Financials
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| |
30 September
|
31 Dec
|
|
| |
2006
N million
|
2007
N million
|
2008
N million
|
2009
N million
|
2010
N million |
CAGR
|
| ASSETS |
|
|
|
|
|
|
| Cash & short-term funds |
79,825
|
129,897
|
200,820
|
68,225
|
68,056 |
-3.9%
|
| Due from other banks & financial institutions |
391,669
|
440,418
|
654,869
|
470,195
|
302,272 |
|
| Treasury bills & government bonds |
207,341
|
157,519
|
174,005
|
42,035
|
123,455 |
-12.2%
|
| Other assets |
35,618
|
44,926
|
102,436
|
89,986
|
35,331 |
-0.2%
|
| Loans & advances |
109,896
|
320,406
|
431,410
|
606,616
|
628,811 |
54.7%
|
| Investments |
26,597
|
48,129
|
128,972
|
198,182
|
394,571 |
96.3%
|
| Fixed Assets |
33,191
|
49,747
|
61,553
|
73,042
|
65,200 |
18.4%
|
| Total Assets |
884,137
|
1,191,042
|
1,672,991
|
1,548,281
|
1,617,696 |
16.3%
|
| LIABILITIES |
|
|
|
|
|
|
| Deposits & current accounts |
776,135
|
905,806
|
1,333,289
|
1,245,650
|
1,267,171 |
13.0%
|
| Managed funds |
13,561
|
66,013
|
40,558
|
22,138
|
33,090 |
25.0%
|
| Other liabilities |
47,784
|
43,825
|
97,641
|
74,014
|
51,055 |
1.7%
|
| Taxation payable |
1,644
|
5,149
|
5,606
|
3,385
|
2,794 |
14.2%
|
| Deferred tax |
1,502
|
994
|
993
|
2
|
30 |
-62.4%
|
| Dividend payable |
7,102
|
42
|
42
|
-
|
- |
-
|
| Borrowings |
1,135
|
1,135
|
-
|
14760
|
82,144 |
191.7%
|
| Retirement benefit obligations |
-
|
-
|
-
|
1503
|
1,986 |
32.1%
|
| Total Liabilities |
848,863
|
1,022,964
|
1,478,129
|
1,361,452
|
1,438,270 |
14.1%
|
| CAPITAL & RESERVES |
|
|
|
|
|
|
| Share capital |
3,530
|
5,748
|
8,622
|
10,778
|
12,934 |
38.4%
|
| Share premium |
23,209
|
119,066
|
114,788
|
113,645
|
111,489 |
68.7%
|
| Other reserves |
10,565
|
31,674
|
58,400
|
45,859
|
40,875 |
40.2%
|
| Fixed assets revaluation reserve |
11,231
|
11,231
|
11,231
|
11,231
|
11,231 |
0.0%
|
| Shareholders' Funds |
48,535
|
167,719
|
193,041
|
181,513
|
176,529 |
38.1%
|
| Minority interest |
300
|
359
|
1,821
|
5,316
|
2,897 |
76.3%
|
| |
48,835
|
168,078
|
194,425
|
186,829
|
179,426 |
38.4%
|
| Liabilities & Equity |
884,137
|
1,191,042
|
1,672,554
|
1,548,281
|
1,617,696 |
16.3%
|
| |
|
|
|
|
|
|
| Acceptances & Guarantees |
167,184
|
451,110
|
616,734
|
689,479
|
654,360 |
40.7%
|
| |
30 Sept.
|
31 Dec.
|
|
| |
2006
N million
|
2007
N million
|
2008
N million
|
2009
N million
|
2010
N million |
CAGR
|
| |
|
|
|
|
|
|
| Gross Earnings |
90,447
|
109,512
|
169,581
|
246,725
|
185,186 |
19.6%
|
| Interest income |
57,693
|
73,724
