Page 151 - RFHL ANNUAL REPORT 2024_ONLINE

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19. Operating profit

2024 2023

a Interest income calculated using the effective interest method
Advances 4,739 4,361
Investment securities 894 779
Liquid assets 503 357

6,136 5,497

b Interest expense calculated using the effective interest method
Customers’ current, savings and deposit accounts 773 572
Other fund raising instruments and debt securities in issue 231 213
Other interest bearing liabilities 36 21
Finance cost lease liability – Note 8 (b) 30 27

1,070 833

c Other income
Fees and commission from trust and other fiduciary activities 315 358
Credit card fees and commission 326 300
Other fees and commission income 616 729
Net exchange trading income 551 529
Dividends 5 –
Net gains from investments at Fair value through profit or loss 1 (2)
Net gains on derecognition of financial instruments 9 4
Other operating income 278 111

2,101 2,029

d Operating expenses
Staff costs 1,611 1,490
Staff profit sharing 206 186
Employee benefits pension and medical contribution 54 30
General administrative expenses 1,256 1,202
Audit fees 28 27
Professional fees paid to audit firms 3 3
Other lease expenses 13 14
Property-related expenses 208 186
Depreciation expense – Note 7 345 304
Depreciation expense right-of-use assets – Note 8 (a) 84 80
Advertising and public relations expenses 165 142
Goodwill impairment expense – Note 9 (a) – 117
Intangible amortisation expense – Note 9 (b) 41 46
Directors’ fees 20 24

4,034 3,851