.44 0.6 2.65 1.14 3.11 Profit 0.73 0.5S 0.36 0.54 0.57 Income Tax 0.46 0.20 0.16 0.27 0.39 Intermediation Ner9in 3.97 3.24 2.95 3.46 4.07 Oividenda Paid 726 1.000 700 1.100 1,380 Payout Rate 62 70 76 72 7S Raturt on Original ta_vstsat Dividend on YE Capital S 44.0 26.0 17.5 22.0 23.0 Capita Appreciatioe 2.3 32.9 35.0 met Reu on Capital S 19.0 U4.9 68.0 Return an Average lnatme_t Divided an Ceptl & Promise 1 33.6 17.2 12.0 14.0 13.4 Capital Appreciation S 1.6 7.0 6.1 Net Return on Capital S 13.6 21.8 19.6 New Equity Per Va1ue 2.3J0 0 1.000 1000 Pr_nit_ 1.317 0 1.032 1.467 NW Issuance S S6.0 0.0 103.2 146.7 5xnce 8aek V l./Par Cap. S 204.4 0.0 19S.S 200.4 atotl equity 12.t83 0 14.923 18.022 Per Capital 4.000 0 *.000 S.000 Turnoer Txes Interest Rceived 0 3.3J 477 997 B6 774 962 fea lncme 0 3.31 22 32 39 49 62 not foreign EncfIan t 15S 69 62 a 76 0l Actual Taxes and Duties 5S3 9o 711 700 081 Eot. Accrue Interst Raewd S 96.9 85.6 72.7 7.3 77.6 Eat. Accrd latw"at Paxt D" S * 3.1 14.4 27.3 24.7 22.4 * INDICATIVE *NLY - Include, unrelated taxes and duties and lgnos Impeat Of forign earings. Source: Basic data fil the institutionas amul report. huelyas by Sun. _ 31_ rusLo APnz to PtWmIAL 55e0 STUDY Pss, I MEALYSS OF FARMRS WK. LT. (munts In stlloet of at) tH^ PARNZRS fW Peer I PRaFtT a lS8I0 tL lSSJ % # SI87 S 1988 1 tnterest Income *. 24 100 12.07e 100 11.760 I00 11.031 100 12,980 100 tetrest Expense 3.221 73 9.1IN 76 *,865 75 7.265 ff 8,25 64 Net tt. 01ft. Ince 1.303 so 2.920 92 2.904S s 3,765 e5 4.732 d4 Fee I..... 148 1O 104 3 407 12 537 I1 704 13 fX Incoj. 56 4 18 4 79 2 120 3 185 3 Net Oerstintg InCOM 1.514 100 3.160 1*C 3.389 100 4,431 100 5.621 100 Staffing 530 35 1,082 34 1.142 34 1.271 29 1,443 26 Occupancy 71 5 202 6 206 6 240 6 255 5 Equipmat 107 7 331 10 405 12 417 9 545 10 T*a. an Duties, 120 a 347 1t 33 10 327 7 418 7 Fres end Seryles 1* 1 as 3 8S 3 93 2 121 2 Other Expenses 124 0 343 It 311 11 583 13 680 12 Not Operating ExpaP"se 903 65 2,390 76 2.558 7S 2.S31 66 3.452 62 Net Operating Profit 531 35 77 24 0: 2S 1,500 34 2.159 38 Other incoC 18 1 13' 4 239 7 364 8 399 7 Loen Loss Provlstons 59 4 311 10 307 11 7C7 18 983 17 Net Intoe Sefere Tax 490 32 59f 19 U13 20 1.6G7 24 1.575 28 TrxS. 160 11 235 7 209 6 312 7 547 10 Net toaew After Tex 322 21 360 11 474 14 755 17 1.029 18 BALANCE SNECT 19l0 S 1985 1986 'S 1S87 % 1908 7. .............. CASH , OMt Fle BNXS * 4.979 12 8.293 8 13.,S3 12 12.077 9 13.500 9 Oometic Cosk ad at Ba1si 1.933 S 4.135 4 3.757 3 3.592 3 4.264 3 Foreign Cash en at emits 1.607 4 2.434 2 8.096 7 2.724 2 S.294 3 Cu fr Snake 1.439 4 1.724 2 1.729 1 5.761 4 3.942 3 INVESTMENTS tN SECUUIttIS 5.071 13 13.086 13 1*.42 1S 19.315 15 22.809 IS Rpurohes, Agreaata 0 0 0 0 35 a 0 0 0 O Gmv son. a Go t Gorantad 5ec. 4.703 12 10.420 1 14.421 12 1l.124 11 16,085 10 Listed and Aatherisd Securities 74 0 223 0 20J a 412 0 801 1 Other Securitise 214 0 2.434 0 2.6S1 2 3.780 3 6.003 4 LOANS & ACCRJEO t/R (NT) 27.591 69 77.592 74 79.714 6S 93.81? 71 113.394 73 OTHER ASSETS 2.4n 6* 5.539 6 ."771 6.,67 5 6,607 4 Properties Foreclosed 16 0 134 0 213 0 142 0 145 0 CL uner AccPepenc. 0 0 1.046 1 1.073 1 1.033 1 1.100 1 P-Opelty. P1"t end Equip1_nt I.1e0 3 3.2S1 3 3.3S2 3 3.381 3 3.363 2 Other Asset* 1.31t 3 1.230 1 1.133 1 2.032 2 1.998 1 TOTAL ASSETS 40.127 100 104.509 100 116.09 100 131.796 100 156.309 100 oEPOSITS 30.9015 87 S2.9a 0 96.131 82 111.627 e5 127.711 42 oemad 3.104 0 3.942 4 3.179 3 4.149 3 5.165 3 Savings an Tim 22.662 " 68.401 6S 81,394 70 96.207 73 111,188 71 DOpesta in Foreran Currencies 5.219 13 13.1S4 13 *1155S 10 11.270 9 11.357 7 DUE TO ANs - intert bearing 0 0 S 0 5SO 1 217 0 1,262 1 DEMAND LIABILITtES 1.432 4 699 1 901 1 1.200 1 741 0 INVESTNNT UNR REPURCHASE CONTRACT 0 0 0 0 506 0 200 0 700 0 BORONiNGS 3.8S4 10 6.118 6 7.497 0 5.341 4 10,523 7 Short Trem - tom1tic 1,579 4 2.S0S 3 3.535 3 2.S3S 2 5.205 3 ForesIn 2.256 6 3,308 3 3.962 3 2.S04 2 5,248 3 Lo" Term 0 0 0 0 0 0 0 70 0 OTHER LIABILITIES 1.775 4 S.6216 1 *4.57 4 3.810 3 5.713 4 Provident end P"sion Funds O0 0 0 0 0 0 Acceptence. Outstning 0 0 1.04 1 1.073 1 1.033 1 1.100 1 Other Liabilities 1.775 4 4.5* 0 4 3."4 3 2.777 2 4.612 3 TOTAL LIASILtTtS 30,026 95 98.376 94 110.402 95 122,394 93 146.640 94 TOTAL CAPITAL ACCOUtTS 2.091 5 6. 13 6 6.217 5 9.402 7 9,741 6 Capital Stock S5 I 2.000 a 2.000 2 3.000 2 3.000 2 Premium on Capitol Stock G0 1 2."45 2 2.44 2 4.305 3 4.305 3 Le1ga Reserve S7 0 140 0 160 0 165 0 225 0 Other Reserve '74 2 952 1 911 1 990 1 1.025 1 Retained tarnings i5 0 597 1 702 1 922 1 1.185 1 TOTAL LIABILITIES & CAPITAL ACCOUNTS 40.117 100 104.509 100 116.69S 100 131.796 100 156.389 100 Contingent LIabiliti" 0 0 0 0 6.259 5 8.893 7 12.539 0 Source: Basic data from the Luatituatos's anIl seport. Anlayis by staff. _ 32 _ AM=12 19 n~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~es S THAI11t vagsSlEPe Liquidity (I RaveI Risk Aastaee COme ts G9.04 0.26 8. 84.04 00.?* All Risk AssotJCore Oseits 10s.4" 1061." 101.35 106.71 Capital Adqucy () gqulyIU.v.l Riask Assets 7.85 7.90 7.60 10.08 0.50 Iquity/AIl Risk Asset .4 6.7* S.3 .31 7.15 lwqityfotal Ast .1 1.87 5.3 7.13 6.23 CquityJAPA & Contingent Lia). 5.81 5.07 6.06 8.60 6.77 Iquity/Core ospoita 8.75 7.14 6.47 8.42 7.63 LquitylFding Liabilities 5.n 6.6 5.9 7.93 6.91 Growth Indicators (S) Chang In 1 r iSk asts 36.85 8.74 17.69 20.87 Change in All Risk Asts 3.-63 7.35 1U.S2 20.5 Chang In Total Asseta 32.10 1.1" 32.96 18.6 Change In Cme Oeposits 38.40 11.67 16.12 14.41 Cnes. In C"Sity 30.66 1.36 St.2 3.60 Finanial Psrfaate (S) an Yvr god Tear god Average A-erag Average Saturn on Risk Ass"t 0.99 0.40 0.0 0.72 0.82 Return an Ase"t 0.80 0.34 0.43 0.61 0.71 Retun en qtuty 16.40 5.67 7.67 0.67 10.75 Productivity Stasf ECapeas/Cor* Deposits 3.73 3.85 1.85 1.82 1.21 Staff Enpeases/All Risk Assets 1.6t 1.1* 1.81 1.21 1.16 Staf LnPs st In coe 166.98 300.36 241.10 IS8.8 140.32 Iterest Rates Fnding Rate 6.80 9.87 6.93 6.48 6.36 Lending Roat 13.87 11.O7 18a 10.18 10.02 Margin 4.33 3.20 3.35 3.44 3.66 Ta Rates isce Tea $ate Ss s9 is so 36 All Ta Rote 40 63 S4 46 48 Ark_et are Loes 11.40 U.49 1380 33.16 13.03 Deposits 13.14 14.8 14.66 ;4.44 13.83 Net Income 18.40 t .94 MA 16.40 16.76 Ista,eeditien trg. S Total Asets Staff Cst.s 1.14 1.04 1.01 1.02 1.00 Ocu_pccy 0.18 8.19 0.19 0.19 0.18 Euio 0.2 0.32 0.37 0.34 0.30 Tan a Lic 0.38 0.33 0.31 0.26 0.20 Other Operating Inpens 0.35 2.46 0.41 2.29 0.42 2.31 0.64 2.36 O.S6 2.40 Lo Less Cnpena. 0.15 2.60 0.30 2.50 0.35 8.66 0.64 3.00 0.68 3.08 Pmrfit 0.80 0.34 0.43 0.61 0.71 I_ca Tan 0.42 0.22 0.19 0.26 0.36 Interndiation Nargin 3.aa I.15 3.8 3.06 4.18 Dividends Patd 142 seo 30 660 720 Payout Rate S 44 139 80 7 70 ReSturn on Original 1nvetmet Cividend as VE Capital 5 28.0 85.0 19.0 28.0 24.0 Capital Appreciation S 4.2 78.6 11.3 Nat Saturn on Capital 283.2 "4.S 35.3 Saturn on Averag tnvestment Divided en Cpti & Prmim 11.8 11.2 8.5 9.0 9.0 Capi Appreciatien 5 1.9 4.6 4.6 flet Retur en Capital 10.4 13.5 14.5 New Equity Per Value 1.432 0 1.060 0 Pro_ni 1.919 0 1.060 0 NM Iss 131.4 0.0 136.0 0.0 exec" Soot V.1./Per Cap. S 806.7 0.0 213.4 0.0 Totel Eqity 6.It4 0 9.402 0 PaP Capita 2.000 0 3.000 0 Turnor Tles tnterest Recoeved 9 3.31 140 3 s8o 364 420 Fee ltco 3.31 6 1 13 10 23 Net reign Cachae" 1 5lS tO 20 18 19 20 Actual Tee en Duties 1at 347 339 327 410 get. Accrue Interet Rend S * 76.0 51.1 60.5 79.7 85.7 Est. Acerd Intert Past ue S * 24.0 16.9 19.1 20.3 14.3 * INDICATIVE OtLY - tncluds unrlated teas asd duties NW 1gaera impact Of foreg1n earings. Source: Basi data Sra the UstttutLon's annuaL peot. AaL* by staf. _ 33 _ "ML"&.U ANNEX 20 AASLISS OF 51tA4 05N tCIM IMI. LTD. (_ets is millien of leha SIM CM4ERCIAL OANM Per I PROtSt & 5LO 19U900 S 96 S lga It 97 S 1988 S __............... Interest Ince. 2.054 100 7. SSS oo 6.4J1 100 6.089 10o 0.218 100 Internet Expense 1.416 69 6.71U 76 S.e 77 n.6a 67 5.238 64 Not tnt. D1tt. In6 14 1.U2 " I.670 ea 2e.37 81 2.981 81 Fee ing 57 a 1 S 311 11 275 1Q 437 12 FX tncom 61 6 16 6 133 7 251 9 272 7 Not Operating Incoe 756 100 2.193 100 1.927 100 2.193 100 3.689 100 Staffing 376 36 o6 30 734 n3 034 30 929 2Z Occupancy 37 5 109 5 13 6 39 5 162 4 Equipment 29 4 205 9 370 14 306 10 295 8 Taees and Outies 69 8 2Q3 9 194 10 186 7 242 7 Fees nd Services I 0 10 0 14 1 17 1 30 1 Other Expenses 5a a 195 9 67 14 361 13 395 11 Net Operating Expenses 4"a 61 1.3"4 63 1.608 83 1.t23 65 2.054 56 Net Opro-ting Profit 396 n 409 37 3S 17 970 35 1.636 44 tbor Income 21 3 M 10 S01 26 532 19 319 9 Lon Loss Provisions 34 4 24S 11 3 is 517 19 639 17 Not Incom efore Tax 30S 3 191 36 530 30 961 35 1.316 36 TAxs 104 14 3 1S 184 10 404 14 573 16 Net Incm After Teax 181 24 Sp 24 354 16 157 21 743 20 AAWLC2 SHFEt? 1900 S 1965 S 10 1967 S 1988 S CSH WU FR0M BANKS 2.19 11 S.652 6 7.50 t0 10.S20 12 8.850 9 Oamstic Cash and at BEnks 1.000 5 2.681 4 t.016 3 2.236 3 2.859 3 Fereign Cash end at Banks 713 4 2.177 4 *.443 0 4.211 5 2.501 2 OMa frm l"ak 410 a 394 1 1.091 1 4.073 5 3.490 3 INVESTMENTS IN SECuRITtES. .63 a 6.6 10 10.17 14 1t.55 14 12.287 12 Repurchose Agreents 0 0 0 0 100 0 77 1 0 0 Govt ec. , Govt uaranteed Sc. 1.440 7 6.243 9 9.4" 13 11.201 13 11.229 1) Listed and Authori"d Secritie 49 0 360 1 2a" 0 144 0 308 0 Other Securities 134 0 276 0 2S 0 3S5 0 751 1 LOANS & ACCRVED 1t1 (NET) 13.326 " 48.609 71 S1.647 71 M9M76 *8 74.199 72 OTHER ASEtS 3. 11 15 7.750 11 3.4U3 5 s.46 6 7.952 8 Properties Fereclesed SS 0 100 0 204 0 64 0 325 0 CL under Aceptaence 1.714 a 4.926 7 748 1 1.876 2 2.975 3 Proerty. Plat and [qu1ipmet 670 3 1.43 a 1.576 a 1.70 3 a 1.773 2 Other Asetc 663 3 1.303 2 1ln a 1.6l7 2 2.890 3 TOTAL ASSEtS 20.191 1o0 e6.7916 1O 73.136 100 66.315 100 103.298 100 OEPOStS 14.1 71 .6 # 60.711 63 76.280 06 8 4.01I S 1 O_nd 1.530 0 1.606 2 2.126 3 3.201 4 3.372 3 Savings and Time 1U.469 St 42."7 St3 61.764 71 44.691 73 75594 73 Oeposits in foreign Currecies 2eS A 6.169 13 6.673 9 7.3S8 6 5.045 3 Wf TO BANK$ - intest bering 0 0 0 0 201 0 0 0 0 0 OEFtW LIABILITIES 87 9 199 0 176 0 412 1 400 0 INVEStNENT UNDER REPURCASE CONTRACT 0 0 0 0 100 0 0 0 131 0 BORROWINGS 1.345 7 4.* 6 4.647 6 2.798 3 7.204 7 Short Tem - Domesti 786 4 2.16t 3 2.079 3 S90 1 3.036 3 - foreign 559 3 2.319 3 2.354 3 2.118 2 3.613 3 Lng Term 0 0 0 a 114 0 90 0 556 I OTH£R LIA8ILITISE 3.253 16 6.33 1 3.3 S 4.914 6 6.279 C Prrldant and Pension Funds 0 0 0 0 0 0 0 0 0 a Acceptances Outstanding 1.714 a 4.92S 7 746 1 1.7.8 2 2.975 3 Other Liabilities 1.630 S 3.307 6 3.093 4 3.036 3 3.304 3 TOTAL LIAStLtTES 18.937 94 65.35 96 09.617 96 83.444 94 98.024 95 TOTAL CAPITAL ACCOUNTS 1.261 6 3.431 * 3.619 6 4.071 6 5.274 5 Capital Stock 200 1 639 a S39 1 1.200 1 1.200 1 Premum on Capital Stock 13 1 931 1 931 1 1.36 2 1. 36 1 Legal Resere 175 1 175 a 175 0 175 0 175 0 Other Reserv 6211 3 1.540 2 1.645 a 1.f05 2 2.115 2 Retained terilng 95 0 2U 0 219 0 326 0 420 0 TOTAL LIAS1LITIES a CAPITAL ACCOUNTS 20.197 100 63.796 100 73.136 100 68.311 100 103.298 100 Contingent Liabilities 0 0 0 0 0 16.650 19 20.352 20 Source: Baic date frtm tboe j=ttutlOnIs emai rPOft. AUIRYlas bY staUt. - 34 _ A4NXI 20 Page 2 SIAN COlt4U1tAL SAOM Pear I PIrFORUW*CE RATIOS "a 19lO 198t IS88 Liquidity (t) Norm' Riskt Aesets/Core D0poits 93.49 92.14 85.01 79.39 88.32 All Risk Assets/Core Deposits 104.8? 105.22 101.68 96.06 102.95 ____.__.............._........,,,_.................................._.__..............._.._._._._____._____.........................._-........... ____*___................. _.,_______ __ Capital Adequacy (t) Eqq1ity//oul Risk Asset. 9.46 7.07 6.81 8.1S 7.11 Equitr/A1l aisk Assets 8.44 6.19 5.70 a.73 6.10 Equity/Total Assets 6.24 4.99 4.81 5.51 5.11 EquitylA/A & Contingent Lieb. 5.24 4.99 4.81 4.64 4.27 Equity/Cere OepositS 8.85 6.52 5.79 6.47 6.28 Equity/unding Liabilities 8.84 6.01 5.35 6.20 5.75 Growth itndicaters (S) Chan" in Nermel Riqk Aseets W2.8 6.47 15.71 24.16 Cnange Is All Risk As4et. 84.12 11.62 17.07 19.59 Chansg in Total A*ce*s 48.12 6.31 20.75 16.97 Chang 1n Core Deposite 63.08 15.40 23.91 11.60 Change in Equity 34.42 2.56 38.41 8.28 Financial Performsnce (S) on YVer gad Year td Avers" Averge Avsraqe Return on Risk Assets 1.21 0.97 0.60 0.86 0.94 Return on Assets 0.90 0.78 0.S0 0.71 0.78 Return on Equity 14.35 15.4 10.20 13.74 14.64 Productivity Staff ExPenee/Core 0Dapott 1.93 1.26 1.30 1.23 1.17 Staff Expenses/All Risk Aeets 1.84 1.19 1.25 1.24 1.17 Staff tKpenas-/Net Ino.. 151.74 123.29 207.20 144.75 125.13 ____________________________,_,______.,. ......................................................... __,,,,,_,,,. ------------------------------..........__ ... ._._____ ___ ___ __ Internet Rates Funding Rote 9.03 10.00 8.85 6.32 6.15 Landing Rate 13.35 11.55 11.51 9.81 9.58 margin 4.35 3.54 2.97 3.49 3.73 Tex Rates Income Te Rate 3S 32 34 41 44 A1 tTex RQto 47 4S 62 51 52 Market Share Lons S.53 8.43 8.60 8.38 8.52 Deposits 6.04 6.74 9.20 9.74 9.09 Met Income 8.6" 2.71 A 12.51 12.11 Intermediation Harg$I. S Total Aseste Staff Coats 1.36 0.9S 1.03 1.03 0.97 Occupancy 0.18 0.16 0.17 0.17 0.17 Equipmnt 0.15 0.30 0.38 0.35 0.31 Taxese & icnstee 0.29 0.30 0.27 0.23 0.25 Other Operating Expense 0.29 2.2 0.30 2.01 0.40 2.26 0.4? 2.26 0.44 2.14 Loan Loss Expense 0.17 2.44 0.36 2.37 0.41 2.66 0.84 2.90 0.67 2.81 Profit 0.90 0.78 0.50 0.71 0.78 Ince Tax 0.51 0.37 0.26 0.80 0.60 Intermediation Margin 3.85 3.52 3.42 4.11 4.18 Dividends Paid 7 265 291 336 336 Payout Pat* 43 49 82 58 45 Return on Original Investmat Dividend on YE Capital S 38.8 80.0 55.0 20.0 a8.0 Capital Apprcietion S 16.6 56.7 33.6 NMt Return on Capital S 71.6 84.7 61.6 Return an Average Itvtment Dividend on Ceptl & Pre.a K 21.2 10.1 19.9 13.1 13.1 Capital Apprecition 6.0 9.6 15.7 Net Return on Capital 26.0 22.7 28.8 Now Equity Par Value 329 0 671 0 Pr_mium 760 0 434 0 tew Issuance 233.3 0.0 64.6 0.0 Exaess Seek V.1./Per Cap. S 540.4 0.0 305.9 0.0 Total Equity 3.431 0 4,871 0 Per Capital 529 1.200 0 Turnover Texes - Interest Received 0 3.3S 60 249 225 225 271 F tnenme 3.3S 2 S 7 9 14 Mat Foreign ExchangeS 1 S% 9 25 20 38 41 Actual Taeas and Duties S9 203 194 1S6 242 Est. Accrud taterost Recvd S * 70.8 49.0 74.0 62.0 69.0 Et. Accud Iateret Post Ou 'S * 29.2 31.0 26.0 38.0 31.0 INDICATtVE ONLY - tIcludes unrelated taxes nd duties and Ignores i1act of foreign aernings. Sourco: Basic data from the tutitutlon's snnuL report. Analsis by staft. - 35 - THAI4tJD ANNEX 21 FtiN EL SCtOR STG Pag ANtLSIS 0r IAIK OF AYUCA (Aunts in milignae of lobs) SAN8 OF AYUOHYA P"r 3 PROFIT & Los 19o 1. 