This video explains how to prepare the Income Statements for Banks highlighting on the format and the main elements of the financial statements.
The main income for a bank is Interest Income arising from Overdrafts, Loans and Advances and Other Lendings, Commissions and Fees arising from Bank Drafts, Standing Orders, Ledger Fees, Bank Transfers etc.
Banks also have Interest Expenses and Expenses on Commissions and Fees as well
The general administrative selling and distribution expenses of banks are normally classified under operating expenses and deducted from the gross operating income
A major element of the income statements for banks is provision for bad and doubtful debts which are set up against any possible bad debts that may arise from the loans and advances made by the bank
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