k) Revenue and expense recognition
The most significant criteria used by the Bank to recognize revenue and expenses are summarized as follows:
1 Interest revenue, interest expense and similar items
Interest revenue and expense are recorded on an accrual basis using the effective interest method.
2 Commissions, fees, and similar items
Fee and commission income and expenses are recorded in the Consolidated Statements of Income based on criteria that differ according to their nature. The main criteria are:
· Income/expenses arising from transactions or services that are performed over a period of time are recorded over the period of such transactions or services.
· Income/expenses originating in a specific transaction are recognized they occur.
3 Non-finance income and expenses
Non-finance income and expenses are recognized on an accrual basis.