11E0 S 16 S 1007 % 108a S Interest tncAm 1.780 100 4*312 tOO 4.172 1oo 4.271 100 5.698 100 Interest gapes,. 1.209 72 3.449 so 3.433 82 2.807 67 3.708 65 Net Int. 01 Incoe 400 04 063 e2 739 06 1.34 89 1.991 87 FoeZncm 60 10 67 6 83 10 112 7 1I9 8 Fx Incoe 34 6 its 1 39 5 61 4 100 4 Net Operating Income 692 100 1.046 tOO 851 100 1.567 100 2.279 100 Staffllg 212 36 397 30 4"4 2 484 31 s32 23 Occupancy 28 5 43 4 5I 6 63 4 76 3 Equipmnt 27 S 62 6 107 12 Ids 9 176 a Taxes and Dties 5t7 10 171 17 135 I6 132 a 204 9 Feeoatd Ssrvico 17 3 4 0 S 1 7 0 12 1 Other txpenese 63 11 107 10 135 16 220 14 217 10 Hot Opersting Expenses 404 1S 709 75 878 102 1.014 67 1,216 53 Net Operating Profit 18# 32 267 25 (16) -2 613 33 1.064 47 Other Income 45 a 81 a 320 37 641 41 240 11 Loan Loss Provisions 40 a 50 6 6a a 306 25 la8 a Net Income Beore tnx 105 31 209 28 238 28 760 49 1.115 49 Taxes 75 13 100 10 82 10 331 21 360 16 Nt Income Aftor Tex 110 19 109 10 116 18 437 20 755 33 ..................... BAWINCE mEEET 1060 S 1005 S 1906 S 1907 % 1980 S CASH & OUE F8 BANK 2.474 13 3.434 9 3.356 a 4,297 a 3.497 5 Domestic Cash and at anka 1.974 I1 2.177 6 1,007 2 2,410 4 2.014 3 Foreign Cash ecd at Bonks 357 2 740 2 1.257 3 450 1 210 0 Due from lenks 142 1 w0e 1 1.093 3 1.429 3 1.273 2 lhVEST£5TS IN SECURITttS 1.717 9 4,584 12 6.397 1S 5.6S7 10 7.307 10 Ropurehse Asre- nto 0 0 0 0 0 a 0 0 0 0 Govt see. c Govt Osreanted See. 1.138 8 4.207 11 5.996 14 5.354 10 6.736 tO Lated and Authorisod Securities 95 1 253 1 27m 1 212 0 434 1 Other Securities S4 a 124 0 124 0 121 0 137 0 LOAMS & ACCIUED I/R (NT) 12,850 69 7.387 71 29.464 71 41.774 76 55S.44 79 OTHER ASSTS 1,1931 9 3,357 9 2.408 6 2.977 5 3,895 6 Properties For clesd 23 0 27 0 go0 1 270 0 416 1 CL uner Acceptance 0a 5 2.091 a 275 1 414 1 1.010 1 Propety. Plant and Equipmnt 419 2 694 2 1.194 3 1.364 2 1.545 2 Other Astae 28 a 346 1 418 2 929 2 923 1 TOTAL ASSETS 1ll633 100 3a.761 100 41.646 100 U 4.735 100 70.183 100 OEP05ITS 12.640 68 30.582 79 35.217 85 41.902 7 52.947 75 DOmnd 1.644 9 88S 2 "8a 2 1.152 2 1.259 2 Savinse and Time 11.016 59 29.693 77 34.314 62 40.748 74 51.603 74 Oepoits in Frerign Currencims 0 0 0 0 S 0 3 0 S 0 OUE TO BANMS - intect bearing 96 1 0 0 71 0 1,783 3 772 1 004U3O LIALITItES 91 0 t1t 0 168 0 27 0 205 0 INESTMENT U0 REPURCHAE CONTRACT 0 0 0 0 260 1 2r6 0 000 I SORWNG5 2.974 16 2.177 6 1.61 a 5.161 9 7.515 12 Short Tem - Demetlc 563 3 1.902 S 1.S17 6 2.296 4 3,736 5 - Fer ign 2.411 13 271 1 44 0 2.8S6 5 3,779 5 Long Tm 0 0 0 0 0 0 0 a 0 OTHER LIAOILITIES 1.679 9 3.550 9 1.690 4 1,795 3 2.862 4 Provident NWP enion Funds 41 0 G0 0 76 a 93 0 113 0 Acceptances Outstanding 6" a 2.0S1 5 as 1 414 1 1,010 I Other Liabilities 772 4 1.399 4 1.349 3 1.26 2 1.738 2 TOTAL LIASILITES 17.500 04 35.4S0 94 "3.37 95 61,181 94 65 100 93 TOTAL CAPtTAL ACCOUNTS 1.133 6 2.271 0 2,270 6 3.564 4 5.083 7 Capital Stock 5g0 3 1.200 3 1.200 3 1.650 3 2.000 3 Premium on Capitol Stock 10 1 361 1 368 1 950 2 1.763 3 Lege aos*rve 45 0 45 0 41 0 46 0 45 0 Other Reserv 367 2 566 1 566 1 612 1 833 1 Retaind Earnings 61 0 n1 0 90 0 209 1 441 1 TOTAL LIABILITIES & CAPITAL ACCOUNTS 18,633 100 38,761 100 41.64 100 5 4.735 100 70.183 100 __,........... ......... Cantingnt Liabilities 0 0 0 0 0 0 0 0 0 0 Source: Be2iO deta ftD thF Iantitution's1 anual report. Ana1lsis by staff. - 36 - ANNEX 21 Paes 2 OMN OF AYIIWA Pes 3 P_ReOSPNCS PATIOS 1so" i16 966 19i7 1908 Liquidity (%) Not. Ritot Assets/Core @Opits I OI.S O 89g 5 5 a.72 99.69 104.79 All Risk AssUts/Core Deposits 116.06 104.64 101.89 113.27 118059 ......... . . .......... . . ..___ - - - - - -_**__*_^e_*- - - - ------------------------------'- -----------'.'.--'---'---- Capita) Adequacy (I) Equity/NorsI Risk As4st 0.64 6.29 7.70 8.51 9.16 tquity/All Risk Assets 7.71 7.10 6.33 7.49 0.09 tquity/Totel Assets 6.06 6.66 6.45 6.49 7.24 Equity/ARI Cotinget tieb. 0.06 6.66 6.45 6.49 7.24 Equity/Core Opites 6.ss 7.42 0.46 6.40 9.60 Equity/Funding Liebilities 7.16 s.69 6.02 7.20 8.17 Growth Indicators (%) Chane In Neoul Risk Assets aa.2 ?.66 42.68 32.02 Cange In All Risk Assets 23.61 12.23 32.27 32.30 Cheange In Total Assets 21.60 7.44 31.43 28.22 Change in Ce 0spits 26.31 I.16 18.96 26.36 Change fi Equity 20.07 (0.04) 56.56 43.03 Finensisl Performance (S) on Yesr gad Year nd Aerag Averags Average Return on Risk Assets 0.76 0.S9 0.4o 1.05 1.37 Return on Assets 0.0 0.49 O.9 0.91 1.21 Return on equity 9.76 6.11 6.08 15.00 17.49 Productivity stall E*XpeneC4or DOepoats 1.68 1.30 1.36 1.25 1.12 Staef apen>s1sAl Risk Assets 1.46 1.24 1.31 1.16 0.96 Stall Enpeses/t tom 1in.13 210.60 266.66 110.76 70.42 .= =.. _________._ ___________ -__._.__._ _______.__ ___________ __..._.____ ___.______ Interest Rats Funding Rate 6.15 10.47 9.72 6.61 6.64 Lending Rate 12.16 13.26 12.01 9.9S 10.09 N9rgin 4.01 2.60 2.2S 3.34 3.45 Tan Rstss Ina Te Rat e t40 3 34 43 32 All Tex Rats 54 65 so 51 43 Nsrk,t Shere Loan 6.34 4.76 4.91 5.66 6.37 Ospeits 5.37 5.06 6.33 5.42 5.73 Not Inca" 6.29 10.44 VA 9.40 12.31 Inte rditin outgn,. S Totl Assets Staff coste L.I# 1.02 1.11 1.00 0.85 Occupancy 0.18 0.11 0.13 0.13 0.12 _qi t 0.14 O.16 0.27 0.31 0.28 T"" a Lie 0.31 0.4S 0.53 0.27 0.33 Other Operating Enpne 0.43 2.17 0.29 2.03 0.36 2.16 0.47 2.19 0.37 1.95 Loan Lose Exena 0.26 2.42 0.11 2.16 0.16 2.35 O.SO 2.99 0.30 2.25 profit 0.6 0.4" 0.39 0.91 1.21 In_oe Ten 0.40 0.26 0.20 0.69 0.58 Intermediation M9rgin 3.42 2.91 2.94 4.58 C.03 Oividsnds Paid 75 192 132 330 500 Payout Rate % GO 102 ts 76 66 Return on Original Invetuent 01iidend n YE Cspitan 1 15.0 16.0 11.0 20.0 2S.0 Capital Appreciation (0.1) 50.5 59.0 tet Retur an Caital S 10.9 70.5 84.0 Return an Average lmvetmst Dividend en Captl & Pmim S 11.4 12.2 6.4 12.7 13.3 Capital Appreciation (0.1) 9.4 9.9 Net Return on Capital 6 8.4 22.0 23.2 N Equity Par Value 7a 0 450 350 Priu mm 0 no 5 e ao5 NW leuancs _ 29.6 0.0 131.1 230.0 Esecess Sgoa Vel./Per Cap. 1 t9.2 0.0 115.4 '54.1 Total Equity 2.271 0 3.554 5.083 Par Capital 1.200 0 1.650 2.000 Turnover Texas Interest Received 8 3.36 60 142 136 141 1SO Fee Income@ 3.2 a 3 4 6 Net Foregrn *nhne0 15 S 17 6 9 15 Actual T"eno d Outies S7 176 135 132 20 get. Acredm Interest Reud S * 04.9 100.0 91.5 64.8 97.3 get. Acerd Intest Past oue S 15.1 (9.0) 6.5 15.2 INDICATIVE ONLY - Inelude unrwated taes end d"ties an tignrs ePpat of fereign earnings. Source: Basic data CUM the tAtUtAtOn8 a38ea ,ozprt. hne1YSi6 by itaff. - 37 - THAILAND ANN£X 22 rINANClA SCCTOR 11Ut Page I ANAM7IS OF THUI NLITARY GAN (Aounts in millions of ."t) THAI MtLITARY lANt Peer 3 ........... PROPIT a LOSS I9S0 S. 195 lo *95 # 1947 % 1980 S Intcrest Incme 0 "A 4.I64 100 *.134 100 4.260 100 5.186 100 Interest Cxpnse 0 NA 2.974 t1 3.070 74 2.081 43 3.641 70 Net tnt. D1i" tItcas. 0 NA 1.120 92 1.0S 76 1.379 80 1.545 75 Foe IncM6 0 NA 183 14 232 17 262 I 345 17 FX lcone 0 NA (74) 4 107 0 91 5 169 8 Not OperatIng Inca. ° MA 1.299 t100 1.30 100 1.722 100 2.059 100 Staffing 0 NA 460 35 614 37 596 35 670 33 Occupancy 0 NA 59 6 I9 6 62 5 87 4 Equipmnt 0 NA 63 6 12 9 137 a 151 7 Txe x and Outies 0 NA 131 10 152 11 150 9 187 9 Fe and Services 0 NA 6 0 6 0 a 0 IS I Other £xpense 8 NA 171 13 201 14 235 14 261 13 Net Operating Exees 0 NA 6f99 69 1.044 76 1.209 70 1.371 67 Net Operating Profit 0 NA 401 31 331 24 513 30 688 33 Other Incams, 0 NA 21 2 120 9 127 7 56 3 Loan Lo Preaviion, 0 NA 40 3 109 6 140 a 155 8 Not Income -erfe Tax 0 NA 32 29 3J0 25 600 29 589 29 Taxes 0 NA 12S 10 120 9 100 11 215 10 Net Incee After Ta 0 NA 254 20 230 1s 312 10 374 18 BALANCE SHEET 1900 I 1906 I 1965 S 1907 7. 1900 IL CASH & DUK I RANKS 923 10 4.319 11 0 .114 14 7.197 1 3 7.20F 10 Oemstic Cash an at Ianke 704 7 2.200 * 1.907 4 2.033 4 4.22S 6 foreign Cxeb and at Senkx 24 0 1.06 6 2.697 6 3.071 6 1.590 2 Oue tromnks 196 2 2S3 I 1,610 3 t.0O2 4 1.383 2 INVtSImNTS in SE4URIt312 1.6 17 3.01 10 6.t29 I I 6.260 11 S. la 12 Reurchase Asremats 0 0 0 0 291 1 20 0 63 0 Govt S"a. & Gvt Guarented 5se. .642 16 3.679 1e 4.s6 10 5.674 tO 7.322 11 Listed and Autherisd Securities 31 0 20 0 69 0 190 0 170 0 Other Securitie 23 0 112 0 221 0 3Sf 1 025 1 LOANS & ACC2AED 1I (NM) 6.356 67 20.000 Y4 31.634 70 39.026 71 50.403 72 OTHR ASSSTS S69 7 1.17 4 1,967 4 2.,4 S 3.760 5 Properties Forealosed 44 0 42 0 57 0 26 0 190 0 CL undr Acaptae 129 1 2eo 1 3 1 37 1 1.077 2 Property. Plant and Equipmsnt 242 3 69 2 1.007 2 1.3e3 2 1.303 2 Other Assets 243 3 326 1 603 1 961 2 1.111 2 TOTAL ASSTS 9.532 100 37.606 1O 44.754 100 66.409 100 69.551 100 fP0i5T5 2,445 78 27.7944 74 34.284 77 45.229 032 5,6705 02 DOand 2.145 23 2.217 6 2.323 S 2.231 4 2,400 3 Saving ad Time 5.293 6 20.672 60 32.,161 72 42,99 78 54.305 78 Ospesits In Foreign Currencies 7 0 5 0 0 0 0 DUE TO SAKS - inteest bearing 0 0 6 1 672 1 520 1 O(ANO LP ILITIS 156 2 223 1 241 1 647 1 1,122 2 INVESTMENT UNER REPURCHASE CONTRACT 0 0 0 0 0 0 105 I 5A5 1 e0RRINSS 446 5 4.752 13 3.932 9 3.021 a 3.309 S Short Tom - DOmestic 197 2 1.307 4 977 2 974 2 1.776 3 - Foerign 246 3 3.364 9 223 0 3S6 1 444 1 Long Term 0 0 0 2.733 6 1.602 3 t.070 2 OTHER LIAStLITICS 936 10 2.369 6 3.164 7 2,06S 4 3.645 5 Provident and Pansion Feuds 20 0 O2 a 137 0 142 0 174 0 Acceptenose Outstanding 129 1 20 1 320 1 376 1 1.077 2 Other Liabilities 700 8 1.906 S 2.749 6 1.660 3 2.394 3 TOTAL LIA8IIJTES 8.981 94 35.t7 93 42.193 94 51.8s" 94 65.86 95 TOTAL CAPITAL ACCOD"S 001 6 2.569 7 2.571 6 3.669 6 3.665 6 Capital Stock to 0 1.000 3 1.000 2 1.500 3 1.SOO 2 Premiu an CaPital Steak 0 0 326 1 326 1 726 1 72f 1 Lose) Reserve 20 0 o0 0 1o9 0 12S a 1SO 0 Other Rerer 490 5 ON 3 1.004 2 1.006 2 1.065 2 Retained Earnin"g 31 0 167 0 143 0 213 0 225 0 TOTAL LIA6ILITICS a CAPITAL ACCOUNTS 9.532 10 37.606 100 44.744 100 _5.409 100 69.561 100 Contigat Liabilities 0 a 0 0 0 0 0 0 0 a Sotreo: Basic data frm the CnutoitSt enjw 4 j reort. Analysis by staff. - 33 - ANNEX 22 Page 2 THAI tILITARY OM Per 3 PIRFORKW9C RATIOS I180 1965 196 1987 1968 Liquidity (5) horml Risk Ast ts/Cera Oetpits 65.36 100.74 91.90 "6.66 6s.8s All Risk AsSets/Cor, Dep.Sits 100.78 114.59 106.94 100.70 103.31 Capitol Adequacy (S) Equity/Neonl Risk Assets a.e? 9.14 6.15 9.09 7.27 EqUity/All Riok Assets 6.93 8.03 7.01 7.84 6.26 Equity/Total Assets 6.78 e.7n 5.74 6.44 6.27 9quity/ARK A. Continet LU.b. 5.78 6.79 5.74 6.44 5.27 Equity/Care Dposits 7.40 I.2% 7.50 7.89 6.46 Equity/Fundting Liabilities 6.85 7.81 e.59 7.17 5.89 %ro.th tndicators (S) Chsnge in NMooI Risk Ats 6t8 e.12 12.62 24.58 28.30 Change in All Rick Assts 66.11 16.11 24.23 28.62 Change In Total Assets 59.0? 18.7s 23.78 25.52 Chag" in Core 0Doits 64J7 23.35 31.92 25.37 Chang, In Equity 72.91 0.46 38.86 2.69 Financial Performance (5) on Yeer End Tear Ed Averg Average Average Return on Risk Assets 0.00 0.80 0.67 0.76 0.72 Return on Assets 0.00 0.6? 0.65 0.62 0.60 Return on tquity 0.00 9.92 8.96 10.16 10.34 Productivity Staff Expenses/Cor Deposits 0.00 1.62 1.66 1.50 1.31 Stall Expnses/All Ritk Assets 0.00 1.41 1.50 1.46 1.29 Staff Expesees/Net lonces "A m7.22 223.67 191.82 179.12 - - ** - - -- *- - _w- - - wZ- - - _.,*- - - - *- - - - - -*- -*- -- -- - - ------ Interest Rates Funding Rate 0.00 9.07 8.58 6.49 6.50 Leding Rate 0.00 12.97 Jl." 9.93 9.64 Margin 0.00 3.89 3.19 3.44 3.14 Tea Rates Income Tax Rate MA 33 34 38 36 All Tax Rate NA so 54 S2 52 Market Share LOns 2.64 4.87 5.25 5.51 S.79 Deposits 3.16 4.61 5.19 5.85 6.14 Mat Income 0.00 14.06 6.7 6.10 Intermediation Mrgin. S Totel Assets Stafl Cot 0.80 1.19 1.25 1.19 1.07 Occupaney 0.00 0.16 0.1 0.16 0.14 Equi1nt 0.00 0.22 0.30 0.27 0.24 Taxes & Lice 0.80 0.35 0.37 0.30 0.30 other Operating Expense 0.00 0.00 0.47 2.38 0.50 2.56 0.4 2.41 0.44 2.19 Loan Loss Expnse 0.00 0.00 8.11 2.49 0.26 2.85 0.28 2.69 0.25 2.44 rofit 0.00 0.67 J0.6 0.62 0. 0 Incme Teax 0.80 0.34 0.29 0.38 0.34 IntarmeIstion margin 0.00 3.50 3.70 3.69 3.36 Oividends Paid 14 23 200 300 300 Payout Rate M A 103 87 96 80 Return on Original Investmant Ovidond on YE Capitol S 140.0 26.3 20.0 20.0 20.0 Capital Appreciation S 1.2 33.3 6.4 met Return on Capital S 21.2 53.3 26.4 Return on Average Investment Dividend on Captl a Premian S 140.0 19.6 15.1 13.5 13.5 Capital Apprecietion S 0.9 4.4 4.3 Not Return on Capital S 16.0 17.9 17.8 New Equity Par Value so o 50o 0 Prwim 32 (0) 40 0 New Itssnce S 33.0 0.0 68.0 0.0 Eeceas Soo" V*1./P4v CaP. S 161.9 0.0 130.0 0.0 Total Equity 2.55S 0 3.569 0 Par Capital 1.80O 0 1.500 0 Turnovr TaesI Interost Received 0 3.3S 0 137 136 141 171 Foo Incm 3.3S 0 6 a 8 11 Not Foreign Exchange 9 155 0 a IS 14 25 Actual Tas and Outies 0 131 152 1SO 187 Eat. Accrued Interest Recvd ERR 90.7 94.1 91.0 87.9 Est. Accrd Interest Past D * ERR 9.3 6.9 9.0 12.1 tNDtCAttVE ONLY - Includes urlited taxes end duties and ignSre ipct Of foreign earnings. Source: Basic data frm the tatitutioa's annual report. Anlys by IlSff. - 39 - TMILS ANX 23 FINCIAL 5OP Sr" P 1 ANALYSIS OP KROM T14At GANK (Ameunts In millions ot SRt) KR TH4A1 OM Per 2 PROFIT & LOSS 1900 s 195 s 196 It 1997 6 1988 % _.................... Interest Income 4.50 100 10.255 100 9.96S 1oo 9.409 loo 11.969 1oo Interest Expense 3.419 75 0.361 81 7.760 78 6.874 73 0.724 73 Nat ot. 0itt. Incoe 1.16I a6 1.904 87 2.218 87 2.534 87 3.245 as Fee Income 103 a 156 7 150 6 169 6 276 7 FX nterns as 6 133 6 187 7 200 7 277 7 NRt OPerating Income 1.351 100 2.193 100 2.554 loo 2.903 1oo 3.798 0oo Statfing 55S 41 t.044 48 1.135 44 1.289 44 1,515 40 Occupancy 51 4 161 7 I6 6 200 7 208 s Equipment 70 5 165 a 236 9 316 11 414 11 Texas and Duties 136 l0 34 16 3n9 12 278 10 3as 10 Pes and Service 2 0 9 0 7 0 5 0 7 0 0th.r Expenes 94 7 140 6 25S 10 326 11 696 16 Net Operating Expen-s 908 67 1.863 8s 2.116 83 2.412 83 3.228 8s Net Operating Protit 444 33 330 is 43a 17 490 17 s70 is Other Incom 14 1 66 3 83 3 794 27 639 17 Leon Loss Provision*s 73 5 it 1 11o 4 682 23 615 16 Nat lcnm Betora Tex 38s 28 385 1 412 16 622 21 594 16 Texas 198 15 l8a 9 210 8 477 16 458 12 Not Incom Atter Tox 186 14 197 9 202 a 145 s 136 4 __ ~~~~~~~~~~~~~~~... .........._._........ _ AWAt SNC lug I 108 6 19g % 1987 5 1988 % CASH & Mg FR0 fANS 3.414' 7 10.040 1i 6.858 8 14.922 1o 184030 1o Domestic Cash and at Sa"ks 2.890 6 5.029 6 2.708 3 3.802 3 6.632 4 Foreign Cash and aIt bank 519 1 1.07? 1 .2.404 2 1.613 1 3.350 2 Do from Santk 6 0 3.933 4 3.746 4 9.507 6 8.047 5 INVESTMENTS IN SCURITIES 6.681 13 12.2 13 21.132 20 23.386 16 29.067 16 RepurheaaAgrenewtu 0 0 0 0 1.072 1 1.160 1 3.523 2 GoVt sec. & ovt Guranted Sc. 6.385 13 11,521 1* 17,087 17 19.356 13 21.675 12 Listed an Authorised Securitie 1S5 0 86 0 227 0 309 0 139 0 Other Securities 51 0 619 0 1.946 2 2.561 2 3.730 2 LOANS & ACCRUED I/R (MCT) 35.455 72 65.324 69 69.311 66 93.812 63 112.692 64 OTNER ASSETS 3.59? 7 7?.O9 7 6.277 6 15.6M 1 11 16.603 9 Properties Forecloeed 24 a 92 0 lOS 0 124 0 139 0 CL under Acaptenc 432 1 683 1 735 1 1.773 1 3,549 2 Proerty. Plant and Equipmnt 58 I 1.101 1 1.109 1 1.367 1 1.413 1 Other Assets 2.469 s 5.214 * 4.329 4 12.427 8 11.503 7 TOTAL ASSS 49.067 l18 94.768 108 106.5s7 loo 147,611 100 176.392 100 DEOITS 32.687 67 79.074 83 8s.086 8l 110.766 s0 145.665 83 Dsmnd 4.250 9 s5SS4 6 3.873 4 4.698 3 5s114 3 $avings and Time 28.510 so 73.030 77 81.20S 77 113.847 77 140.227 79 ODpesits In Foreign Currnie" s0 0 490 1 10 0 20 0 323 0 WUE TO BAKS - interst bsring 9 0 6 0 5.432 6 7.051 5 4.580 3 DEMAND LIABILITIES 169 0 230 0 379 0 376 0 300 0 INVESTMT UNDR REPUCSE CONTRACT 0 0 0 0 0 0 0 0 0 0 SORUOnINS 6.696 18 4.841 £ 4,670 4 8.344 6 8.892 5 Short two - DOmetio 5.605 11 3.124 3 3,0S 3 5.393 4 5.410 3 - Foreign 3.29# 7 1.717 2 1.487 1 1,335 1 2,133 1 Lan Tao 0 0 0 0 127 0 1.615 1 1,348 1 Ot )LIA3ILITIES 4.76 tO .961 7 6.60 5 7.816 5 10.039 6 Provident and Pension Funds 171 0 475 1 s58 1 661 0 780 0 Aee ptances outstanding 432 1 663 1 735 I 1.773 1 3.549 2 Other Liabilttia 4.162 a 5.804 6 4.315 4 S.382 4 5.711 3 TOTAL LIASILITES ".66 9f 91.112 96 101.178 96 142.352 96 169.476 96 TOTAL CAPITAL lltCOUNtS 2.372 6 3.668 4 4,401 4 S.459 4 6.916 4 Capital Stock 1.200 2 1.821 2 2,500 2 3.599 2 5.000 3 Premium on Capitl Stock 0 0 0 0 0 0 0 0 0 0 Legal Reserve 101 0 161 a 17 0 184 0 193 0 Other Resrv 1.070 2 1.57 2 1.573 1 1.576 1 1.570 1 Retained tErn"ings I 0 101 0 157 0 101 0 153 0 TOTAL LIABILITIES & CAPITAL ACCOUNS 49.067 100 94.780 100 106.576 100 147.811 100 176.392 100 ............... ............_ Continget Liabilities 0 0 0 0 0 0 20,411 14 18,616 10 Source: Baoic data fO the inatitutionS a ual. report. naayus by staff. - 40 - ANNgX 23 Page 2 TRM I tA N Peer 2 PERIVoOCW RATIOS 190 1966 190 1i07 low6 .._--------- - - ------- - ----- - -- - -- - ----- - - - - - - -- - ----- - -.......................................................................-...---......-...-...-...-. - -- - -- -- - - -- - -- - -- - -- - -- - - L1qu1e1ty () Normal Risk Asoets/Core, 0pits 107.91 9.61 61.46 70.99 77.36 All Risk Assets/Core Ospoits 120.00 90.80 010.89 90.68 97.32 ..... .... ....................... . ..... . .. . ...... . .............. . ..... . .. - -- - -------------------- - ---------------------------- - - - -- - - - Capital Adequacy (6) tqutty/Not.el Risk Asets 6.69 6.62 6.36 *.62 6.14 Equity/All Risk Assts 6.64 4.72 4.07 4.66 4.80 Equity/Total Assets 4.I3 3.s7 4.17 3.69 3.92 Equity/ARA Contingnt L1ab. 4.68 3.87 4.17 3.2S 3.55 Equity/Cor. Deposits 7.22 4.64 S.17 4.60 4.75 Equity/Fanding Liabilities 1.66 4.36 4.60 4.06 4.34 Crowthl Indicators (S) Chante in hormal Risk Assets 16.66 6.10 36.35 20.12 Change in All Risk Assets 16.93 16.47 29.56 20.96 Change in Total Assts 18.63 11.39 40.00 19.34 Change In Core Deposits 26.13 7.61 39.ss 22.65 Change in 9quity 10.93 19.97 24.0e 26.69 Financial Performance (S) en ear End ear End Average Avs-Sge Average Return on Risk Assets 0.45 0.25 0.24 0.34 0.11 Return on Assets 0.31 8.21 0.20 0.11 0.08 Return an Equity 7.91 5.30 6.00 2.94 2.20 _- -- -- - - -- - - - - -- - - - **- - *=- 9e*- - *- - - - - - - - - - - -- -- - - - - -- -- -- --- - ---- - - - - - - -- - - - -------* - ---------------- Productivity Staff EApenses/Core Ospsite 1.69 1.32 1.30 1.26 1.15 Staff Expenses/All Risk Assets 1.32 1.34 1.35 1.24 1.17 Staff Expenses/Net tncme 296.69 629.19 663.84 668.62 1.113.37 Intereat Rates Funding Rate B.1t 9.94 8.62 6.97 5.94 Laending Rte t0.e0 12.69 11.34 6.62 8.66 Martin 2.73 2.66 2.72 2.54 2.72 Tax Rates tncme Tax el 49 51 7 77 All Tax 73 72 84 86 Matrket Share Loans 14.78 11.3S 11.64 13.16 12.95 Oeposits 13.93 13.13 18.89 1S.36 15.77 Mat Ino .97 t0.92 KA 3.15 2.22 bitermediation "In. Total Assets Staff Casts 1.13 1.10 1.13 1.62 0.93 Occupany 0.10 0.17 0.1t 0.16 0.13 Equipment 0.14 0.17 0.24 0.25 0.26 taxes & Li e 0.28 8.16 0.32 0.22 0.24 Other Operting xpens- 0.9 1.B6 0.16 1.97 0.26 2.11 0.86 1.90 0.43 1."9 Lan Lanss xpane 0.18 2.00 0.01 1.90 0.11 2.22 0.S2 2.43 0.36 2.37 Profit 0.3t 0.21 0.20 0.11 0.08 Inca" Tax 0.40 0.20 0.21 0.36 0.26 Intermediation Mfrgin 2.70 2.38 2.63 2.92 2.74 Dividends Paid 0 0 0 0 0 PeyoutRate St0 0 0 0 0 Return on Origi1nl Investment Dividend on YE Capital s 0.0 0.0 0.0 0.0 0.0 Capitel Appreiation S 2.4 (1.1) 1.1 Net Return n Capital 2.4 (1.1) 1.1 Return en Averg Inv"etm_t Dividnd on Captl & Prd_iim S 0.0 0.0 0.0 0.0 0.0 Capital Appreciation S 2.4 (1.1) 1.1 not Retur on Capitel S 2.4 (1.1) 1.1 N Equity Per Value 621 672 l.099 1.401 Pr_a1i 0 0 0 0 NeW Issuae 6 0.0 0.0 0.0 0.0 Exeess Book Val./Par Cap. 6 180.7 76.0 S1.7 38.3 Total Equity 3.668 4.401 5.459 6.916 Par Capitol 1A2t 2.S00 3.599 5.000 turnover Taxes * tnterst Received 0 3.36 ll 339 329 110 39S fs tacem 3.3$ 3 a 5 6 9 Net foerign Exchangs B 156 13 20 20 30 42 Actual Taxes and Duties 13 344 319 278 385 Eat. Accrue laterest Revd * 9.2 94.0 SS.8 70.1 84.7 Eat. Acerd Interet Past Due6 20.8 6.0 13.2 21.0 15.3 * INDICATVE ONLY - Intcludes unrelated taxes en duties and ignore imct of foeign earnings. Soures: Basic date freo the isti t aua.s _ .L Cut. AU5hyis by staff. - 41 - THAILAND AMOME2 4 FINANCAL SmCT06 STr Pog* I ANLA0*S OF 5S470 OM. LTD. (AM,a to in PAIlIo01 aI SAYAN SANK POW a PROFIT & LOS 29S O 1use 190? 1 INS Interest Income 32 l 100 070 10 970 tOO Interest expense 269 09 I."? is 1.006 26 Net Int. 0 . Income 13_ 9 (o62) 4 (25 17 freeInca" la a * -2 20 -2 FX Income 4 3 (723) SJ (1.235) 04 Net Operating tne_a 139 100 (1.263) t00 (1,4t) 100 Stalling 14 25 111 -S 109 .7 Occupefcy 5 4 18 -1 la -1 Equipment 0 4 20 -2 20 -2 Tasxe and Duties 11 0 -4 27 .2 Foes end Services 4 3 2 0 2 0 Other Eapense 1i 31 40 -* 0? -0 Not Operating xpense 76 15 20 -20 251 -1t Not Operating Profit 63 4 (1.516)1 (U."7) 11? Other Income 1 0 6 -1 9 -1 Loan Lose Provisions 0 0 0 0 0 0 NHt Income gater Ta 63 46 (1.500) 119 (1.t99) it? Te"xs '2 20 0 0 0 0 Net Income After To- 35 2a (1.t09) IIP (I."l) 117 BALAWCE SKEET 060 5 18 16 low II 190? % 1900 ..... .............. _ CASH & MU FRM BANKS 1.09 19 1.24 7 1.6"? 0 omestic Ceas and at Sanak 1.149 14 64 4 220 1 Foeign Cash and at Snkw 397 5 316 2 711 4 Ou trf m ntks 4 1 31* 2 726 4 INETNENTS in SCRSttiS an * 2.771 16 4.97? 2B Reprehe" Agreemente 0 0 0 0 1U2 1 Gv%t sac. A GoVt Guarantad Sac. 02 6 *.714 t1 4.040 24 Listed and Autheriead Seouritlee 3 a I 0 a 0 Other Securities it 0 16 0 is 0 LOANS & ACCRUS It'O (NET) 4.m70 61 10.61 62 lO.,t 53 OTHER ASSETS 1.96 2 3.4 14 2t.6? 14 Prepertie Foeclosed a 0 60 0 4* 0 CL under Accptance 1.380 15 17 1 96 0 Proeprty. Plant and qutit 12 2e 9 1 Mr Other Aeeta 449 6 .0:20 t 2.5147 13 TOTAL ASSETS 8.36 100 17.In6 100 20.254 100 ._- - -- - - - -- - - - -_ --- _ _,___________,,__,____,____. _ .......... . ---- - -------------------------------................................................. _______ ..............._____......_ __.... DEPOSITS 4.708 57 0.*55 49 11.701 55 Oamnd 1.102 13 71 5 24 1 Svings and Time .076 3t 7.40 44 11.407 o7 DOpesits in Foreign Currencies 610 7 0 0 0 a WUE TO BANK - interest bering 0 0 2 3 6R 0 ODWIQ LIABILITIES 30 0 39 0 2U 0 INVESTMENT WiR REPURCt CNTRCT 0 0 0 SORWINttSS 1.4, 10 7.23 42 7.361 36 Short Tare - Dmestic 122 1 1.10? 7 1.938 5 - Freign 1.351 1 3.772 22 1.00? 5 Long Term 2.= 13 6.240 25 OTlE LDISUTIES 1.026 s1 53 3 512 Providen't an Pension Fuds 10 0 20 0 a2 0 Accptances Outst ading 1.310 1t 179 1 9S 0 Other Liabilities 166 a 335 2 43 2 TOTAL LIASILITEn 7.16 91 10.026 9? 19.709 97 TOTAL CAPITAL ACCOUNTS $52 7 G00 3 5 3 Capital Stock 400 5 1.010 6 1.530 S Promi en Capital Stock 32 0 32 0 S3 0 LegalIReserve * 0 0 so 0 Other Resere 47 1 0 64 0 RetainAd Earning 3 0 (683) .4 (1. 1) .0 TOTAL LIASILUTIES I CAPItAL ACCOUNTS 0.367 100 17.1, 100 20.204 100 Contingent Liabiltt1ee0 0 0 0 0 a SOUrCo: B&asC date from the insit Um.s a u.po_l. tpt. MyS by BtU - 42 - ANNEX 24 SAYAM 2W a Paeg 2 PERFORMANCE RATIOS 1980 In$6 I1m 1987 1900 Liquidity (1) Ne1rel Risk Assets/Core Deposits 89.36 112851 91.65 All Risk Assets/Cora Deposits 10.68 162. C 134.18 Capitel Adequacy (S) Equity/Normal Risk Assett 12.89 4.71 6.O8 Equity/All Risk Assets 11.44 3.74 3.47 Eqvity/Totel Assets 6.69 2.92 2.69 Equity/ARA, Contingent Lib. 6.59 2.92 2.69 Equity/Care 0eoits 11.52 6.05 4.66 Equity/Funding Lisbilities 8.77 3.11 2.85 Growth tndicators (S) Chang- in Normal Risk Assets 29.62 1.04 Change In All Risk Assets 35.64 17.30 Change In Total Assets 20o.4 1l.26 Change In Core Deposits 14.60 41.67 Chang In Equity (1.87) 9.00 Financial Peroermance (S) on Year End Year End Avge Return on Risk Assets 0.73 (11.27) (11.66) Return on Assets 0.42 (8.68) (9.09) Return on Equity 6.38 (301.78) (325.15) …- - -.__--_-----_--_-------------------------.--.-----..--..---.--------.---..--..-_.---______ ------.---,__ --_____________________ Productivity Staff t xpe"nes/Core Deposits 0.72 1.37 1.09 Staff Expenses/All Risk Assets 0.71 0.84 0.75 Staff Expnen/let Ince 97.73 (7.48) (6.43) tnterest Rates Funding Rate 4.27 9.66 O.95 Lendng Rate 8.06 7.12 .44 Margie 3.79 (2.44) (0.51) TaJ Rates tncome Tex 44 0 0 All Taxes 53 (4) (2) Market Share Leane 1.78 1.84 1.79 Dposits 2.03 1.37 1.77 Net Income 1.68 (83.54) NA Inteo eation Mrgin. S Total Assets Stall Ceets 0.41 0." 0.58 Occuany 0.06 0.11 0.10 Equipmnt 0.07 0.16 0.15 Taxe & Liceses 0.13 0.32 0.14 Other Operting expense 0.23 0.91 0.24 1.48 0.37 1.34 Lean Less CEpense 0.00 0.91 0.0& 1.48 0.00 1.34 Profit 0.4* (8.81) (9.09) Income Tax 0.34 0.00 0.00 Intermediation margin 1.67 (7.33) (7.75) Dividends Paid 0 0 0 Payout Rate 'S O 0 0 Return on Original Invetment Dividend on YE Capital S 0.0 0.0 0.0 Capital Approciatiae % (29.7) NMt Return on Capital S (29.7) Return on Avergs Invesmnt Dividend on Captl & Premiuu S 0.0 0.0 0.0 Capital Appreciatioe 1 (29.1) Mat Return em Capital S (29.1) N tEquity Par Value 630 600 Premion 0 0 New tsuc S 0.0 0.0 Execess Seek Val./Por Cap. S (51.5) (64.4) Tetal Equity 500 S46 Par Capital 1.030 1.630 Turnovr Tas - Interest Receive t 3.3S 13 32 32 FeeIncom 0 3.3 0 I I Mat foreign Exchang 0 156 I 0 0 Actual Tax and Deutis It 5S 27 Eat. Accrued Interest Reocd S 77.0 169.7 60.6 Est. Accrd Interest Pest Duw % * 23.0 (69.7) 19.2 * tDtCATtVt ONLY - Includes unrlated taxes and duties and ignores impet o1 foreign earnings. Source: S"tc data frm the iltitutiaons annual, report. Analysis by staff. - 43 - THAILAND ANNEX 25 FtIWCTIAL StCTOR STJDY Page I ANLYSIS OF SIAX CITY BANK, LTD. (Amuntt In sillinas of Saht) SIAM CITY BANK Peer 3 PROFIT & L0SS 1980 S 198S S 1986 S 1987 S 1988 % Interest Inca"e lOSS 100 2.841 100 1.466 100 2.074 100 3.120 100 Interest Easee 794 76 2.220 78 2.60O t77 1.866 90 2.421 78 Net tnt. 01ff. tneom 244 72 621 92 (I.lit) 104 208 74 699 82 Fee Incom 86 25 67 10 32 .3 56 20 103 12 FX taci 9 3 (17) -3 9 -1 19 7 50 6 Not Operntig tneeme 338 100 671 100 (1.090) 100 283 100 852 100 Staffing 134 40 313 47 163 -1S 348 123 376 44 Occupac4y 19 6 43 6 28 -3 45 16 34 4 Eqipment 26 8 42 6 20 -2 62 22 75 9 Taxos and Duties 33 10 101 1S 46 .4 76 27 95 11 P" and Services 24 7 2 0 1 0 1 0 3 0 Othar Exese 22 6 129 19 236 -22 156 55 121 14 Not Operating Expenss 257 76 630 94 493 -45 687 243 704 03 Net Operating Profit 01 24 42 4 (1.504) 145 (404) -143 148 17 Other Ince 3 1 32 5 11 -1 326 115 58 7 Loan Losa Provisions 0 0 16 2 16 .1 125 44 99 12 Net Inien Waore Tex 64 2S 57 9 (1,S89) 146 (203) -72 106 12 Taxes 39 11 29 4 0 0 0 0 0 0 Net Income After Tax 46 14 28 4 (1,589) "6 (203) -72 106 IZ ................. ALAtCE SHEET 1980 S 1985 S 1986 S 1987 X 1988 % CASH a DE FRO BANKS 995 10 2.127 a 1,600 6 2.240 6 2.242 5 Domestic Cash and at anks 652 6 1.232 4 1.077 4 1.315 4 1.217 3 foerign Cash and at Sanks 40 0 467 2 83 0 305 1 226 0 De from Banks 303 3 428 2 440 2 621 2 799 2 IWESTMNTS IN SECURITIES 1,204 12 3.000 11 3.491 12 6.844 19 7,296 16 Repurchase Agreeants 0 0 0 0 0 0 0 0 29 0 Govt *ae. Govt guaranteed See. 1.200 12 2.915 10 3.409 12 6.731 19 6,685 14 Listed and Authorised Securities 4 0 5 0 5 0 7 0 0 Other Securities 4 0 80 0 77 0 106 0 502 1 LOANS & ACCRUED t/R (NET) 7,120 70 20.213 73 21.632 76 24.532 69 34.492 74 OThR ASSTS 913 9 2.489 9 1.842 6 2.131 6 2.589 6 Properties Foreclsd 178 2 312 1 263 1 235 1 75 0 CL under Aeccptane 100 1 492 2 462 2 409 1 925 2 Property. Plant and Equipmat 375 4 546 2 570 2 612 2 672 1 Other As ts 260 3 1.142 4 546 2 875 2 917 2 TOTAL ASSETS 10.236 100 27.829 100 20,565 100 35.747 100 46.619 100 _______________________________________________________________.__._._____________________._________________________._____________.