|
116,704
|
177,848
|
117,745 |
19.5%
|
| Interest expense |
(26,954)
|
(28,649)
|
(41,354)
|
(59,659)
|
(46,969) |
14.9%
|
| Net interest income |
30,739
|
45,075
|
75,350
|
118,189
|
70,776 |
23.2%
|
| Other income |
32,754
|
35,733
|
52,877
|
68,877
|
67,441 |
19.8%
|
| Operating expenses |
(45,111)
|
(45,954)
|
(68,796)
|
(130,067)
|
(104,119) |
23.3%
|
| Provision for loans & other accounts |
(5,571)
|
(3,702)
|
(2,616)
|
(38,176)
|
(18,213) |
34.5%
|
| Loss on Investments |
-
|
-
|
-
|
(5,161)
|
- |
|
| Profit before tax & exceptional items |
12,811
|
31,152
|
58,815
|
13,662
|
15,885 |
5.5%
|
| Exceptional items |
-
|
(5,788)
|
(8,786)
|
(7,025)
|
(12,666) |
44.9%
|
| Profit before tax |
12,811
|
25,364
|
48,029
|
6,637
|
3,219 |
-29.2%
|
| Information Technology Levy |
-
|
-
|
-559
|
0
|
0 |
0.0%-
|
| Taxation |
(1,261)
|
(3,923)
|
(6,645)
|
(4,262)
|
(2,621) |
20.1%
|
| Profit after tax |
11,550
|
21,441
|
40,825
|
2,375
|
598 |
-52.3%
|
| Minority interest |
-
|
99
|
414
|
(262)
|
70 |
-10.9%
|
| Transfer to reserves |
11,550
|
21,540
|
41,239
|
2,113
|
668 |
-51.0%
|
| |
2006
|
2007
|
2008
|
2009
|
|
| Share Statistics |
|
|
|
|
|
| No. of ordinary shares on issue (million): |
|
|
|
|
|
| weighted average |
6,169
|
8,373
|
13,146
|
|
|
| at end of period |
7,060
|
11,497
|
17,245
|
17,245
|
|
| adjusted* |
11,105
|
13,395
|
|
|
|
| Share statistics per ordinary share (N) |
|
|
|
|
|
| Earnings per share |
1.87
|
2.61
|
3.14
|
0.1
|
0.03 |
| Dividends per share |
1.00
|
1.20
|
1.37
|
1.37
|
|
| Dividends per share - adjusted* |
0.56
|
0.8
|
1
|
1
|
|
| Dividend cover (times) |
3.4 |
3.3
|
2.59
|
0.10
|
|
| Net assets per share |
6.87
|
14.59
|
11.30
|
8.67
|
5.56 |
| Profitability ratios |
|
|
|
|
|
| Return on average equity |
34.3%
|
19.8%
|
22.6%
|
1.3%
|
0.1% |
| Return on average assets |
2.0%
|
2.1%
|
2.9%
|
0.1%
|
0.01% |
| Net interest margin on average interest earning assets |
6.0% |
4.9% |
5.9% |
7.4% |
6.0% |
| Interest income to total income> |
63.8%
|
67.3%
|
68.8%
|
72.1%
|
63.6% |
| Other income to total income |
36.2%
|
32.6%
|
31.2%
|
27.9%
|
36.4% |
| Cost to income ratio |
77.9%
|
61.7%
|
53.7%
|
69.5%
|
75.0% |
| Tax rate |
9.8%
|
15.5%
|
13.8%
|
64.2%
|
81.4% |
| Balance Sheet Ratios |
|
|
|
|
|
| Non-performing loans to gross loan book |
12.6%
|
4.4%
|
3.5%
|
8.3%
|
8.8% |
| Loans to total assets |
12.4%
|
26.9%
|
26.8%
|
39.2%
|
38.9% |
| Loans to deposits |
14.2%
|
35.4%
|
33.6%
|
48.7%
|
49.6% |
* Adjusted for all bonus share issues
|
| 
