Page 63 - Agib Bank Limited Annual Report 2021

2021 2020
13 Administration and general expenses

Medical Expenses 1,633 1,318
Operating lease expense - 274
Utility Expenses 4,350 4,582
Generator Expenses 984 1,204

Repair & Maintenance 2,363 1,474
Computer Costs 4,050 4,006
Security Expenses 2,077 1,871
Vehicle Maintenance Expenses 1,144 965

Transport Expenses 187 169
Fuel/Lub Motor 3,050 2,764

Advertising Expenses 1,090 766
Public Relations 144 348

Printing & Stationery 2,510 4,756
Telephone & fax 1,271 1,578
Foreign Travel 665 1,682
Insurance Premiums 915 862

Auditors fees 840 764
Legal fees 50 358

Other Professional fees 49 796
Sundry Expenses 2,298 1,907
Gamswitch Expenses 2,087 1,490
Software Implementation 5,538 7,290
Oracle Service fee 3,107 2,602
ATM Expenses 2,611 2,820
Training & Dev. Expenses 2,080 1,008
Fringe Tax Benefit Expense 1,639 2,208
Cheque Book Charges 1,956 2,078

Western Union Expenses 4 44
Cleaning & Toiletries 1,423 1,683
Central Bank Penalty Charges 400 1,004
Trade License 2,253 2,791

Subscriptions 536 138
RTGS Expenses 1,831 1,716
Monitoring Expenses 1 111
Cash Shortage (Fraud) 8,800 -
Bank Charges 1,647 453
Sport Expenses 363 265
Cash Movement 565 201
Legal & Admin Fees - 337
Finance Cost – IDB Facility - 1,835
Lease – Finance Cost (1,137) 1,326
Provision f/o Nawec Fraud 13,460 -
Shipment Expenses 2,241
Total administration expenses 81,075 63,844

Finance Cost - There was an reversal of the finance cost charged in the
amendment to the rent contract for Head previous period of D1.59 million as stated
Office in 2020 and 2021 as part of the in note 27 page 62. Annual Report and IFRS Financial Statements
space previously occupied was returned
which resulted to a reduction on the Central Bank Penalty Charges – The
annual rent payment from USD78,000 to bank was charged a monthly penalty of
USD50,000. The amendment led to a part D100,000 for four months (January to

Agib Bank Annual Report 2021 www.agib.gm 63