____ OEPOSITS 8.558 S4 22.692 O2 24.628 86 26.950 75 32.748 70 O_mad 811 8 643 2 884 3 1.361 4 1.837 4 Savings and Time 7.747 76 22.050 79 23.744 83 25.589 72 30.912 66 Oeposits in Forign Curr aet- 0 0 0 0 0 0 0 0 0 0 DLE TO BANKS - Interest bearing 98 1 12 0 739 3 566 2 1.321 3 DEOMAD LIABILITIES 95 1 74 0 90 0 444 1 486 1 INVESTMENT NLR RCPURCNASE CONTRACT 0 0 0 0 400 1 364 1 680 1 BORtWIINS 345 3 2.593 9 1.124 4 4.356 12 6.321 14 Short Term - Oametic 100 1 1.260 6 647 2 703 2 1.627 3 - Foreign 245 2 1.334 5 476 2 188 0 1.195 3 Lng Term 0 0 0 0 0 0 3.50 10 3.500 8 OTHEI LIABILITIES 498 5 495 3 1.602 6 1.236 3 2.020 4 Provident And Pension funds 7 0 5 0 0 0 0 Aceptanes Outstanding 100 1 492 2 462 2 409 1 925 2 Other Liabilities S89 4 399 1 1.140 4 627 2 1,104 2 TOTAM LIABILITES 9,591 94 26.267 94 28.583 100 33.918 95 43.S84 93 TOTAL CAPITAL ACCOUNTS 645 6 1.562 6 (18) 0 1.829 5 31035 7 Cepital Stock 300 3 8aO 3 800 3 2.040 6 3,040 7 Prmium on Captal StoCtk 0 319 1 319 1 369 1 469 1 LealReserve 30 0 48 0 SO 0 50 0 SO 0 Other Reserve 289 3 327 1 357 1 357 1 357 1 Retained Earnings 25 0 69 0 (1.543) -5 (986) -3 (880) -2 TOTAL LIABILITIES & CAPITAL ACCOUNTS 10.236 100 27.829 100 26.565 100 35.747 100 46,619 100 ..... . ............._ Contingent Liabilities 0 0 0 0 0 0 0 0 0 0 Source: Ba8ic data fran the 1ustitution,s annual report. Analysis by staff. - 44 - P 25. Sim cm SA I PERFUIE RPATIOS SW 1W 1nu low im Nou1el Risk AesetCjove epositte 03.10 69.07 W.6 91.03 10O.32 All Risk As.tetC.re Seposits 97.31 1.910.1116.48 121,60 Capital Adequay () utylNoel ik Assts 9.6 7.73 (.) . 8.80 tquity/All Risk Assets 7.74 0.73 (0.07) 5.63 7.26 Equty/1044l As*% 6.30 4.61 (O.t6) 5.1t 6.SI quty/RAA a Contingent L1eb. 6.30 5.61 (0.06) 6.12 6.61 Equity/Coe O1osits 7.53 6.06 (0.07) 6.79 9.27 Equity/Funding 0Libilities 7.00 6.16 (0.07) 5.60 7.30 Groth Indicator (6) Chang in Ngmel R1ik1 Asaet 3t.78 7.05 . 1-40 40.60 Chou" In All Risk AscctS 35.76 8.83 24.09 33.19 Chage in Total Asset 34t.3 2.64 5.t14 30.41 Change in Co" eosits 33.05 S." 9.43 21.52 Chnge In E"qity 2.46 (101.17) (10.03.99) 65.96 Frinacil Pefoence (6) on Year god veer go Ar Aves ag Averago Retur on Risk Assts 0.65 0.12 (6.57) (0.72) 0.29 Retur on Asswt. 0.6 0.10 (6.63) (O.") 0.85 Return n Equity 7.14 1.60. (805.76) (22.40) 4.37 .. ~~~~~~~~~~~~~~~~~~~~~- .__ - - - --..- - -____- - v^- - - - ----------- Productivity Staff expenses/Core Depeats 1.57 1.35 0.60 1.36 1.26 Steff Cap.nses/All Risk Assets 1.61 S-13 0.1 1.23 1.03 Staftt Epenaeleat Ino2.V7 1.132.A1 (10-#4) (171.46) 364.00 ,._- -- --- -- ______ -........ - ___ - ___ -........ . --- - --- -_._ ---------------_.__------.________________ Interet Reate Funding R.t* 6.73 6.76 0.03 4.26 6.58 Lending Rate 2.03 12.0 S.97 7.21 8.37 fargin 3.30 .27 (3.96) 0.90 1.84 Incoe Tx Rle 46 SI 0 0 0 Al Ta Rate G6 I (3) (99) 47 market tShaV Loans S." 3.61 3.0 S.44 3.96 Ue1its 3.43 3.77 3.73 3.49 3.65 et: lncom 2.ae 1.N 0 (4.40) 1.73 Inttormdietion tagin. Taotel Assets Staff Costs 1.31 1.13 O.5 1.06 0.91 oupeecy 0.56 0.16 0.10 0.14 0.08 iquipet 0.25 0.16 0.07 0.19 0.18 TVae S Lien 0.32 0.30 0.16 0.23 0.23 Other opeeting Expene 0.46 2.61 0.47 2.26 0.66 1.11 0.49 2.14 0.30 1.71 Loan Lose Expene 0.00 2.61 0.06 2.32 0.06 1.63 0.39 2.62 0.24 1.96 profit 0.45 0.10 (6.63) (0.63) 0.26 tncme Va 0.30 0.10 0.00 0.00 0.00 Intenediation Ma4wrg 3.34 2.53 (3.03) 1.S6 2.21 Dividend. Peid 31 0 0 0 0 PaYot RRate 7° 0 0 0 0 Return on Original lItment Oividnd on VI Capital 6 U.O 0.0 0.0 0.0 0.0 Capitat A"rciation S (97.6) 29.0 6.0 Net Return on Capital S (197.6) 29.8 6.8 Return on Average lnvetmeat Dividend on Captl & Pe S Ui e 12.0 0.0 0.0 0.0 0.0 Capital Appreoistien 16 (141.3) 23.1 3.0 Net Return on Capitel 6 (141.3) 23.1 3.0 NM" Equity Par Value so0 1.840 1.000 Prem1_m 319 0 * 0 o00 Ne Issunce 6a.? 0.0 4.0 10.0 exceso goot Vlt./Par Cap. S 95.3 0.0 (10.3) (0.2) Total Eqity I. e 1.1129 . 3.035 Per Capital a0 0 8.040 3.040 Turnover Va"ne Interact Rweved 9 3.36 36 94 46 S 103 Fee lIna .36 S 2 1 2 3 NMt Forei3 Exchang 9 1o6 1 a a 3 0 Actual Tax" and Outie 33 l01 46 76 96 Ext. Accrued lteret RM S ' .1 106.0 06.9 103.3 8 1.1 Est. Acerd Interest Pat Ow e * .9 (fi0) 61. (3 .)s * INICAttVt ONY - Includes enretlted taxe ad duties an igo as iPpect of foreign earnings. Source: Basic data from the flstitutiosa mud spozt. AnaLysi by stat . - 45 - TIIAILM AtVX 226 FrictAL SECTO 9TIY Page 1 AALYSIS OF FIRST SANlO CITY SANK (APpnts in $lllion of Oak%) FIRST BANGKO CITY An PFer 3 n aht) PROIOT a LOSS 1960 $ 16 1I SS S 1967 % 1966 % Interest I_ 1.13 1t0 2.42 1110 .163 100 2,229 100 3.399 100 Interest Expepse 937 79 2.4s5 s 2.010 92 1.627 73 2.439 72 Net tnt. Di0t. loam 25 73 57 13 1273 36 602 73 960 82 Fee Income 44 12 69 16 67 is 92 11 137 12 FX Income so 14 311 71 s19 46 130 16 66 6 Net Operating a 349 100 43 100, 459 100 a24 100 1,165 100 Staffing 61 23 134 31 170 37 209 25 232 20 Occupancy 14 4 29 7 32 7 35 4 39 3 equipment 12 3 19 4 28 6 42 x 51 4 Tes and Outis 42 12 149 34 130 26 97 12 113 10 Fe"and Services 2 0 3 1 a 0 a 0 B 0 Other Exseaes 38 11 53 13 62 11 S1 10 93 6 N.t Operating Expouses 166 54 o7 S9 403 88 45 56 533 46 Not Operating Profit 161 46 s0 11 es 12 359 44 633 54 Other Incam 4 1 14 3 (24) -S (187) -23 (282) -24 Loan Lose Provisions 46 14 35 a 127 a 20 2 70 6 Not Incme Before Tax 116 33 29 7 (96) -21 12 16 261 24 Texas S4 1S 34 6 0 0 0 0 0 0 Net Income After Tax 63 18 5 1 (96) -21 1U2 16 261 24 BALAN"C SHtT 1960 % 1965 S I9m6 % IS17 % 1966 S CASH & OUE FRM01 RANKS 2.750 23 3,753 13 2.857 10 2.647 7 4.384 9 D.stic Cash ad at l"xk 617 4 607 3 1,123 4 740 2 929 2 Foreign Cash and at Beaks 613 7 S94 3 36 1 3t1 1 1,99 4 Due from Beaks 1.420 12 2.0t 7 1.470 a 1.55 4 1.665 3 INVWTHENTS tn SECURITIES 1.051 9 1.476 t S.tS9 1S 6.176 16 6.805 14 Repurchase Agre_mets 0 0 36 1 0 0 GoVt sec. B Govt tnarateed S. 1.044 9 1,44S 6 4.901 16 6.162 16 6.647 14 Listed and Autevlsed Seewrit6es 1 0 1 0 1 0 1 0 19 0 Other SeCurities 14 0 2S 0 19 0 1S 0 116 0 LOANS & ACCRUED 1IR (NT) 7.311 61 16.334 a 16.582 62 26.3J0 69 33,620 71 OTHER ASSETS 690 7 4.601 16 2.324 9 2.91 8 2.810 6 Properties forecloed 119 1 67 0 84 0 127 0 82 0 CL undr Acceptanc 453 4 1.601 4 90 0 229 1 461 1 Proerty. Plet eG Equipmet 203 362 1 424 2 a4 1 449 1 Other Asset$ 115 1 3.131 11 1.73 6 2.108 6 1.8U1 4 TOTAL ASSETS 12.009 100 28.161 100 7.3221 160 38.076 100 47.619 100 000517 7.249 60 15.904 so 17,370 63 24.867 65 29.140 e1 Doemd 1.046 9 757 3 576 2 735 2 071 2 Savings and Time 6.79S 48 15.147 4 16.692 S1 24,082 63 28,269 59 Deposits in Foerin Currencies 405 3 0 0 0 0 0 0 0 0 WE TO BANKS - Interest bearing 536 4 196 1 1.043 4 1.72 5 1.437 3 OOIN LIABILITIES 79 1 90 0 62 0 174 0 171 0 INVESTMENT UNDER REOURAE CONtRACT 0 0 0 0 0 0 769 2 1.142 2 BORROWINOS 1.99e 17 6.642 31 6.574 24 6.172 16 10.127 21 Short Term - Oemstic 744 6 1.036 4 902 3 9S 3 1.405 3 Foreign 1.249 1O 7.606 37 2.37 9 1.873 5 5.422 11 Log Tom 0 0 0 6 3.300 S2 3.300 9 3.300 7 OTHER LIAOILITIS 1.099 9 1.646 7 687 3 1.267 3 1.566 3 Provident VdP nsion fads 26 0 0 0 0 0 0 0 0 0 Acceptances Outstanding 453 4 1.001 4 90 0 329 1 461 1 Other Liabilities 6S1 5 846 S 597 3 1.037 3 1.104 2 TOTAL LIABtLITEM 10.969 91 26.680 9e a5.636 94 34.971 92 43.561 92 TOTAL CAPStAL ACCOUNTS 1.0S0 9 1.463 e 1.585 6 3,106 6 4.037 a Capital Stock 900 7 1.3e6 6 I.6 6 2.669 7 3.200 7 Preoim om Capital Stock a2 0 a2 0 S2 0 300 1 440 1 Legal Reerve 14 0 36 0 35 0 35 0 35 0 Other Reserve i5 0 1s 0 IS 0 15 0 IS 0 Retained arningxs 68 I 1S 0 (85) -0 67 0 347 1 TOTAL LIABtLITtIS a CAPITAL ACCOUNTS 13.00 100 2,.161 100 7.23 160 38.076 100 47.619 100 Contingent LiabilitIes 0 0 0 a O O O O O O Source: Basic data fm the ilt1tios a sopot. Analsis by Statf. - 46 - TMIL4N AIXEl 26 FINANCIAL ECTOR STUOY Page I rALYSIS OFr FINST SN*S CtTY tANK (mounto in Millic of SeAt) FIRST SANGKOX CITY SANK Peer 3 PERF00WUCC RATIOS 1980 199 INS lStl71988 Liqu1dity (6) Iorml Risk AssetlCor. Deposits 100.e6 116.28 97.S8 106.18 115.30 All Risk Assets/Care Deposits 116.46 124.6 . 127.63 131.06 138.73 Capitol Ad ueey (%) tqu1ty/Norm_l Risk A sts 14.36 8.06 9.40 11.79 12.01 Equity/All Risk Assets 12.54 7.46 7.19 S.6S 9.99 Equity/Total Assets 8.74 5.26 5.62 S.16i 8.46 Equity/ARA & Contingent Liab. 6.74 8.26 6.82 8.16 6.46 Equity/Core Doposits 14.48 9.32 9.18 12.61 13.66 Equity/Funding Lisbilities 10." 6.97 6.35 9.21 9.61 Growth Indicators (S) Chong in Norml Risk Assets 30.14 (6.08) 66.36 27.59 Chngs In All Risk Assets 27.34 11.27 47.66 24.28 Chonge in Total Assets 26.90 (3.34) 39.63 25.06 Change in Core Deposits 23.66 6.69 43.70 17.42 Cksng In Equity 8.23 6.97 96.95 30.00 Financial Pertfomance (S) on Yexr End Yer End Averge Aver&ge Average Return on Risk Assets 0.76 0.02 (0.4") O.SS 0.77 Return on Assets 0.62 0.02 (0.34) 0.47 0.66 Return on Equity 5.97 0.31 (6.23) 6.49 7.e6 .__._.____________________.________________._...__________.________________..____.__________________.________________________________ Productivity S Staff Exponses/Core Deposits 1.12 0.65 1.02 0."9 0.86 Staff Expensex/Al) Risk Assets 0.97 0.68 0.81 0.76 0.64 Staff Etxpense/Net lecom 129.19 2.921.74 (177.49) 136.90 62.72 ---._--------_----_--_----------_----__-----_------..-.-_-._-_--__-.---------___----------_--_-----._----_--__--_-_----_----_-------_- Interst Rates Funding Rate 9.60 9.77 8.06 6.' 6.44 Leading NRts 12.10 11.36 9.63 7.74 8.93 Margin 2.68 1.62 1.S6 2.19 2.48 --- -- -- -- -- -- -_- --__--_-__ -............ -- -- - __ -- -- - ---- -..-----_ - _ -.--.-.-......---------_--__---___------__--_-_._----____________________ Tax Rotes Income Tax Rate 46 84 0 0 0 All Tax RNte 60 97 496 39 29 Market Skere Loens 3.04 S.11 2.81 3.70 3.86 Depsits 3.07 2."4 2.62 3.21 3.15 Net Incom 3.00 0.26 MA 3.65 5.03 Int.,mtdistion Ibrgin. S Total Assets Staff Costs 0.67 0.46 0.61 O."4 0.54 Occupency 0.12 0.10 0.11 O.11 8.09 Equipmat 0.10 0.07 0.10 0.13 0.12 Taxes & Licoseas 0.35 0.3 0.43 0.30 0.26 Other Opereting txpease 0.33 1.57 0.20 1.36 0.20 1.46 0.26 1.42 0.23 1.24 Lon Loss Expense 0.40 1.97 0.12 1.50 0.46 1.91 0.06 1.49 0.16 1.41 Profit 0.62 0.02 (0-34) 0.47 0.6C Inceme Tax 0.23 0.09 0.00 0.00 0.00 Intermd ition Nergia 2.94 1.60 1.57 1.95 2.06 Dividends Paid 0 0 0 0 320 Payout Rate 0 0 0 a 114 Return on Original Investment Dividend an YE Capital 6 0.0 0.0 0.0 0.0 10.0 Capital Apprecition 'S (6.4) 14.9 13.1 met Return on Capital S (6.4) 14.9 23.1 Return oan Avorage Investmnt Dividend on Captl & Premium S 0.0 0.0 3.0 0.0 8.8 Capital Appreciation S (3.2) 6.1 7.7 Net Return ean Capital S (1.2) 6.1 16.6 Now Equity Per Value 46 201 1.120 Sit Prewim 0 0 248 140 Nw Issuaence S 0.0 0.0 22.1 27.4 Execess Btok Vel./Per Cap. 6 8.6 1.1 IS.5 26.2 Total Equity 1.492 1.I66 3.106 4.037 Par Capitol 1.366 1.66 2.609 3.200 Turnover Taxes * Interest Received 0 3.3% 39 62 72 74 112 Fr Incom 3.3X 1 2 2 3 S Net Foreign Exachang 0 16 7 47 33 20 10 Actual Txees and Outies 42 149 120 97 113 Est. Accrued Interest Recvd % * e3.3 121.7 117.4 100.7 87.5 Est. Acerd Interet Pest Due * 16.7 (21.7) (17.4) (0.7) 12.6 * INDICATIYE ONLY - Includes uareleted taxes and duties a..*J i'eres Impact of foreign earings. Source: Basic data f the institution's tuepl 2or t. Analysis by staff. - 47 - THAZU* AMNCX 27 FttcIAL 51ce STu Page 1 ANLtnS OF SAM= #14660O374A lAN. LTcD. (Amunts in 11lieq of aht) 8AcM METROPOLITAN SAN6 P"r S PlOfIT & LOSS 1SII0 195 1986 % 1907 INS 1 Interest Inc1 1.00 100 3.641 100 3.319 100 3.O54 100 3.275 100 Interest Lxpense 1.259 78 2.925 so 3.000 90 2.371 70 2.622 80 Net nt*. 01ff. Income 347 79 710 84 31J 68 403 70 653 75 Pee Incoe 75 17 I1t 14 122 26 113 13 149 17 FX Incme 20 4 16 2 31 7 77 9 71 8 Not Operating tInome 442 100 649 100 471 0oo e73 100 872 100 Staffing 15 35 300 S5 32s 69 354 41 402 46 Occupancy 24 5 4 10 84 to 87 10 98 11 tquipaent 3r a S6 7 e3 is 71 8 75 9 taxes and Outias 48 11 113 13 103 22 91 10 112 13 FPe and SertCes 5 1 3 0 9 2 11 I 1o I Other £xpene 49 11 01 10 79 17 116 13 135 16 Not Operating Expenses 310 72 e3n 75 6t3 141 7a2 64 831 95 Met Operating Prtofit 23 28 211 25 (192) .41 144 l 41 5 Other Income 18 4 14 2 307 78 ti9 IS 266 31 Loan Lose Provisions 5 3 49 6 60 13 60 7 90 10 Net tncw Before tex 125 26 175 21 110 24 212 24 218 25 Taxes 36 8 51 0 32 7 82 9 02 9 Neot lcom After Tax so 20 125 1is 3 16 131 15 136 16 -ALAC St£E 1980 s 1 196" % 1987 % 1988 % CASH DUE FROI BAM 1.398 8 2.307 7 2.670 8 3.165 0 3.421 0 Dnotic Cash and at a"ks 1.213 7 1.000 5 1.136 3 1.508 4 1,348 3 Foreign Cash and at Banks 90 L 304 1 54 2 002 2 663 1 Wue fr Bank 5 1 340 1 981 3 1.054 3 1.411 3 INVESTNDTS tN SECUITItS 1.70 it 3.1 30 9 3.862 11 4.472 12 5.144 I1 Rapurchacs Agr tmeata a 0 0 0 14 0 7 0 0 Govt see. 4 Gewt Guaanted Sac. l.6S2 10 2.885 9 3.575 11 4.164 11 4,647 10 Listed and Autherised Securities 45 0 40 0 41 0 6 0 24 0 Other Securities 61 0 205 1 233 1 232 1 473 1 LOANS a ACCRUED t/R (NET) 10.042 61 24.326 73 25.612 7S 28.e0o 74 34.027 76 OTE ASS4 1 3.302 20 3.SS3 11 1.678 6 2.437 e 2.276 5 Prorrties Foreclose 29 0 27 0 79 0 82 0 64 0 CL undr A _Ceptafce 2. 