Bank Melli Iran, UAE

Financial Result 2003 - Statement of Changes in Equity

Balance Sheet

Income Statement

Statement of Changes in Equity


Bank Melli Iran
United Arab Emirates Branches

Statement of Changes in Equity
For the year ended December 31, 2003
(In Thousand Arab Emirates Dirhams)


		Statutory	Retained
	Capital	reserve	earnings	Total

As of December 31, 2001	300,000	37,624	50,881	388,505

Net income for the year	-	-	83,815	83,815

Transferred to statutory reserve	-	8,382	(8,382)	-

Profits transferred to Head Office	-	-	(50,881)	(50,881)

As of December 31, 2002	300,000	46,006	75,433	421,439

Net income for the year	-	-	101,327	101,327

Transferred to statutory reserve	-	10,133	(10,133)	-

Profits transferred to Head Office	-	-	(75,433)	(75,433)

Balance at December 31, 2003	300,000	56,139	91,194	447,333

Bank Melli Iran is the largest bank of Iran with over 3200 branches globally. Bank Melli Iran - U.A.E operations comprise of 7 branches located in Deira Dubai, Bur Dubai, Abu Dhabi, Al Ain , Sharjah, Fujairah and Ras Al Kaimah. The pay office is located in the Iranian hospital in Satwa. The Regional office is located in Dubai.