FINCA International, Inc
FINCA International, Inc. Consolidated Financial Statements and Independent Auditors’ Report Year Ended December 31, 2010 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO International Limited, a UK company limited by guarantee. FINCA International, Inc. Consolidated Financial Statements and Independent Auditors’ Report Year Ended December 31, 2010 FINCA International, Inc. Contents Independent Auditors’ Report 3 Consolidated Financial Statements Consolidated Statements of Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Changes in Equity 7 Consolidated Statements of Cash Flows 8 Notes to Consolidated Financial Statements 9 – 58 2 Consolidated Financial Statements FINCA International, Inc. Consolidated Statement of Income Years ended December 31, Notes 2010 2009 Interest income 7$ 163,277,485 $ 154,151,468 Interest expense 7 (27,207,911) (26,999,183) Net interest income before provision for impairment losses 136,069,574 127,152,285 Impairment losses on loans 15 (5,724,041) (8,148,132) Net interest income 130,345,533 119,004,153 Other operating income 6,185,318 4,640,852 Personnel expenses 8 (81,459,720) (75,863,354) Other operating expenses 9 (55,764,085) (55,830,974) Depreciation and amortization - (5,808,080) (7,189,898) (143,031,885) (138,884,226) Loss before other income (expenses) and income tax (6,501,034) (15,239,221) Other income (expenses): Grants 11 7,434,765 5,451,733 Donations 11 13,893,771 15,909,226 Foreign exchange loss - (2,487,872) (2,934,400) Non-operating income - 2,354,929 625,391 Income tax expense 10 (4,667,192) (3,070,377) Profit for the year$ 10,027,367 $ 742,352 The notes form an integral part of these consolidated financial statements.
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