12 13 2.049 S 443 1 769 2 SSO 1 Property. Plant and Euipmt W2 3 727 2 073 3 941 2 983 2 Other Aaseta 634 4 760 2 464 1 64S 2 679 2 TOTAL ASETS IS.0O 100 33.317 100 34.022 100 38.879 100 44.869 100 OEPOSITS 9.MU3 60 22.412 67 25.153 74 28.151 72 32,216 72 Demand 1.719 10 640 3 748 2 020 2 1.000 2 Savings and Time 8 143 49 21.493 65 23.645 70 26.648 69 30.S45 68 Deposits in foerig" Currencie 1 0 74 0 720 2 675 2 672 1 DUE TO SA1. - intrast hearing 2 0 3 0 1.131 3 2.693 7 2.073 5 DOEtWD SLIA8LtTIES 231 1 203 1 125 0 253 1 120 0 INVESTMENT UNDER REt OCHASK CONTRACT 0 0 0 0 250 1 289 1 722 2 IORRWOPIN 2.862 17 6.272 19 4.224 12 3.679 9 5.596 12 5hortTerm - ometic 943 6 1.092 3 1.005 3 1.234 3 1.585 4 - foreign 1.939 12 6.t81 16 3.182 9 2.413 6 3.981 9 Lon Term 0 a 0 0 37 0 32 0 31 0 OTHER LIAtILITICS 2.811 17 2.931 9 1.469 4 1.805 5 1.677 4 Provident and Pension funds 16 0 IS 0 IS 0 IS 0 a 0 Acceptances Outstending 2.102 13 2.049 6 443 1 709 2 550 1 Other Liabilities S33 4 06 3 1.011 3 1.021 3 1.119 2 TOTAL LtAItLIIES 15.739 95 31.e21 9 32.352 95 36.770 95 42,403 95 TOTAL CAPITAL ACCOUNTS 772 a 1.49S 4 1.670 S 2.109 5 2.4e5 5 Capital Stock 120 1 397 I 4U 1 800 2 1.000 2 PtRium on Capital Stock 164 1 67 2 610 2 602 2 769 2 L"al Reserve so 0 so 0 so 0 1oo 0 0oo 0 Other Reserve 400 2 430 1 430 1 437 1 466 1 Retained Earnings 6o 0 92 0 96 0 110 0 131 0 TOTAL LIAtLITtES a CAPtTAL ACCOUNTS 16.500 100 33.317 100 34.022 100 3e.879 100 44.869 100 Contingent Liabilities 0 0 0 0 0 0 7.010 18 5.924 13 Source: Basic data fr, the iltitiutiom.i anual report. Analyia by staft. - 48 - MiE 27 Page a WiAKOX MUEROPOWIA11 BAN S W PERFO9INC RPATI 1980 l9We low li is" Liquidity (S) Normal Risk Aseta/Core Dposits 101.62 106.14 103.6 102.32 105.62 All Risk Assets/Coe Ospeitse 110.75 1 .11 1_7.1_ 110.2) 121.69 Ckpital Adequacy M) Equity/Normel RitL AXtts 7.69 646 6.6 7.32 7.24 Equity/All Risk Assets 6.S4 6.46 5.6e 6.34 6.29 Equity/Total Assets 4.66 4.49 4.01 6.42 1.40 Equity/AR 6 Cotingent Ltab. 4.66 4.40 4.93 4.60 4.05 equity/Care Deposits 7.80 6.6? 6.64 7.49 7.61 Equity/Funding Liabilities 5.06 5.16 6.41 6.03 6.05 _ __-_------ - -------------------_-_-_------_._...,_ ........ .... ....... .......................... _,_______..................................__........._____.............__. ___ Growth Indicators ) Change in Normal Risk Assts 26.4 2 12.47 16.13 Cbange in All Risk Assts 26.50 7.31 12.91 17.71 Change in Total Assets 20.24 2.12 14.28 15.40 Change in Coe Deposits 25.4e 12.23 11.02 14.44 Change in Equity 1U.73 11.63 26.32 16.8a __------ __ ------ -.. ____________ ... ............................._ _. _,.._ . ... ................. _._............................_.,,.......______ Financial Perfoance () n Yer End Year gnd Averae Avare Average Return an Risk Assets 0.74 0.4S 0.29 0.42 0.38 Return on Assets 0.53 0.37 0.2S 0.36 0.32 Return an Equity 11.37 8.34 1.23 6.2 5.94 --------------- ---- ------------------- Productivity Staff Ezxpnsas/Core Deposits 1.57 1.34 1.36 1.33 1.3S Staff Expenses/All Risk As"%ts 1.3 1.09 1.14 1.13 1.11 Staff Expense/Net Incoe_ 176.88 240.71 32.36 270.62 295.44 Interest Rates Funding Rate 9.t0 10.13 10.04 7.20 s.93 Lending Rate 13.40 13.10 11.39 0.43 8.74 margin 3.79 2.97 1.36 2.23 1.81 Tax Rates Income Tex Rate 30 29 26 30 38 All rax Rate 49 S7 St a7 59 --------------------------------------------------- Market Shara Loans 4.17 4.23 4.V 4.04 3.91 Deposits 4.10 8.72 3.81 8." 3.40 Noat Income 4.80 6.01 PA 2.4 2.21 ------ --- ------ - - - ...----- --- - ---------------- tntoermdiation Margitn. Total Assets Staff Costa 0.4 0.00 0.96 0.97 0.9S Occupancy 0.14 0.28 0.2S 0.24 0.23 Equipment 0.22 0.D7 0.30 0.20 0.18 Tanos & Licenses 0.29 0.34 0.31 0.2S 0.27 Other Operting Expnxs 0.33 I.02 0.2S 1.91 0.26 1.97 0.13 2.00 0.31 1.98 Loan Lose Expanse 0.09 2.02 0.15 2.06 0.18 2.11 0.16 2.17 0.21 2.20 Profit 0.53 0.37 0.26 0.36 0.33 Inctm Tax 0.23 0.15 0.10 0.22 0.20 Intormadiation Margin 2.77 2.6S 2.49 2.75 2.72 ------------------------------- - ----------- Dividends Paid 48 99 76 so 0e Payout Rate 56 SS o #1 98 15 Return on Original Investmnt Dividand on Yt Capital S 40.0 I 0 16.5 16.0 0.0 Capital Appreciation 1 IO.1 1S.4 15.6 met Return on Capital S 33.6 31.4 23.6 Return on Averag tnve tment Dividend on Captl & Prwmim S 17.5 10.7 6.9 8.8 4.5 Capital Apprc:- tion s 0.4 4.0 2.8 Not Return on Capital S 7.2 13.6 7.3 New Equity Par Value 2 8S 317 200 Premium 3~~ ~ ~~~~~73 04 a2 too New tssua nc 1. 96.9 16.5 53.1 Exces. Seek Val./Par Cap. 27 6.7 248.4 161.7 146.5 Total Equity 1.406 1.670 2.109 2.46S Par Capital 307 1.000 Turnover Taxes I intoret Received 0 3.3S 13 120 I1 101 i0e Fee ncea 0 3.3% 2 4 4 4 5 Net Foreign Exchang 0 16% 3 3 6 l2 11 Actual Taxes and Duties 48 11U 103 O1 112 Est. Accrued Interest Recvd % * 80.2 8a.8 ea.8 74.7 00.0 Egt. Accrd nterest Peat e S ' 19.0 11.2 13.5 25.3 11.0 * INDICATIVE ONLY - Includes vnr leted taxe an duties an igee19 taget Of feftgn earn1inp. Source: Basic data from the ULstiltloths mmual report. Aalysst by SUM - 49 - TIIW A1MEX 28 PIMI|* ass. s _n "la t_tE_t> n * tA t tAtt MAM tx tNtt ttI l d * Zt | FUt 51 j st > _ tt *tt_lAt _ tZlSttStttStt 0>t #wtt >2 tut j 2 tktt *|2 25 : tu | tn i 11 l Ivt I " I tw I " 1 Ito j t4 , 131 e In A 40 _p a tt *1 aF t . tX W$ _1 So so a n tS t13 IsOtt 5 tt tt 11 tl #$m sof ,tt ^e t I" ) ttYg tt tt tt t 1ti n e t Sj : Xl t t t2 n _ ztts_- tt #4 tl2 2 | #tt tt tt g b | | tst 1l t5 tt t a ! t 5 Xa tn .*7 j I ti"t n~~~~~~~~~~~~~eaW = a_^ Stl "lw t3 te} 410ttt W - j *| *t 5 t} ** i f t -ttUtStt _.$sb. tt' ;U; | tn"2 | '5 t | 1 ; '5 i i | t i i ji tt;j~~~~~~~~to meSa"a J_ to _m Is"t_ #2X| t t t *# l 5 # l| | 2 nt 5 n ___*tStnitSt_,Ztthz_>ixttU 1} l tts tS ttt4 j ! 5 | | o5 2j t5 t"tl ! 55 t5~~~~~~~~~~~~~~~~~so41 1441 tn slw an dot no* 404 ast td tlo F Om gSWt t j iat| *S§ | t a *, i i n __^- ztstag 2 tSt*l gIsj | | | 21 1* si "t! t*! tt :, $ 3 t*! $23 ! 121 !t *!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~is 40$1 " Om _ _ * _ * ^ Am mm wes a n so oft of of * n t| to on I itlh It IS t |" ... . | :1 3 t tti 3 ! ..15 t*^5 *: . t a3 1 ,t *t :: | :w: "'t~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~o o 1 o s I 6 Om _0_"e iup. " I 3 I35! !. i ! 1 ! ! ! ! ! ! ! 1"t'---"-^''§"i !"! t''' 3~~~~~:wS ! Ij II3 't t't 1 ''4 i",' 10' , j " t_ - - . i t ! X " i ..t x t " t t j, * 3 i v ! "S i i i S i i i0 w no i"3*^t1--$-"-Om 3 ! t ! no ! t* so so i we i" i to a ni i ! " 3'^ -""' " "@ * ! :" ! .. ~~~~~~~~~~~~~~~ ,t ! a If : , "i "''""'' ;'"'"' t " t ' ¢- " .. . ... . ... . se@@sel, us X .... : , X ,,:~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ IS S1 AIINEX 40 rvawm AO mootlin Cm~ 094111 RLVUMS Page 2 amp vem "no= ftu tm cm X S. Lul. u m OVAM #on = m Wcul IN saw am &" at Sowum Dawn In= LOU" Sim Cc~ mm *M me no &mu twoult" Jo $3 " 1 3 SAI as I t n 1 4 12 n 9 4 0 4 so p 0 Its 6 6 I a tat) Vaal 40 ucmvtu CO. 0 36 s S a 42 UD 4 1 4 a a S 162 "D 1'9,t S S as ISCI Cca a mm amir an mm M.Le. St us a 1 4 6 -to) Ss cmw .2 no S, 6 it, -11 10 4 46 1 40 %SS 304 11 11 40 *#ARMIN town 4m ""If= co..t 48 W 0 6 49 at a 6 S to t 0 1 Is $94 So tie" "s 40 6 30 6 I p all m so is 0 8 04 m 9 1 41 CAVIIA some"" me mu= COA ts 24 Is n s t us a a 0 0 3 am as SS low p 6 n S HIS S 64 48 got WAMMO town MAM. $03 0 As .0. 1: (low) Os's 416A I It, It, 124 S I 4 2 as 0 a s a u 42 IONWOM ftm OW..Lip. WSI tw S is 31 so so go S a a a a :4" 6 a 0 AS, 44 11- - 44. low CO.A.. Is It in S" ob a tic . n S 6 0 a 11 4 4 ;I 20 161, 24 646 411 rAmwoft tiomm Am stcositu ft so It flow) 41, .1111 0 01 6", A S dt AN to 0 to is 4 to w v (tow$ to 46 8 4 $2 0 WAWLgV ""LAW CD.,LNx, so as S ua Is 0 10, 40 morAt ROWAMOM #&WA= AM Immi 10 60 1. (low) I 2, S a a" on, 11 Is 11 .01 'm am Po" town Om ogamtmtm S 46 SW co" "MT #arm AM sumven a I 36 6 0 Ss in 70 AS 11 10 S 4 .11 S I o I'll 11 "t"'I 003 Nits ea $to aliv FtWAN AID "Cooft" co dt 8 S to AS S "io 1) 41 411 a I a I S Igor$ 0, : 5 ol 144, 14 9 14, S a IT 1-4 emaum NgNoopftlvm iwmv co..".. I SS is 11 2 10 (SOW$ n Ss 0 S 1, Is, 2, 'O 11 a VW TM$ swm =LOW town Mt 3 1 S to at FM= me stamius 00. * to I 0 a 334 "600 "S a a 404) 10 4 lotw4am" WM Co..Lip. P 0 A, S AN kt is C"wt n as la, la 4 Im =MST CO.Alb. A S S S S S 0-3 8-9 1- (Mm$ to 43 S A I C 01 64 3, I's 66 S I to n 4$ a : A a as a so is th I 2. a S I A 64 S a lwm wvuwmR FM= 6 KVA#vu$ co 22 4 n Ot 4 S .10 I for= 00.40. de 0 0 )P 4? Is Calera) n 14 4 Al as 4 a SS total$ w Is 6 11 n SS S, U-4 rn nn! 6ft"w tat ?mm 0 sircommors" C... " " 11 43 AS - - S S S : 36 S S. -W 43 it""M OONV"C#K WAST '1,11 Sal As ioe.-.Otwnm me ucoling (10$tAmzco, a 65 4 a to 3# 4 6 to S I A, 39 a 0 n : : I #VM" co.. :I I S S, 1 30 : a I AS S I S 0 S a S 2 S S S AS A AS so W t 2 I a S S 04 "AS;N 1, 1 A. 1, 23 "M A". 0, S S - So - SS 16 48 A S S 40 O It I"ICAM#rPOW-tAWStOS$Tt"C*AM. 1 40 1 AS 31 4 a 21 6 "I AS I - " - S O I S I I 4 S towil is it I I A N S 0 Al I 41 t I to, to! I I I "t 11 I"IN :I, 11 11 a I S, A SS fit, "l I a A 34 a S 'S 0 64 I fWANA, t"At 01~ 6 aft!) sell,1111t. -..III .. I 1 1 - I S I S S A I S I 4090$ 1 $61 I 0 1 0 1 4 1 S 8 I 34 I ax S 1 a 46 'I so siall 11 "I j Is i"t. 0  a ".4 O 4 A. I I 4 S M AS IW^t I It St S it 4 A Ai t (all .0 S1 of SS a 3 a S! 41,0601 I 4`0 I a 0 6 S' t Sw *@IItiOOAi e *tl 3lSw I@3 'oJe "' fS lttlit t ~ ~iltt t °c4106o 3 i Sw I'tt tt 6t3 'l.4 11 }" I I Sa4s..,Iti°f 3d!iTIVI . i : I.°' I:( ,I ' l I : 1 - I 1 I :1 1 z 1: I I I at,: 1: 1:1: 3 c I s r "I. , 6 _ (on) ill) III L IOo 00 I W40 - n A ;l:m 4i o I * i t I 4 4 I I i Ott) 14,It)4 , 40 0 i 0 9: * 4 0 I 0 4 44'11fm~imi 4(I) 41ii lEt~ 40 4 4 10 i 1 1 11 1'I' 11 'r4 s" osi I0 ii -I} ii I u - ii ii is i io - ° 0 4* _.sa '6 i:4z gX $4|: @ i5 i' jz jtt j: je ig iltts j j j- is ~ j i4 .atb| i 1..A uIIuI"MS11 i !' i s:s I' ! 1': I o t it !, I 9, go ii -Za 40 l' 4*4 !: ~ i i404 !: i' ! je !' 1isit j ! i t j j *' Ia 1 It N IC c 1 * t t ts4 tS4 I ,fi ',_ 1,.t , t:tS' tw I i ii3 i - i i T !: !: , J ' ! ! * i ° }! t'tstt }: ! ! it j j it }o te 6'c *aV-z _ iow, 0 41 i' t,,. ! - ! i i ii' is j:m j:*1 4... jjet je ! } ! igo ! ita !4$} ZVe>t~ 1(04 ,t:4i44,,: l t : t. le t : t: a t: : ,: Ze: 'S t.: tetf::W sto_ IletP ii ieSt" i.. 4',4 i e i ,' ! . it : ! I . i * i - '0 - it ! In0 4(41.0 !(o) !3 ! !z a ! ! ! ! l ! ! ! !. 0 i j - I 411 I tt 4 0 t i s i t i I I all 4- a a I I I t 4 iVlt II - I i: it i it It : i it 40 1 t - i a It Ia : 0 S go li ! ji ,, !. !.4!'. itG tt i I- il ill! iwt I 10 I! iS ill 1S9.01II**o ( 1" jIt,t*; {it jl1Wt Itt I _!1 !: it tt 1tt I I- Iet if I a: I ! - Vs I_ -cc t> av amm t mttSAmt I sto 44 4(3) 1 4 I *I~~~~~~~~~~,4 1,S hs Us I~~9 -4 40 It 4 I i 0 10 a 0 can)1 IIttI 11: uII t. 4-l 40 It I-t I £ . _Jlt 4go _ O t oS "tp o jI ) I a * 11 I I. c -1 1et I tt 1 0 1() I I a tau) 4) I 44" QC I I I1 I 'G 1wa ~~~ it is I 1t ~~~~~~~~~~~~~~~~~~~tt 4406~~~~~~~~a a1 96 as t aSsd~~~~~~~~~~~~~~~~~~~~~~~~ II iS It I, 40 I 1 S 44 0 0 0 - II 4*0of it 4* It II ~ ~ i- -lIIt06 I I~ II: 1c~ In I - 104010 1*6 It It II It 41 - 40 It 49 '0 a U1 IY mauanin") * I I ill - 5flijU&wSLi~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ AI I ~ ~ &wgo II 4 I a I I4 4 44 I4 WI us" dS Imet .40011. m~~~~~~~~~~~~~~~~~~~~~1 au) 41 nn £~~~~~~~~~~~~~~~~~~~~S o I l 99V'ao la" XaflN -tI t .i . 0,.... .4 .4 .. . . . . .. . . . 04 . gill I I '! T ~~~~~~~~~~~~~~~~~--- 0-- -------- ----- --------0 ----0 *---4 --- . . . . . . . . . .4 . . * . . . . . 2 2 2 * ~ l~ z : : 2 0 0 0 0 *. - ft 0 N 0 0-000 - 0 0 - ft 00 0 0 0 0 0 0 ---- --- -- -- --- --- --- --t -- - - - - - - - - - - - - - - - - --- -- -- -- - -- -- -- - -- -- -- - -- -- -- - -- -- -- - -- -- -- - - -a l-- - …u- - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -4o .~~~~~~~~.-- ---------t- ---- -0 ----v_ o *~~~~~~~~~~~~~ * j,I:: 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 24 2A 2j 2 2 2 2 2 2 2 2 2 2 'QUO 0 - 0 * 0 0 0 00~~~t i ; ; I i . 'I t t - 0 ft0. 0 0 0 N ..Oito.o-*; . - -- ..11njt 02 ~~~~~~~ ~~~~ 1 a*. a¶ N eOft t - t - :zd= d . . . . 0 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~~ . ~ 0 --------------------------------------------- - - - --I A . - 4~~~.; 4 . . ..... ...... .oo ..44 ,;. 4 44.444 4 .4 . . !~~~:: ~ ~ ~ ~ ~ ..¶'.. . *. . .! .*0 .~ . ' .~ . .* ft . 0 ... . * 0 0 0 A - 0 f4Z 4 0 0 * . 0A " -" 0 f 4 . 7ft "ft 4 00 0 'idiV ~ a 2 2 0 . . .t 0-f a 0 00 -*0- 0 - i I 0 - ~ ~ ~ ~ ~ --- - - -* - -- ii 2 4 4 42211 .;1 4 44 111nn1 [LV -~~~~~~~~~~~~~~ ..... -- -- - - - -- - -- -- - -- - -- - --- - -- - -- - -- - - - --- - - -- - - -- - - -- - -- - - - --- - - - - - - - - - - - -- - - - - I: 2244-4 ~~~-2~ 22Z;J2aZ Zt& -- - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - 3c 1li9 * - ~ 00'Z qLi t 0 34 : - .- 0 - 4 Ih;k …~~0 - .. 0 o e * -~ 4 2 0 -- 922:11n .. 1. 0. 11 .0 0. 1; :1- 0 it 0. ;t ;0 Z it I;; ji i 9 ! o 0;: : i 4 d 444 n Zz o sS i di; 02 S Ax xx X a 82 a ~v - " 000.00000 a I -21;; ;t i ;i 1 ;i nitt iiaz44isizj.IsSt22 -~.. 2 22~22 2atI aB'_2S2a '.3 s4 ! 3~2 REE i4 *j Asid I# a828 a so e Id ! 2 82 e H 1 ! la t t It Pof if! U a;S BEl i!!If II ! 12 HIs St ! It.I - AX H i !- II E1to sot o A 21 -- -- -- - -- -- -- -- -- -- --- -- - -- -- --- -- --- -- ----- -- -- -- -- --- -- -- -- -- -- ~~ 33 2 8~~e 3 S a P -3m3s Aq suoT3ujnajvD 'OV Pue 6C sOxOuUV :aainog ...... Vt re 0-0 4.0 0-0 cle 0101 C" lovlowwwa SDIASOO" com lxmh VIII go ml# ..a U.-Og .-f Cv 9-0 4:1. .11:0o .,:e. .,:O. .0:0. V .17. C:11 .1 :0. ..:I. 1:#! .8!f. . . . . . . . . . . . . . is 0 0 -0 -0 -0 W110 on a's 1. ile O I t I XI va 0: :0 0 1 0.9 9-W co tt Dis I. lw 23 "O 9-9 W9 r A, ct co Wo U ogggg C VS Ile 010 If r: ..90 0 '- 4,41 V" "R ar) te. 0-91 got - O; "I = 34' = 3= 1 1 to on 010 0 9 9 tc. 9-0 its %p* 10311110035 OW 3XftMJ UkVnWPU on el" 401 W 910 0- 44 V v cg: I P, t' W: so Al. 'M ZMM0MA OW 900 T-MA"WUNS L Iss) -11 go$ re r'e A 9-0 Al 41 'O' as as We to ti (S:c w" "O 6.0 arstwom ow 33WONA Iva two" f: 19,41 4,110, jww 4`41 "Vg ell :1, 01-1 9:0 1-0 1-0 Ve 0- I r" eA JM, I'M Ks 6-0 t.-I I S" m 330MICIA WJU"3 m so VII t 9-9 6-0 0-1 rM V NM C6 clo vo 1-1 TO -4 c-0 -S -a -01 -0 rt co 91 V"# O a flo It ro g,: : 9 A 1-8 S:tl as C, re A voriwn .M.- X .... M.. WO X! .... ... M- oM 4-1 4-0 0-0 We 0.0 tv" Wee 48-9) Ovel) co-so) to-vol, am VA"00.4 ASSOMOMPOAM 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0- O" 0-0 910 $:* 9-0 9-0 0-6 I'll A 9 -09 Im 2=0 WBWAM 40 as 0 A . 1-0 iro 1-0 9-0 101.9 Ir 91:11 104 &Vlld SNAMMm U .0 We S A 0 ts tm Me A 6,0 10 9-0 -0 010 0.9 eel 11NIP114 ful C-LT k.-y' I.- I. :$ I 'IN .0MISIMUM WI VO V 9-0 slo -0 We 1:11 w 33090 .... ........ . ... .............................. -- -------- -------- - - ----- -------- -------- -------- -------- -------- -------- ------ - us t K VA V* 019 ri II re 010 WAS 419 We ::n "I el$ OAV-WPIAIWWS =M"A of, 006 N. 5 . n- d-$ 1.0 0-0 r: 1-0 1-to r4c Iv VC t O., 601 dw XX"wi *W ol S" 0:0" I 919 1" $:co 0 a 0-4 We 3*WM* #OWOWAK 19 94 I of m Will Ile M f-01 R9 01:1 01-11 1.110 6 61 I 111 0:5 re 0-09 el "On gvdnkjlo a 9-9 rt 910 Vv 9.0 0.8 O.g. tv O." 9-9 n re 0:10 VI 4 V 0-9 V. urch t'g-sol IVA tg "I 0, I "O V:4# rts 119 V* ofl 10 a" ra 5 '.1 re .01 Ile Fs 1-9 ro VI re 0-0 re co 0 19 cal res re W$ 1-0 We 916 ro 6-1 9 0 - -, R 0-0 VI VW WS Vg 0. olz 09 ta wee re 1.4 r4l V* 0-9 9.01 v slo We Ole ro 11:11 We A'S 1-"9, r to .5 A S- 4:1 9-0 We VI We C-01 St a on et a 64 "001 el" 14:9 O." gel to 0 V! It V "t as co A 9 ".O 1111 Wat g g 1-0 010 9-1 elt re el" V 1. ........ . . - i:; ---- ;;; .... .......... W -- -------- ------- T;- ;:; ---- 0 4 T .6:9. . .... .... .... .... .... .... . :.. .... .... .... .... .... .... .... . .................. 0-0 re 1-0 1-0 4re $10 IV" O's re tommusom amm, I?Mwh vmitvmum V cc 9-0 W A S 0 11.1-19P Ws 1.14 M Ve' Ml 'Qkll 'dlM cow wimomi ft "O "O 11:0 1:11, 11 .9 Fee N't A.: R -11 F: -1, 9-9 Vs a," r, I 91 -11S OH ;M $84 NM0 4.0 9-t 1-9 914 We sla rt R .6 0.0 Sol ,ZS"lL I 91 V I., "'O 11.1,190 9.4 4-0 0 0 -8. gig -10 4= to 0. f " I=, A 0 Ole S I e; to 41 40 A go wimis = 1 all" n O's S 0 Ole Olt tlo ow ax4ma Vt"w 1, "C' -O g-0 1-0 S- .41 U. I.I.M1 010 I* re 9.0 O's 9-8 106 19 go VIS r V* W. 1-6 C. 1.4 9-t i -orw Awn wmwp n 0 0 I C" -0 ra -9 IT SM Am CP M. rg .0 -1,11 9:11 11:99 R Is 1-4 ri 4'.. S O., re v* 0 9. 91 VA AWV C-0 re C 0 We f-i 41" We 0.1 of M we 9-0 9-0 9-0 :, 4 M 4 010 :10 ro .1 , v "' "' "' ", so of J:C, 1116 T-C re "O 8-0 s 1H 9" R 6.11, : "' M) 41 4:,") CM wo; S., A 9.1 CIO ire -0 gle :10 4 I 1:00 9 0-09 re VI WIP 4-9 "I 30 go 10ts 9 19 O' -0 I -0 -1 el" We VI 6:0 rd as low Avou" AS 1:0 re 4 0. 9. Is Iwo, WV 9-0 0 0 V4o 01. 410 VC 9-0 0-00 9 9 re 910 4ro Ole We We 0. 0 Wee 1.1 I A.I "I "A et V49 010 VA VO, sp I 1-1 V r9l vs 4-1 I., 11" co W 0 .1 ge rce A wo WO 9-0 t el S., A it-0 V el' VA 'v, "C 'I" I 4.8 We W Ws VS U, 6 ". "O "'O 1:0 I " 1:19 Va ra I 4-9 P FO 1-0 14 V. I 0 4-9 -0 9 99 ga 9-0 ro 0:0 1-s 0-0 41 1:111 0 .1 is M -9 4 t q i"' cto -- -- - - 09"91 Ogg "O A. X-1.1) N 4:1.) i'a-st) 01 -0 0 0 0 "S IV,= ow 0 r W 010 ; 10, elO0 a 0 v, v-, g I 299 1111 go U .9 W 5:c v* 910 v- re -0 6-0 We 44 G" 10 Iel Its $a I 119 r: S I 9-0 CIO 9-0 re II s:0 We 8-0 0 M `40 ininvan so on 8-9 ro flo NI, A ::I t a 33wwt I'llo, omm a S" .1 'O"" f 1, re 9-9 IWAS low re 0 1 Vs 1110 t'. go, 1-4 tlt S., 9. M dt A., We I 1-41 wel It v es us re re C: 1. .1 go on I V41 9-0 `4 '6311 V4 F: R *"'S, 114 RO ID Vp 0-09 flog I .a 0 rv W4 4 11. logo O" tw V 4-4 A tt a Ws got fM "I""JUM "Mll"s 49. ts :14 0-0 0-1 We Fe WI 'mos, ow =;a M te .7. iro We Ole ta a's VI 9-0 1. :: F.- VA VVI to& '90 480MIXIS OW JXWWA PM"d St V" wo 6 1-0 910 0-1 .0 re .91 -air-03 UV S wisiwi im at re M "I .1 rz so 01" on Vs Ile 9-0 ;:0 1:1 W, 6-0 A I g. .1, -01 Sam", cuun $9 IVA 0.8 0.0 6 0-1 0 40:., ::A 8-9 Sts -M sm!M AMI Oak*% es Ivs We wo I We re 0.1 TO re es CAP lct re 0 r we 11 -4-1-P -a I VO PS as to 9 0-0 re 0 S" 41111 -W U 'en, t 4ro 0-0 019 910 r1o We v O" -asr -eg IML! a ro -0 M 1.0 9, to 91$ VT C., 019 re Ile We 010 re 9-4 A I VIA aso 8-0 0-1 lO 0-0 t's on 9 44 0-4 11" 910 we ro VA N rm It C. 4 VPC M IV,= I 41C ..C# re Ole re. re 11: E&I A. on U 41 ro "roo Fe 911,00 Voll 6-9 9-4 a 0 0:1 11.1, 9:99 0-9 0 S R-pi so We 4-9 010 0.0 We -0 ro re 091 re 0 do -0 1-9 .. #10 re VO -4 'O vlo Is. g;es AS 4-11 9-9 0 9 41 en W I .1 *V .0 0 V, 're re flo gle re 9-9 4-9 a INA' IC 9 re -1 Es 0 us 49 6( to 11-00 M Vs, 1-0 wo 4.1 We V41 'S 4r SW :1. vlo 10 I R re N, 1. WI 'M est 0-0 A t 0.0 g g 09 co, f 11 4-01 rt s:: vo ve we V t.4 e-0 C11 also M Olt 010 S.1 ro 1-0 re 1-1 .10 A 11-14, rt 9-4 10 t I I 1" S' 0 0-0 6-0 gig 9-0 rO 9-0 .. re re Wto a- V. 1-0 res cm w t'. 9-0 v* WI P C:11 V clo We wlit In 40 U We 0-0 re Ile r 1-41 a 91 re$ oll C's rof VIA of a 9-0 .10 9-0 a ree 1:0 re 9-i t o ra rot on VI irt 1-0 m of v" M *c I 910 r4p 4ro 0-0 re 0 8 to ..O, I Of :21's So it IXI we C., g 11 co $3111 U" "t A re 910 r4o 9 ro 0-0 CIO IV V 1-0 R, 411:1.11 61:11 01:191 A' fo- t" go gsl X".) O" $30ws oxnm MM VI fit SJXFL owl mm ul wicA W . 1smossits ow s2pndA3 oess MAN" 101 suir 400 lugs usm in I"I" wton . 3roew nam Wm XNW" 04 $0 SOPAIMP 30 UM30 peim"wo -1.~ osg,l S of twgsvs S ."AgAsmOs I -01 I -*osj I A% v"Awig) ts"Ww Olt" 0851 am A"VOW siskill"is an IN"N* lfl XURY ,jjeis Aq suoTivTnaTuo 'Oti PUB 6E SOXOUUV :azincIS C.* 8-0 Vs *V 9-0 ro V* I ve I've nowomm milwon ow 3arlos iwl I a I n I els I wo I wo I wo clo I'D I's Vt $16 Ille 0-01 sa '"'I"n 0. wmm, if go re 0, 0. 0-o 9. to q (19" 11:1.1. I 0 Vol 0-0 8-40 Woff to 'a S"sevogg 's J*mw* JMIM a 44 ft- 0 C 1:0` -.r to 0-o 4-90 I-o V: I ;O s-o A:: 0:0 1:w got VAl SV two umsva 16 is 9.0 we 6.0 Vs .0 gn V# 9-0 V: 0.0, CV Va 0-9 0-4 Vs slog m V.40 svm v"wk a-M 1 t gm 00-9 I 4ra Vs 9-0 t-0 *:,I rec rog S slew susswon to; 0 Or' I 11:11 1:11: I I V, U " "' ""' I I . I I Vlo 9:0 191:0 9-99 6-09 40 ow 919 9-0 4r 9-0 V ro g:1 4-4 V ris VOs 0-9 re Oct Vil-ve fAtotm ow 3xwwo vvi n -ot V I as ro r"I ro V." r. S., "I vg SC 9 .0 11" lll'g wo C we$ v" S's 0-0 vve Set W*WAMM W I Olt 110 re 0.1 .." Va VS C's IV Is 91 to ml 0-01 VC I4 VI r 0-1 9-9 rts VS 614" VIl Vol 43WANA 041=" cr Ng 0, OV, 1-1 :. I'v 1-1 0-0 4-8 PA 1.4c "Ml "'le-lome I'm (": =low 40 W*l SUN 019 VS VP 1-0 P: Vol 'v# Re O'n --- -- " m ." we re wo Iro Oro :: of .0 418 Vve 'm Sam of MO :V` 010 irs 1199 1 I.C. ", 14, 49:10 VS ro 11*11 -ter-co, nu 83MOS StilMdl 4i on 91 wo 9-1 V9 ro O's rot VIS n BIAINVM o W = saw I Os 11V O-r mm rgg t Ve r 910 910 r-o 0.1 rl Vt C. I V-91 910 CIO r" cla 40 elm tit 9-0 re ldlen '= 3040A 09 ?W) 9w got WS 010 410 91: I le,: Irloo 91,00 4 I: go O'll Vel OM% tIrL Jr 18) Ve' go. I Oct ctirv? =gm* vmm zi C, '99 ro V0 0 v 4,89 A-" G" Vir u 0- to OV Vs :V In: CIO 1:00 or, i OOd rool S S "Wfl is no rt Wo v CIO 4re $10 I -S rf-ge On 'M outwon smome site WWI 4m go v ro 01. *V 1.11, VO Vo 0-0 9-0 A R " t 8:1 I:.,) wot no Olt clo ri -0 ro C, ro v** 0-0 9. 4 Vol -av-co =a= ' , vottlAwl of I 1. ro a's 9-0 6-0 rof 010 1. W-01 rss 710 sow a. swain'tcw= 4,00 0-1 re VI #10 a," v" gll vo mm 'ANUVWBI gg, O, ro 6-0 9-0 Wo ro 010 8-0 9-11 V 1-0 410 No v# V, a Irm -0 ra C" en VO wo vo ri CV, re v VS to%wvl 33WAnillre n of "I VI ir so re "V t.. 0-c iraim n ON ire sla S Ws VS, C'rm) ti-a cro wl, 6", t, a I'M in awn Wm 3a 0 m ve, 6-0 V, v" VS 0.0 1-1 WO, W" M eel so V* "O ro 9-1 re VI re VS VS, 0-1 Wm Va 001 I stunam I am 9-9 qrl .1 P. V$ rs -ro ,:S` Islo 0-9 v 910 Oro 440- to n VS 4-0 Vc, VO VO 4-0 r. 0-0 re wit A cel) 4-1 (M) 1,08 Vwrm A 4190 Irv .10 1-0 gle 9 0 ro Ml, 91:11 l1r, 11 Iro 'I'm a VA VS Ole v S Ve 1-1 4-mlP P Xa 4,11 g's I ftvv, "a ? "W gle Ole CIO 610 9-0 4-0 0-4 V. 0 ,is-0 O;60 4rd 4.4 as w A fava volowe a on "v O re 010 0-1 4-0 VS, rO, I Ve V# a S." 0 1.0 ... Is tle, 010 re V* ro r-a 41 XI A, 49:41 Xl. to ap F: :: "" .10 6-1 4-9 01. gap id a," 1.70 Vo C ON v wo Co v V v WA 4-0 00 go N. OHO 'or! fe WO 10 I v: O, ctli ro v* 0v$ vFIV 4w 0.4 re O, :V CV V le U T 9 4-S 4-4 Ole O" tuom Ws re S.: I #4 9 re wo 91: g.. 0_4 g 90, 0* Vs wo C. .8 VS, ro 44) 0-1 I 4-ce 4 0.0 .111, Ca -eev It 9-9 O* S., W-9 I-r-o ,-- na -r-o No 0-4 I., i-A 'r-L V:w .0 VS .10 00 ig 0 re $I C:% C-0 6-0 WV V# SV Wes 0-1 9-1 wig In', VIV gv 0418 VIO 4,011, VS 1-0 C 0 W. VS ell PI "O ro AVI ri we ret rol O" vIr-to =MA to 09 as VIC 4-9 crts g VS 0-0 O., ::SI O:gl got Ur VM in 19 "' 9148 P a, 1-0 .10 10*9 coup go v I I *10 Olt 9-0 re H :919 :-9 rm ell 49"ov) v: t., 0-00 .0,11,10 ="elan 49 wr $" *'"I I cle re V. 410 C-0 010 4ri PO VO 1.0, ra 0-1 0-9 6-0 slog in VII.,w sxstmn a rot Vo 11. ;V $110 V. Vc iri 1-6 a wo .1 VA M I I PO :O 4.1.1 I $19 1-9 10 :V 1-0 t 9 ok a got IVOT Ws 010 C V "O 9-0 4 A 1. :9 1-1 on I Va 919 419 10 4-0 re VI 414 oloo gle 014 6 04 0-41 of 0196 v 0-0 "O .1 .1 9 le re 1.00 41-0 V Ff' 11, V, M .01 ro 010 W: 110 010 0-0 re XL .14 I= M 3311111A 0-99 no S :: 4-0 v, Vs 6-0 410 irt .0 4 trl I. A" M V. 9.00 M (M IN% Wo 4ro .1 Vo $-O 1-0 I to-go V. IT ::L 8:1; le'", "O I MA., We 9-0 I 6 S M or'" 0,0 ST slo A .,, 191,00 1.4 R, "ll re' 'I'L 41 1, 'O 'O lo 4:01 off $ml= :4 re 9-00 a :,. 11:11 01:00 re' O" :1 A 1.0 -0 a vn 0-0 "'O 'O ra r, V, le 0. ." Va L M 'for wn wo 019 gle 11-0 41-00 I'll 1:11, :40 M V: :0. 4-a gow" -air Pe 010 9" N VS n : an I re ro Vo I 0-11 ow 3MRINA A 0 w 0 I's Ve R t-0 NO C" O., .4 e,'", a le, :19, .11 1-0 14,1111 V, egg wo V. g., "O re cle 1-6 4-0 Vol 1-9 a re O" 33WAni no in re S., le 4:0 re ri M R r" 0-0 Olt M w wwo 04111 30 0 Ve Om QV, VO VO 4 1-0 4vt M V" eV WO I ra rc 0-0 01. C.. Ve VO ,a V: wo t 0 V. 0-0 1.0 "O P f-'a IM IN") (SM C= a's re "O X. 44 IC: ge: Him O"wg IT 9-0 9-0 9-9 6-0 W. Ve , -It 0-9 " S.. C .1. *94 41v to ag 91" 0 Ole IV ro 0-0 9-0 *-I r. W" 010 V$ 8-1 114 v so witwi 3"D of *14, VS Vo re 0-0 1-4 Vc Vo V. 910 S ow MM, *am Ire VI .0 VS, Ws p Ve rli Va WS C's V. C P W, R" "91 Is -0 4 O' "'O Xi. 1.4 VI wo re V $:: W: Ile S., 1.10 at W M "miouim 0 so 4re v, wo 0.0 Vo r .0 SV t 9 014 010 U-s 0-9 v in tm I 'n in 1,41 Ws, ro 4-9 V 1-0 0:0$ I : I ro VI SID O 0 :4 ri 4-0 as Uff r 9-0 0-0 M 6. I I V$ ro O, a O" a am rg ro 01. 010 VS 4-0 r. C: .1 t VM SW re 9-1 H e, 1:11 0-0 r. CIO V* 9-1 9 v i-4 a 1-4 Ve S" I mom a I__1_ ,. il""IM 'a SOM St. I . -=I st3wiMS7 irm I "L"M J" gsxm Mol 39pow at S$olzm AD 9 womn "an I 18 10 P.W"O" "s-00, ""M 9 -(..O 44 vol-M) sighTAW ofsw gm Wm xwfam "Iktwon SW xmamli Tfl XaKNV - - - - -- -- - - - -- - - -- - - - - --- - - ------- - - - T - - - - - - - - - - - - - - - - -- ----.-T-.----T--.---- 7- T-----T- .----.- :--------------}-j--- °~~~~~~~~~ I---TT.----------------------T------- -;---- ffi I-l-T-T- --T--------.-.-------- T------.--------------l-0- i z r--r-T-T- ----T- ---TT----------.-, - r- --- __ > f - -r- *~~~~~~~~~~~~- -. - - -- - - -T.----.--- - - -- ---. - --~I#a - - =__ -T-T-,- -.------- T --- ------T--------------- ---i ~ =__ -T---TT-.--l -T-.----- ---*----T-------T---------- fi "~~~~~~~~~~~~~~~~~ P P £,."P£;.'£.,i&;-- ,£E£;- t~~~~~~~~~ et ;£*;*eb*e*;***e P P P P T_ --T- ----T-----T-T-- ---- T-7.-----.-.----T-.------------ P e t ' se ;e p ;e se~ ~~~~~ ~ P P r P P: ;t9tt*eEE*. e£ti ebS -------------------------- ----- ----- ,------,- --- -gE P * P,v e;; ; P t P i ;t? ,L ; t etP|f __-T-T--.--T-- T- .--tT -.------ - .--- -T-.----T--.------ _ S b~~~~~~~~~~~~~~~~~ e?.; ? . ?? '?*:Et? , . t,.E P P r P P . I--I -T-T--.--T-T-------T-T-T----------.-----T--.------T------- -- i----- | " |t *, e Peo E E E *,, ., ? ° e; t * E' ' .E, P,, bee e E| ffi0 fI _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _: _ _ _ _ _ _ _ _ _ _ _ _-__ _ _ _ _ _ _ _I ------ ----- ---- ;-----£:E--t &E ,rEE*W+EttE tE;rtEE E _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ° g**w i X tS 1_5e;_it --------- ts7:stts --- - - - - - - - -- - - - - - - - -- - - - - - - - - -- it:;iSi * --- --- ---- ------w - -- - -- - - - -- - |~~~~~ .: .,f s;,~., 9'ee3s;.p, *$ '.-SE;,,;;;t,.$ |l| aI .: E*.t . *p9 p" :B..3BSSBS:;. ; up;:bu;t3;I..... | I a. qc-- ---- - --- -- - -- - --- --- ----- ----- ,----- - ---- ---- ----.- - ---- --- -- --- -- -- ----- .---- - ------------- ~---- --- L- . . ,- b_s "_@>> L. .. I. IllP *@e!Pe!;;>;;E; Zst:E8*: b@b5o . --. -----T--, ------------ …----------------,*-… -------p - - I 44' ...b.........o : . ------T-.-~-- ---------- ---------------*------------------ -- _ __ 4-4 *.& .....s9S ;EE T---------- -;----- ----------- -.---------------e- -------------------- --_ 99. .._-............... o..,......bttt.. biEt Eo16.~1~b E 3E E5 ErteE . .. . . *;L 0 6 ; 4 i. L. .--- --------------------T--,---------------T--------------------- --- -- --------T-. ----------------T-,-------------------------------------- __-_ I - ~ *....*..0 .4.0.hb .1Ih:bbb . . .h .!b ...b... .. - a'944 -------------------- .pp,ps?*91..oeS*---p*S-p?--..- * .. ... -------------------------------------:. ----------.b --------£*- - : -E t---.-----T-----------------T-------- ------,----------------------- --- -t-T_.-----',--- ------------------- ----------------------------__§___ 9:90FP-i P: ?pppr ??tp rr. rppP?? 49 … @ O. . .0 -...i.EOS E."0 t I, Li - --.-------------- --------- g----------------- T-------------------- ____ 494> .9^g"5 s~09@0090 9reBss!!# 0*9000400 p.p,,..,..g..0.00 IS5 0 * 9990 0 OOOeSOOOppp * o.p.oo@p.a@j : *@.o.* . .** I L - - --00 0 9 --- ------------ 0 r-------- ------ ------------ T----------------- - ~ ~~~~~~~ S.L -9~*444*4444 - ------ ------ --- i ------- ------ ------- ------ ------ 9 * 4000 0 940~000900.0 pppppp?ptp:---99----------------- - .. *.49* --- 0 ------------.y. T-------------------b..o.. I; .~------------------------------- --------i; - - - -- -- -- -- -- -- - -- - i:,I,pE!IIiI!iJ:Il . !''' ----------';-----'- C -i U 1_ I £ 1 f t : : ---------------- I. m t - -- --- ------ ; i W w£tr;tt;;} t E ii ffi..I *X*:i;;*£. £ I I. P~~~* -Pttt:,; * ICC --------------ga_ T-7-! -------------- ------- L- -L- I t~~~~~[ II ?tgtttt L __ ~ ~ ~ a -g----- . __ ,_ - __ --------T. . !IIi § --T.-------.-T--- ----- .C rE £C;CCCi'£ .1 t !ttt;j£!titjl@ l0I ta (b -_ __________ -s___ -------- ---,------- -----,--------------_________ _X__ O 4'l1.XXba '£:x;: ;t,.'CtP ___ _ __ _ ____, ____ ____---------------___- _-_- -- - -- - T --------- - -- - - __ __, -- ~ -----T--.-_____ __ --------------i --- T-- ,-------------____--- ____--i-v---------------- - --- -----------T-I- ---- -----T- ------------------_ s ----- ----- --------------------------------- -------- t--+-+-------------- 1-st -----------------s -____--- -08 -jjvls Aq STBAIVUV 'OV Puv 6E SOXOUUV :9ainoS ego-st e-ce wrot 1-c wo 9-0 8-0 9-0 9-0 910 411 VI 0-41 0-0 4-0 O., gle *-I o" $340hmm ssitivon off X.Mt* VW co . .. ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........................................ .... 11 946 10:4! . - -m . . . . . . . . . . . . dt V I" wo 010 1-4 O; S-0 1. 4 4 4; . . . . . . . . . . . Owl ,.00 *101010 sal 3) Ole RIO Ole 0-0 gla 10 "M r on 11 -w Ism itr WitiodML3* ad 09, 6-9 NO A 0. (O:Mg) I I 1. 