Page 127 - BKT Annual Report 2024 EN

Notes to the Consolidated Financial Statements for the year ended 31 December 2024 Notes to the Consolidated Financial Statements for the year ended 31 December 2024
(amounts in USD, unless otherwise stated) (amounts in USD, unless otherwise stated)

27. FEES AND COMMISSIONS, NET A reconciliation of expenses related to write off of loans to customers is as follows:
Fee and commission revenue and expense are comprised of the following items: Year ended Year ended
31 December 2024 31 December 2023
Year ended Year ended
31 December 2024 31 December 2023 Write off of financial assets, gross (9,930,030) (553,170)
Fee and commission income Provision reversal of written off instuments 8,554,834 519,666
Electronic banking transactions 18,214,820 15,209,267
Payment services to clients 10,514,364 8,999,534 Write off of financial instuments, net (1,375,196) (33,504)
Customer accounts’ maintenance 7,794,135 6,551,449
Cash transactions with clients 978,700 954,691
Inter-bank transactions 867,869 1,874,476
Lending activity 771,652 930,839 30. PERSONNEL EXPENSES
Other fees and commissions 707,457 570,337
39,848,997 35,090,593 Personnel expenses are composed as follows:
Fee and commission expense Year ended Year ended
Inter-bank transactions (827,249) (1,024,941) 31 December 2024 31 December 2023
Payment services to clients (176,698) (167,021)
Customer accounts’ maintenance (73,522) (82,306) Salaries 29,893,351 24,810,516
Transactions with clients (28,876) (29,465) Performance bonus 5,685,395 3,872,551
Other fees and commissions (3,140) (11,596) Social insurance 3,335,215 2,709,016
(1,109,485) (1,315,329) Training 453,535 372,740
Fees and commissions, net
38,739,512 33,775,264
Life insurance 490,131 417,855
Other 6,330,474 5,333,913
28. FOREIGN EXCHANGE REVALUATION GAIN/(LOSS), NET 46,188,101 37,516,591

Foreign exchange revaluation gain/(loss) represents the net revaluation of the Bank’s foreign currency monetary assets and liabilities.
In addition, as described in Note 3(b) it also includes the revaluation of the Bank’s share capital. The revaluation gain on the share 31. ADMINISTRATIVE EXPENSES
capital revaluation for the year ended 31 December 2024 is USD 182,677 (year ended 31 December 2023 gain: USD 39,087,657).
Administrative expenses are composed as follows:
29. OTHER (EXPENSE) / INCOME, NET
Year ended Year ended
31 December 2024 31 December 2023
Other income and expenses are composed as follows:
Credit/debit cards expenses 20,853,000 16,503,905
Year ended Year ended Deposit insurance expense 14,536,220 12,680,586
31 December 2024 31 December 2023
Repairs and maintenance 5,835,843 4,405,629
Other income
Telephone, electricity and IT expenses 3,655,119 3,278,201
Gain on recovery of written off loans to customers 1,523,035 1,592,015
Marketing expenses 3,279,782 2,083,457
Reversal of provisions on assets acquired through legal process 374,174 560,095
Income from operating lease 349,218 113,019 Other external services (including external audit fees) 3,143,328 3,179,970
Gain on sale of assets acquired through legal process 300,167 876,725 Extraordinary fund expenses 2,782,847 2,310,010
Income from market value of held-for-trading securities 163,114 26,112 Security and insurance expenses 2,509,035 2,142,609
Gain on sale of property and equipment 25,476 40,699 Transportation and business related travel 995,936 774,791
Dividend income from equity investments - 468,267 Lease payments 703,914 387,312
Reversal of staff pension fund - 26,250 Representation expenses 495,204 664,996
Sundry 185,349 836,186 Office stationery and supplies 446,549 397,931
2,920,533 4,539,368
Other expense Taxes other than tax on profits 251,759 369,206
Provisions on assets acquired through legal process (2,801,765) (1,870,764) Sundry 3,444,635 2,309,174
Write off of financial instuments, net (1,375,196) (33,504) 62,933,171 51,487,777
Loss on sale or write off of fixed assets and repossessed assets (68) (66,160)
Provision of other debtors - (1,210,986) The law No. 25/2018 On Accounting and Financial Reporting requires the disclosure of the Audit fee related to the Statutory Audit. The
Sundry (728,842) (263,560) expense for statutory audit included in the Other external services (including external audit fees) amounts to USD 140,900.
(4,905,871) (3,444,974)
Other (expense) / income, net
(1,985,338) 1,094,394

ANNUAL REPORT 2024 72