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How to calculate it? QUESTION 1 (18 marks) 1a. The items of statement of financial performance of Michael Bank are shown below: Item $(values in
How to calculate it?
QUESTION 1 (18 marks) 1a. The items of statement of financial performance of Michael Bank are shown below: Item $(values in millions) Miscellaneous expense 0.6 Interest on consumer loans 2.9 Other non-interest revenue 2.8 Interest on liquid assets 0.6 Salaries, wages and benefits 1.8 Interest on savings and term deposits 1.6 Equipment and occupancy expense 0.6 Interest on business loans 3.8 Provision for doubtful debts 0.8 1.9 Interest paid for borrowed funds Fees and charges 0.1 Calculate the operating profit after tax of Michael Bank if the tax rate is 15%. Show the steps of calculation clearly by providing the values of interest revenue, non-interest revenue, interest expense, non-interest expense, and operating profit before tax of Michael Bank. (12 Marks)Step by Step Solution
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