9 V 11.1 t 11 a It's lor'o, 10:10, R 13 IV F. 4.9 91164 t on 1000" St w "I 11 I t-occ R. O.11 4.1 (m) m 'a .21" av, I I. sus 019 Scl, t Irle .10 0.4 010 IV 010 9 W 0 oft nolc we 0-0 I 1.10, fl, 11 I I oft 4-3 9:00 114 :V 911 .1 0-0 Me 414) co omtogove ? xm. oo Mt 'I, 'O ::: Wo 1.0 O'O I . 41) 11) 69, co Oct 9-9 9-0 0-0 010 P.-C v: 11 $I 0 14,rL,I*.= * sm on 919 1.0 1.0 9-0 1-9 4- 6 on -m 33"Mj A03wdwtmn =44 is t :aV en siostwo am A V^Vkft SO M, 14 w: 411. 9" ale re 6 1. 91 :-,I 11" ellp ;41--asof vm $Wm ot H #10 gn r 9-0 a Cs 111:911 O' W1. et: : I"O I ? Alms wit W :V Ole 9" 1-9 re 9-06 -04 -40 Re $85 " 0 1. 0 flo 9-M 01 m All la 3*WWA og on 4-4 0 la 0 1 11 " On gp 0 ml# 0.1 el: W: 1111 "a eP I rF 0:1 1-0 I 0. P. VI" 016 a" inuwion 0 us VW, :4 ::: 06" O'll 6100 r 9-0 W rd OV 0-0 S., in AL" #au uneinuso tod SC 01 O 9 C 4, 'r N WS Ole 0.0 F: 9-0 91: 10 W V in =40 1314 I 9-0 V. t-0 Ole I . re V t-0 on "45-75CM., co, OV I co rL-. M.- M- .... ......... ;;; Re 4m VW# wes owl$ WI 9-0 4-0 t.. Ole 910 en. a .; . .... .... . R:a. . on . e . w . awl re 9-0 0 1-9 V* W mavp 63usam O" of he 10, wo WO 0-0 0 0 v 1-0 I 9-0 1-9 lowms :10 .0 .0 re 9-0 -0 S-0 We I I M v 0 010 .0 N t-0 el#$ Ale .0 -0 I v" .0 V .0 14 9.00 Ws iv 6-0 4 a 0= 1 AM WAS rg wo 9-6 ri re WI .4 Wit 0-0 ro a t" -my -a uv*oon vnm"j I" Ca re 9-0 Foo 1-0 wo 9-9 9-11 CIO IWII 99 0 Irls 'g) 0 on rg ro re 1-0 119 VA IV re 0 r r W. ro .9kr Vo "Wm" es 4r, .1 v* Wo 4-to 4. -%rw ASM r, .0 .0 'C ro rr 4-01 910 Vkv n C nr, r, 10 -0 v 1:0 WO f.1 as on rs 19 10 0 .1 WIM lm en V* 10 -0 W9 I Ws 9 -1 - I &V W, el v" all Wo Vfi Os 6 I .0 .1 .1 iro re A ro v I 6 4m qr Ole 10 6-18 I re I 9-9 lo .1 -0 I 0-0 Ill .1 t I S We IV 4ri r so W V9 .0 -0 VI v We 0-a 9 M OV X! .... ----- - X! re 9.1 M- -------- ------------------- .... .... .... ln.! !%v! 4- "a" W "Am a We 1.0 irs vvlw tam won W)w of re V 9-0 9 a," :911, le v-66 11 i. --- . v- Oil & L' .1 P. -0 0-4 4:t We .0 0-1 Wle "I"Ammu= a L S's ro We 0-0 0-0 ro r. 19-0 O:: 61" 1. C's t-0 a vall'o pwof M SV VA a all M-1 8 WD P. 9- -0 0- -t re IM W I'll I'll 11-10 oUrl"Im 0-6 R. 4-0 111:3 ft 0 to 0,10 9-1 a It, In" %AM S., Ill I. VI 0. a Ole -0 I 0 r-ol W A -,- J- .14 F-0- 4:8 410 re W$ a re lr. 4-0 t-0 a 1, luolp 41. "v 199.1 Ca Wo 9-0 -0 d.. Wo Val :.19 r 1. 4.0 W - R. M M a I Ole Fo 11. re el ol: ir 946 -a 10 P. r-I Wg 1: XI N 4,03 0 RO t'.., v$ Nal fal F rw 91 wo, or".9 All W et Is go F .1. re 010 .10 r We `V` W a M- gm$ re eV V. In I., 1-4 IT 4". -9 9-0 'i I O's VIS v" to M,A 1, Wo 10 IM :-se 4-K Ad re 00, 9.0 R. wo :19, F 10 Ilt 010 14, W VC; .6 I'll Ik's 1% t P-41, qri v 0 91" IN 0 .... W 13 r. r. v WOO 9 4r 004 I W. re Vol, Q$ M- i ... .. A .... .... .... . .. .... ..... . ..... . ....... twt act-00 vel, OW" re :BP " !a.%! :;.- .. .... .... .... .... .... ..... e .1:1R. .5:q . -0:1! a:C. . _$:t. . S. $W re Ole ro Va 6-0 4-0 1-1 O's 9-0 O's M 01" I ile 1-1 v IV 4 1-9 9-0 0-9 6.0 910 91" CILV-40 a 6.0 -0 9-01 re W" 10 me re Wo t.. VO S's t Pa 0-6 -9 .-S X CO rz "O 2-8 0-0 #-I -0 O I re Ole 11:111, at re r .1 lo Va M4 re Wo wo 9-0 eV Wit Ca -.01el 'f ow .-S .0 4", V, .40 99 ra A W. I I v el .40 a ag 940 rog IV$ -9 ro S *V Ws r ale.I Ws VP am IC Ole V 9 W 4-0 0. U.." 41 .K V We S amm 1:1 I I I 1.1- :," 9-0 9-9 4-0 V ro .1 Ws Ol$ *'a 6-6 Wal vul WI-I Wm 4re rt 0 gla $:C " 0-0 $in M W" 110 ro -0 V It Al. V$# d . 8-6 ra dt on t-ti g :4 ro -0 ire Vto VW t 4-t .10 v MMMA S 9 a 119 I 3.1 4re SVI 6149 W. WIS Ni lom n Ole W I., i Of H I.: Fro V4 ilt 11:11 *"On, el.v a WI 1.1 V. WOO 9.0, ro r W" 0 111:11 N"I .-CO.93111 rto ILI wet re I v 111, 11 wto an 0 M WO W I., eg. gi 1.1 F" 0 C. o.. V. 1910 18, I '94 Ca we rof IV 0, a. IsUtw 6=900 low" 8= unm unw unw im gm Wm ml M I= SW= 3"Ww wmw 3pmw 3wmw w a am ADMOM -cm " Ws"- tom EL a. "awl aum ?nu 3viow a $311NMm AD inta a M won= OL "tfm aluww "A" am am ANN" swilwou RIO xwml 6 8818d it xzw I ;§ 1 - 1"^1 1 1a f 1 1 ~~~~~~~~~~~~-----------1 ------------------ t~~~~~~~~~~i in |t !. o.*. .. V! 3T.! 03^ 3 t2 1 og --XEitl--M- e-G- ---*----------------------- I ---l-e-°-------------e-----------l---- ----------------------------------------1 ~~jl_g~To3~o~oe~e~~,~~~oo~~~o~~,~~tT+" -o T i ---I--------------------------3--*- ii | i! 2 asi--2a ----a -|----- | e 33 33 ina Ii 33iii iw|3 t I * 3 e 3 §~ ~ ~ ~ ~~~----- --|_-| _$4 __tt__,+t_"_4- 9 X 1-- -----:--:-- - ---:[-----::: -:-:-:-:-:--::--- : :~ ~~~~~t in ie iW i in in In S: 114 SS it *2 4S * 7rtS Jm - # !i i!---------------------- - - - 18I------- - ------ -- --- L ----------- , | N E t X ff " E11 e A IN~~~~~ -- -!T N ! N ___i___J__-_-_ -- - - - - -- - - - - - -- -- - - ----------- --* ^ * ° --!----------;-o-g---- 01)1,13 %1111 1001.3 Al *1 .12i U -0.a t_1 JI ?1 Jl 1 It01 J 0. { _l t t C@., D. , "1. 1~~~~4"W .l toA *.D #A '0011 *.k 1.6 DX NA PA U. 1. "-S 1 : 0 a: | M MtITL _ z"*D * . M DO 0. 4. 6.8 %. P de.S : . A .4| S o 1 D SD.,^ {~~~~~~~~~t oan |I t atv I4 0 °: NA : ,i s t cw W_" "amnoff 40.AD. 994 06: D. t1 OJ1 *. Ao a| a : t t K . *t t4.2 i g_1 t t..t . ..OJ*F 6 a de l.F j .* .I *. *A* *. I*4-§ . | 14t *lttn (_tU '° Zs §t t l*.41 °- - . oa *. 13 *.1 *s1- x .1 o..* 41 re.,: g pam scosi 0.0 CS M, .0" 46. 4 tt a o - _* f - *_ g - §gust n _sz So 60001 O."a *s I 0.0 4 , ................ 'O#4t|t- l*|t,|A"e e| Source: Annexes 39~~~~~~. and 40. Anlyi by staff is I CO.AVD. I N S., 4.~~~~~~~~~~~~~~~~~~~~~~~~~~~~c 11 00.01 61:01 .1.6 A 6.1 0.1 6.1~~~~~~~~~~~~~~~~4 (041a) .0 a 168~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ANNEX 43 THAILAND FINANCIAL SECTOR STUDY Sectoral Distribution of Finance and Securities Comanies' Portfolio. December 31, 1980-88 (Million baht) 1980 1981 1982 1983 1984 1985 1986 1987 1988 Agriculture 637.9 965.6 892.4 1,084Xl 941.6 950.1 1,246.6 884.7 1,306.1 Mining 631.6 681.5 874.2 879.7 746.7 675.4 820.2 699.8 829.3 Manufacturing 14,149.0 16,731.9 20,119.8 21,912.7 22,103.3 23,479.3 23,371.4 24,079.2 33,626.4 Construction and real 7,720.8 8,368.6 10,634.1 14,048.1 15,142.9 16,151.0 17,420.3 21,905.2 28,253.1 estate business Imports 2,627.0 357.4 4,310.3 4,760.7 4,456.5 4,430.3 4,138.7 3,129.3 4,300.0 Exports 1,098.9 1,009.1 1,349.1 1,715.4 1,802.6 1,454.1 1,813.5 1,738.1 1,943.3 Wholesale and retail trade 7,865.7 10,629.3 12,884.8 14,347.7 14,881.6 14,943.4 14,693.1 16,068.0 19,569.3 Banking and other financial business 6,924.4 7,907.3 10,047.3 10,258.7 10,027.8 10,348.5 9,250.7 9,939.7 14,088.9 Public utilities and services 3,885.3 5,667.6 7,581.5 8,982.5 9,782.0 9,675.9 10,149.5 9,617.2 11,309.4 Personal consumption 9,437.0 9,857.3 10,824.2 12,721.4 15,144.4 15,944.3 19,342.3 25,274.7 39,382.6 Total 54.977.6 65,389.6 79,517.7 90.711.0 95,029.4 98.052.3 102.246.3 113,335.9 154,408.4 Source: Bank of Thailand. - 85 - ANNEX 44 THAILAND FINANCIAL SECTOR SIUDY Fitanciael Institutions Dcveloemant Fund Balance Sheet as of September S. 199 (Ilon baht) Asset Liabilities and Fund Deposit at Bank of Thailand 1 LiabilIties Advances froe Bank of Thatland 8,460 Short-Term Investenta Promissory note obligations 108 Repurchase market ?87 Othero 2 Interbank market 2,527 Others 29 Total Liabilities 8A S0 Long-Term Investmens Capital stocks of comearelal banks 5,204 Fund CaSital. t-cks of financial companies 1,161 Capltal Fund Contributions from financial Institutions 2,866 Claims due from Assistance Progrms Contribution from Sank of Thatland 1,200 Due from assets of failed financial companies 108 Incom over Expenses 487 Lending to co ma rcil banks 2,065 Total Fund 4.802 Other Assets n"t Total Assts 12.872 Total Liabilities and Fund 12.872 Source: FIDF. - 36 - ANNEX 45 THAILAND FINANCIAL SECTOR STUDY IFCT Summarized ealance Shet as of Oecember 31. 1984-88 (ThOuS*nde baht) 1984 1986 1986 1987 198 Assets Cash in hand and at banks 46,389 64,198 69,0s0 131,603 170,219 Promissory notes end billu receIvable - net 3,601,407 4,032,903 4,057,003 4,099,974 3,,29,101 Marketable s*curities - - 32,222 64,600 89,980 Investments in securitie- - at cost Govt. bonds and govt. guaranted *eurities 21,497 57,794 110,317 25,896 27,339 Othor securities 220,099 244,824 268,608 268,133 259,726 Total Investment in Securities 242.196 3802.81 401.347 3468528 36se924 Loans Notes receivable 277,497 398,606 539,026 2,200,463 4,748,711 Higher-purchase and other installments receivable - net 80,607 89,109 63,881 43,972 118,922 Long-term loans 6,092,617 7,848,162 7,968,241 7,894,313 7,808,146 FX fluctuations recoverable from borrowor 2,279 1,785 1,584 1,470 l,l61 Accrued interest and f4es - net 323,6?0 360,916 427,O6 436,907 544,520 Loans - not 6077e.S71 8.6668477 8.979.717 10,676,125 13,219,469 Property and Equio~nt - net 68.004 96.444 168.778 2865924 3S8S443 Other Assets Claims for FX losses componsatton - - - 527,737 1,207,21G Accrued interent on investmnt and P/N A billo receivable - - 46,710 41,855 40,986 Other receivables and advance 84,845 88,806 109,253 119,046 119,637 Properties acquired through foreclosure 6,114 23,296 29,013 22,792 38,416 Deferred unrealized exehenge losse 153,002 1,624,208 3,977,088 6,320,172 4,630,466 Total Other Assets 243.961 1n736.309 4.164.0o4 7?0316001 e.236.719 Total Assets 10 866.588 14.896.947 17s839.965 22.471.656 24.070.865 LrabMlit'ie and Shareholders' Euitv Notes payable 312,69 740,420 634,942 302,608 817,693 Borrowings 7,711,181 10,436,414 13,263,632 16,042,258 14,786,202 Debentures 300,000 628,500 700,000 2,340,000 4,322,426 Accrued interest and charge on borrowings 209,831 270,834 400,711 464,632 516,678 Reserve for exchange risk 236,687 277,86e 18,029 5,073 3,605 Proposod dividends 46,000 84,500 175,500 70,296 106,443 Accounts payable of accrued expenses 269,781 247,930 233,652 238,007 281,465 Total Liabilities 9.0895076 12.58e.472 15.446se66 19.460.872 20,813,609 Shareholdr-s' Equity Share capital-comon share e 100 par value Authorized Issued and fully pu;d-up 1,000,000 1,300,000 1,300,000 1,662,125 1,682,125 Paid-in surplus 180,000 270,323 270,323 535,777 536,777 Retained earnings Appropriated Legal reserve 58,882 74,140 66,972 100,818 11S,419 Resrve required under borrowing agroment 68,528 50,527 68,527 68,627 56,627 Special reserves 483,984 609,484 867,4S4 753,484 982,089 Unappropriated 118 1 298 62 419 Total Shareholdern Equity 1 781 512 2.312 475 2 393 699 3 010 763 3 257 3c6 Total LE,bilitit s *nd Shareholders Equity 10U'U'1S 14m898!§27 17 8 W 22.471e66 4 Source: IFCT. - 87 ANNEX 46 FINANCIAL SECTOR STUDY IFCT Sumartzed Staeents of Income nd Unn Dropried Retaine Earonngs. ears ERding December 31. 1984-89 (Thousands baht) 1984 1985 1986 198 1988 Reovenves Tr--erest and financing fee on loans W0,517 4s4,7a0 1,148,481 1,191,499 1,375,216 Interest dividends and other income on t nvestaent 385,334 50t,191 419,048 800,037 363,808 Gain on sales of lnvestment In seurities - - - 80,256 174,368 Other Incoam 5,176 9,ass 11,865 57,143 36,531 Totet Revenue ll21.027 1S00.2" 1,5j9.374 1,628.946 .949.920 Expenses Ciia`res on borrowings 588,197 790,846 932,326 987,340 1,092,753 Salaries and other employee benefits 81,796 90,840 95,209 103,240 116,209 Fees and servi ce 304 1,116 1,421 967 1,620 aExpensse an coapay premi"es and equipment 9,818 12,846 15,919 16,111 18,824 Proviston for doubtful account 44,476 92,188 73,160 82,978 119,318 Provision for poeseble loses on Investment 10,500 24,680 8,940 6o0 2,600 Provision for sxchange risk 85,488 148,156 170,728 160,610 224,681 Repayment of fX losses financed by MOP 6,015 6,507 6,09 - - Other expanse 15,85U 26,943 18,948 20,190 23,099 Total ExPonsn 837.448 LA19S.1 U 1.322.750 1.352.045 1.S97.904 Net Incom 283,579 305,141 256,624 276,900 352,016 Unappropriated retained *ernings, beginning of year G66 11 1 293 62 Appropriated for Dividends (115,000) (184,500) (175,500) (187,295) (105,443) Leg I Reserve (14,179) (15,258) (12,882) (18,846) (17,601) SpecIal Res rv (154,947) (125,500) (68,000) (76,000) (228,605) Unappropriated Retained Earnins, end of yeer 1 298 52 419 Earnings par Share 38.01 27.22 19.74 20.60 22.53 Source: IfCT. ANNEX 47 THILAND FINNC>IAL SECTOR STUDY Volume ot Aerieulturel Credit, by Institutional Source. 1978-88 La (milIIIone of Dbat) Intoitution 1978 1979 1980 1981 .1 1982 1994 1966 1986 1997 1989 Camerielo Banks 8,65.9 10,774.9 12,587.8 18,042.1 22,139.6 80,450.9 87,409.s 89,866.0 88,694.2 46,186.6 57,184.2 (7.28) (8.03) (8.28) (90.4) (14.12) (16.40) (21.85) (23.16) (21.96) (23.27) (28.09) SAAC 9,708.8 10,948.5 12,464.4 14,142.0 15,741.4 17,117.9 19,609.8 21,681.9 28,105.1 25,104.9 2s,899.6 (8.11) (8.16) (8.16) (8.66) (10.04) (9.22) (11.19) (12.78) (12.78) (12.66) (10.85) Financ Cmanles 939.0 529.8 687.8 0u.6 892.4 1,084.1 941.6 950.1 1,240.8 864.7 1,806.1 (0.88) (0.89) (0.42) (0.69) (0-57) (O.58) (0.64) (0O-6) 0.69) (0.45) (0.63) TOTAL 18,754 1 22 248.2 26,689.0 81,149.7 89,778.6 48,62.9 57,969.2 61,987.0 64,046.9 72,126.2 84,889.9 (16.6i) (16.58) (16.81) (19.11) (24.72) (26.21) (83.08) (86.46) (85.41) (a8.88) (84.26) ( Figures In perntb"es indicates S growth troe prwleou yer. * Sources Bank of Thailand. - 89 - ANNEX 48 THAILAND FINANCIAL SECTOR STUDY Number and Share of Aaricultural ClientslFamilies Served by Institutional Lenders Numbers 1985 1988 Percentage Credit Source --(Thousands)-- 1988 BAAC Clients Individuals 1,382 1,680 5£.9 Cooperative Members 789 803 25.8 Farmers Assoc. Members 132 101 3.2 Subtotal 2,303 2,584 82.9 Commercial Bank Clients Agriculture 397 524 La 16.8 Agribusiness n.a. 8 0.3 Subtotal n.a. 532 la 17.1 Total Institutional Clients n.a. 3,116 100.0 1a Excludes 28,000 for rural small-scale industries. Sources Bank of Thailand and BAAC. - 90 - ANNEX 49 THAILAND !INANCIAL SECTOk STUDY Percenta2e Share of Farmers' Loans. 1980-1986 (In Percentages) Loans Source 1980181 1982/83 1986/87 Relatives 10.91 10.24 7.50 Non- Neighbors 9.03 8.63 4.61 Institutional Merchants 17.93 12.75 15.98 Millers 3.18 2.04 0.89 Others 1.05 0.15 0.57 Sub-total 42.10 33.81 29.55 BAAC 26.65 39.10 45.53 Institutional Agricultural Cooperatives 16.29 13.43 12.82 Farmer groups 3.07 1.72 0.86 Comercial banks 11.51 10.81 10.54 Others 0.38 1.13 0.70 Sub-total 57.90 66.19 70.45 Total 100 100 100 Sources Agricultural Economic Research Division, Office of Agricultural Economics. ANNEX 50 THAILAND FINCIAL SECTOR STUDY Commercial Banks: Actual and Mandated Tariets for Aariculture and Aar)-Business. 1975-SO (million of 8aht) Mandated Targets Actual Loan Outstanding A riculture ArT Business Total For Depoits with: For Agri- Volums Vx Vol. Agriculture B HC O BUT Bus Iness 1075 8,500 6 - - 3,600 6 2,284 1,682 - - 1978 6,140 7 - - 6,140 7 3,811 8,161 - 1977 9,647 9 - - 9,647 9 6,892 4,528 - - 1978 11,771 9 2,616 2 14,887 11 8,100 6,611 - 7,189 1979 17,822 11 8,150 2 20,472 18 9,970 6,380 - 8,864 1980 19,209 11 8,492 2 22,701 18 11,555 7,000 1,280 9,962 1981 28,649 11 4,800 2 27,949 18 14,562 7,804 1,230 9,982 1982 28,294 11 5,144 2 83,488 18 20,126 8,405 1,098 10,706 1908 86,880 11 8,428 2 41,768 18 28,613 8,6O0 785 18,410 1984 44,841 11 8,062 2 52,408 18 a5,960 9,535 667 18,268 1986 65,820 11 9,786 2 68,605 18 87,727 10,686 - 28,642 1986 60,348 11 10,972 2 71,820 18 40,087 11,112 - 27,240 1987 86,982 14 87,256 6 124,168 20 66,864 /b 12,840 - 48,968 1988 104,112 14 44,619 6 146,781 20 78,211 Le 14,119 - 69,406 1989 L 128,809 14 58,061 6 176,870 20 74,752 d 14,897 - 67,048 a As of August 81, 1969. Includes 10,026 for small scale rural Industries (SSRI). c Includes 16,448 for $SRI. Includes 17,471 for SSRI. Source: BDnk of Thailand. ANNEX 51 THAILAND FINANCIAL SECTOR STUDY Commercial Banks: Actual and Mandated Targets As A Percentage of Total Deposits (in Percentages) Agricultural Creit Agrl-Bsain"e Total trect Depos1it Actual Actual Actual Year Creit at MAC Total Target Target Creit Target Target Total Target Target 1976 8.19 2.40 6.90 6.20 0.69 6.98 6.20 0.78 1970 4.85 3.80 7.96 7.00 0.96 7.96 7.00 0.95 1977 5.50 4.22 9.72 9.00 0.72 9.72 0.00 0.72 1976 6.19 4.21 10.41 9.00 1.41 5.50 2.00 8.50 12.83 11.00 1.88 1979 6.88 4.02 10.85 11.00 -0.66 6.68 2.00 8.a 12.81 18.00 -0.9 1960 6.82 4.01 11.88 11.00 0.88 5.70 2.00 8.70 18.80 18.00 0.80 1991 6.77 8.68 10.90 11.00 -0.02 4.82 2.00 2.82 12.96 18.00 -0.04 1962 7.82 8.27 11.62 11.00 0.62 4.16 2.00 2.16 18.61 18.00 0.51 1908 0.91 2.74 11.89 11.00 0.89 4.16 2.00 2.18 18.08 18.00 0.69 1984 6.92 2.87 11.46 11.00 0.46 4.58 2.00 2.65 18.44 18.00 0.44 19s6 7.71 2.10 9.69 11.00 -1.11 4.68 2.00 2.88 11.68 18.00 -1.12 1986 7.81 2.08 9.88 11.00 -1.67 4.97 2.00 2.97 11.81 18.00 -1.69 1907 9.00 1.99 10.98 14.00 -8.02 7.68 6.00 1.06 16.70 20.00 -8.22 1066 9.04 1.90 11.74 14.00 -2.26 7.65 6.00 1.65 17.67 20.00 -2.43 Source: Bank of Thailand - 93 - ANNEX 52 THAILAND FINANCIAL SECTOR STUDY Calculatlon of Impiclit Subsldies from Credit Requlresent (Mandated Lending) Policy km#IlItons Of us") 1981 1982 1983 1984 1965 1986 1987 1. Total loans end advances from commercial banks 171,242 204,619 275,441 822,078 857,686 869,400 440,814 2. Agricultural Loans 23,690 29,627 88,184 46,161 48,412 51,200 68,204 S. L6ns provided directly to farmers 14,682 20,125 28,618 85,960 87,727 40,08? 55,864 4. Proportion divorted to agriculture [{(2)/(1))-O.OS3/0.97 0.1111 0.1168 0.1120 0.1168 0.1086 0.1120 0.1288 5. Proportion diverted to agriculture assuming leakage E{((2)-O.5+(8))/(1))-O. O]/ 0.9? 0.0678 0.0676 0.0584 0.0592 0.0642 0.06S0 O.OS4 6. Proportionate change In interest rate (no leakage) (4).0.025 0.002776 0.002959 0.002800 0.002920 0.002715 0.002799 0.008219 7. Proportionate change In Interest rate (with leakage (5)+0.025 0.001682 0.001091 0.Q01461 0.001481 0.001856 0.001401 0.001584 8. Prim lending rate 19 19 17.5 16.8 19 1S 1S 9. Change In Interest rates (no leakage) (6) + (8) 0.0528 0.062 0.0490 0.054 0.0516 0.0420 0.0488 10. Change In Interest rates (with leakage) (7)+(8) O.O820 0.0321 0.02S6 0.0271 0.0258 0.0210 0.0238 11. Total subsidies (no leakage) [(9).((1)-(2))3/100 87 98 116 147 160 184 180 12. Total subsidies (with leakage) [(1O).((10)-(2))J/loO 47 s6 e1 76 80 67 88 Source: Staff calculations bas on Estimating the Cost of Subsidies for Agricultural Credit' by Awmr SiamallI and Prayong Netteysrak. - 94 - ANNEX 58 THAILAND FINANCIAL SECTOR STUDY Caleulation of Im,iolit Subsidies from BAAC'e Av.raso-Cost Pricino Rule (Millions of Uaht) 1081 1982 1oss 1904 1985 1986 1987 1. Totel MAAC liabilities excl. shareholders' equity 17,368 18,81G 20,438 23097 26,701 33,078 38,111 2. Carginal Interest cost a nt. on 12-month deposit at MAAC 13.00 11.50 12.60 12.60 9.50 7.25 7.26 8. a,-;inal Interest cost m Int. '- 12-month deposit at BAAC *._X Admin. Cost 14.50 18.00 14.00 14.00 11.00 6.75 0.75 4. Averag, cost per 100 baht borrowed 7.28 7.91 7.60 6.24 7.76 6.62 0.47 S. 'ubsidles (0 Adain. cost) . 4-(4)).(1)/100] 1,026 678 1,001 984 467 142 258 8. Subsidies (1.6 Admin. coat) ((()-(4))+(1)/100] 1,294 058 1,308 1,830 868 688 765 Source: Staff calculations based on Estiaating the Cost of Subsidies for Agricultural Credit' by Ammar Slamwalla and Prayong Nettayarak. - 95 - ANNEX 64 THAILAND FINANCIAL SECTOR STUDY Catnutation of Subsidy-Free Znterest Rates (MillIons of Baht) 1901 1082 1968 1984 1986 198S 1987 1. Total BAAC liabilti.e *xcJ. shareholders' equlty 17,888 18,819 20,438 28,097 28,701 83,078 33,111 2. Total loans (excl. deduction for bad debt resrves) 18465 14940 16417 19098 21848 26037 26297 8. Loans to borrowir' ratio [(2)/(1)3 0.7629 0.7989 0.8088 0.8268 0.7998 0.7878 0.7840 4. Average cost per unit of funds lent [(4) from Table A2/(8) above] 9.84 9.9. 9.48 9.97 9.70 8.68 8.47 5. Average cost per unit of funds lent [BAAC figures] 9.50 9.91 9.28 10.29 9.44 8.29 7.78 6. Marginal cost per unit of funds lent (O Admin. Cost) [(2) from Table A2/(8)] 17.27 14.49 15.58 16.12 11.88 9.21 9.49 7. Marginal cost per unit of funds lent (1.65 Admin. Cost) [(3) from Table A2/(8)] 19.28 18.38 17.48 16.98 18.76 11.11 11.46 8. Loan administretion cost per unit lent 6.28 6.83 5.19 4.50 4.95 4.78 4.62 9. Other interest earned per unit lent 8.93 8.20 2.10 2.10 1.51 1.48 1.83 10. Subsidy-free Interest rate farmers (O deposit admin. cost) E(6) + (8) - (9)] 18.67 18.82 18.65 17.62 15.82 12.51 12.78 11. Subsidy-free Interest rate farmers (1.51 deposit admin. cost) [(S) + (8) - (9)] 20.68 18.51 20.62 19.83 17.20 14.41 14.74 Source: Staff calculations bsed on 'Estimating the Cost of Subsidies for Agricultural Creditu by Ammar Slamwalla and Prayong Nettaysrak. ANNEX C8 THAIALAND FINANCIAL SECTOR STUDY DAAC Suumarizod Income Statements and Ratio Analysis. 1978-85 (Mil-ons of baht) Fiscal Year 1978 1979 1980 1981 1982 18e 1984 1986 1986 1987 1988 Total Inca.o 000.7 1,169.1 1.492 1,03.0 2.30S.2 2.738.8 2_889.0 a,803.2 3.460.0 3,498. 3a.98S.a Interost Incom 68..1 1,175.1 1,477.4 1,76.7 2,265.6 2,626.2 2,784.9 3,148.4 8,404.2 3,451.2 8,895.8 Other Incoz 17.0 14.0 17.6 27.8 40.6 110.6 104.1 164.8 45.8 47.6 691.0 Total Exoens. 849.4 1.104.0 1.420.C 1.714.6 2,174.3 2.569.a 2.694.4 3.182.9 3.a04.8 83,24.3 3.765.4 Interest expense 511.9 687.7 864.2 1,087.8 1,198.3 ,828.2 1,079.6 2,017.8 2,111.4 1,964.6 2,191.9 Bad debt allowance n.a. n.a. n.a. 161.9 281.4 176.2 808.7 204.1 262.6 283.6 263.9 Operating expense na. n.a. n.a. 411.1 523.1 760.6 081.7 851.4 883.3 986.5 4 3.1 Wages and salaries (146.8) (130.9) (219.6) 298.6 348.1 436.1 482.0 626.0 674.9 616.2 728.4 Other operating n.a. na. n.a. 112.5 174.7 816.6 199.7 326.4 308.4 371.8 - Exchange los 0.0 0.0 0.0 68.7 20.6 14.3 29.5 89.6 47.6 189.8 163.3 Net Profit before Tax 51.3 86.1 74.7 98.6 181.9 167.6 194.6 140.3 146.2 174.4 220.9 Average Total Assets 8.608.0 11,869.4 13.077.5 16.484.1 19.O4.j 20.729.7 22.287.1 24,343.31 27,394.1 32.140.9 37.190 Average Earning Assets 8.233.8 10.74U.8 12.988.9 16.607.6 17.978.8 19.059.8 20.203.1 21.998.7 24.839.2 28.916. 339.855 Interest Margin Interest Income 88.1 1,176.1 1,477.4 1,776.7 2,286.6 2,826.2 2,784.9 3,148.4 8,404.2 3,461.2 3,396.8 Interest expenses 511.9 637.7 864.2 1,087.8 1,393.8 1,628.2 1,879.6 2,017.8 2,111.4 1,964.6 2,191.9 Interest margin 371.2 637.4 613.2 687.9 872.3 998.9 1,106.4 1,130.8 1,292.0 1,488.7 1,208.4 Ratios X of Averags Total Assets Interest income 10.26 10.84 10.80 10.77 11.74 12.67- 2.51 12.93 12.48 10.74 9.13 (Intorest expens) 6.95 6.01 6.32 8.80 7.22 7.66 7.54 8.29 7.71 6.11 6.32 Interest margin 4.31 4.73 4.48 4.17 4.52 4.81 4.98 4.64 4.72 4.63 2.81 Net profit before tax 0.80 0.76 0.56 0.64 0.08 0.61 0.87 0.58 0.63 0.64 0.60 X of Average Earnitn Assets Interet Income 10.73 10.93 11.89 11.46 12.60 13.76 13.78 14.31 13.82 11.94 10.03 (Interest expense) 6.22 6.93 6.86 7.01 7.76 6.64 6.81 9.17 8.67 8.79 6.47 Interost a rgin 4.51 6.00 4.73 4.44 4.36 6.24 6.47 6.14 6.26 6.14 3.68 Net profit before tax 0.82 0.79 0.6v 0.67 0.73 0.88 0.96 0.64 0.6 0.60 0.65 Source: BAAC*s annual reports. ANNEX 6S THAILAND FINANCIAL SECTOR STUDY BAAC Summarized Bslance Shoot, as of December 81, 1979-88 (Uilions of baht) Iteos 1979 1980 1981 1982 1983 1984 1980 1988 1987 1988 Assets: Cash and dposits at banks 8,088 5,0D8 6,868 5,709 B,170 6,000 0,760 7,578 8,481 11,168 Investment in securities 80 1,825 69 - 24 488 4 4 4 184 Net loans 10,406 11,042 18,124 14,722 16,160 17,778 19,818 24,807 28,874 26,265 Net accrued lnterest receivsble - - - - 1,080 1,266 1,465 1,608 1,689 1,582 Properties foreclosed - - - - 1 1 1 8 a 1 Net land, building and equipment 1" 248 810 454 598 816 1,169 1,266 1,488 1,688 Other accounts receivable - - - - - - - - 34 0 Other asset. 84 ill 138 182 89 87 172 162 Re 227 Total Assots 14.C41 18 26U 19.982 21,0B7 28.060 26.429 29.389 84.92S $6,089 40 042 Liabilities and Shareholders' Equity Deposits 1,900 2,801 8,221 3,818 4,786 4,498 6,548 7,118 8,812 11,459 $0 Intorest bearing notes due to other banks 6,401 7,187 8,181 6,641 9,016 9,646 10,"86 11,118 18,540 14,895 -4 Borrowings 8,918 0,634 6,95U 6,408 6,882 8,852 9,869 14,166 10,188 10,043 Other liabilities 242 279 618 452 497 601 800 687 828 927 Total Liabilities 125486 U 1.801 17 88 18.819 20.032 283097 28,702 83.078 38,111 a8L!24 Capital fund 1,490 1,540 1,006 1,605 1,606 1,606 1,605 1,006 1,8O6 2,106 Surpluses Surplus from donations - - - - 1 4 4 9 10 10 Surplus from fEC donations - - 162 344 627 750 9S 7 Supplementary funds from Governmet - - - - - - - - C 84 Defoerrd gains (losses) due to exchange rate fluctuations - (171) (200) (209) (194) (662) (52;) (1,657) (1,916) (1,588) Retained Earnings Reserves 67 87 57 57 57 57 57 57 57 67 Reserves to componsat losse on foreign exchange - - - - 11 26 - - Unappropristed profit 448 529 652 795 959 1,06t6 1,18 1,281 1,487 1,643 Total Shareholders' Equity 1996 1.9S6 2,114 2.248 2J28 2.832 1. 67 1.8S0 1.978 8.218 Total Liabilities A Shareholders' Equity 14.U41 18.256 19.982 21.067 2ao060 26.429 29.859 84.923 !6,099 40.042 Source BAACs annual report. - 98 - .N 7 ThLAILAND FINANCIAL SECTOR STUDY Alternative Net Income Scenarios for BAAC (Millions of Baht) Items FY86 FY87 FY88 A. Memo Items 1. Actual average loan outstandins 25,430 27,450 28,630 2. Actual year-end total deposits 33,073 33,111 36,324 3. Actual gross income 3,499 3,604 3,986 4. Actual Interest income: (a) As a percentage of total deposits 13.80 11.90 10.00 (b) As a percentage of loan outstanding 12.28 13.15 11.86 5. Government bond rate assumed (Z) 9.9 9.5 9.5 6. Actual Net Income (before Impositions) 176.4 199.4 220.9 B. Scenario 1 7. Income forgone from reserve deposits with BOTt la (a) interest rate free deposit vith BOT /b 91.3 78.8 72.6 (b) deposits at Government bond rates /c 32.3 19.9 4.6 (c) Subtotal 123.6 98.7 77.2 S. Deposit (with BfT)for financial inst. rehab. Id 33.1 33.1 36.3 9. Business tax le 122.4 126.1 1j9.j 10. Impositions excluding corporate tax If 279.1 257.9 253.0 11. Net Income (before tax) 1Q (102.7) (58.5) (32.1) 12. Corporate Tax /h - - .i3. Net Income (after tax) (102.7) (58.5) (32.1) C. Scenario It 14. Incremental interest earned if 14.52 had been charged Li 2.22 1.35 2.64 15. Incremental Income from higher interest charged Li 564.5 370.6 755.8 16. Net Income at 14.52 before impositions /k 740.9 570.0 976.7 17. Net Income e 14.52 after impositions tl 461.8 312.1 723.7 18. Corporate Tax lh 161.6 109.2 253.3 19. Net Income after tax Im 300.2 202.9 470.4 /a BOT requires commercial banks to deposit 72 of total deposits for reserve as follows: (i) 2.52 held as own cash reserve (no income foregone for L&AC); (ii) 2.5 deposited interest free (income foregone by BAAC); (iii) 2.5 deposited at Government bond rates (income foregone by BAAC). /b 0.02 x (2] x [4(a)]/100 /c 0.025 x (21 x (Q4(a)l - [51/100) /d At O.1S of total deposit /e At 3.5S of gross income Jf [7(c)] + (8) + (9] La (61 - (10] /h At 352 of net income after impositions li 14.5Z - t4(b)] Li (1141/100) x Ill /k (15] + [6) /1 [16] - (10] /m (171 -[18 Sourcet Staff analysis. ANNEX 58 THAILAND _TNANCIAL SECTOR STUDY Private Capital Inflow and Outflow, 1980-38 (Million baht) 1980 1981 1982 1983 1984 1985 1986 1987 1988 A. PRIVATE CAPITAL INFLOW (Current Prices) Foreign Direct Investment 9,259.0 9,342.1 9,596.5 14,144.2 16.977.5 10,167.5 10,525.6 12,541.4 32,960.3 Loans 5,55.2 5,214.7 5,712.5 6,888.8 9,357.7 3,826.5 A,221.1 1,915.0 9,892.1 Equity 3,703.8 4,127.4 3,884.0 7,255.4 7,619.8 6,341.0 6,304.5 10,626.4 23,068.2 Portfolio 1,096.1 276.8 614.5 419.8 2,416.1 4,079.7 3,053.5 17,148.3 27,759.9 Other Loans 30,269.4 33,028.4 42,624.5 34,8 - . 137.7 51,121.6 48,083.9 27,658.7 45,022.3 Total 40,624.5 42,647.3 52,835.3 49,391. ,831.3 65,368.8 61,663.0 57,348.4 105,742.5 B. PRIVATE CAPITAL OUTFLOW (Current Prices) Foreign Direct Investment 5,443.0 2,978.6 5,257.9 5,752.3 7,353.2 5,783.3 3,645.5 7,829.8 5,331.8 Loans 5,248.1 2,848.5 4,759.8 5,326.1 6,859.0 4,834.0 3,148.8 3,119.0 4,431.6 Equity 194.9 130.1 498.1 426.2 494.2 954.3 496.7 4,710.8 900.2 Portfolio 62.7 257.9 4.7 79.9 2,502.7 221.2 536.7 4,286.6 16,568.8 Other Loans 18,986.8 15,343.2 34,197.9 30,625.9 45,871.7 49,042.7 51,418.3 43,665.1 40,693.6 Total 24,492.5 18,579.7 39,460.5 36,458.1 55,727.6 55,052.2 55,600.5 55,781.5 62,594.2 Sources Bank of Thailand.