Financials
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| |
31 March |
30 September
|
31 Dec |
|
| |
2005
N million |
2006
N million
|
2007
N million
|
2008
N million
|
2009
N million |
CAGR
|
| ASSETS |
|
|
|
|
|
|
| Cash & short-term funds |
110,517 |
79,825
|
129,897
|
200,820
|
68,225
|
-12.9%
|
| Due from other banks & financial institutions |
- |
391,669
|
440,418
|
654,869
|
470,195
|
|
| Treasury bills & government bonds |
59,832 |
207,341
|
157,519
|
174,005
|
42,035
|
-8.4%
|
| Other assets |
4,455 |
35,618
|
44,926
|
102,436
|
89,986
|
112.0%
|
| Loans & advances |
67,610 |
109,896
|
320,406
|
431,410
|
606,616
|
73.1%
|
| Investments |
2,193 |
26,597
|
48,129
|
128,972
|
198,182
|
208.3%
|
| Fixed Assets |
6,176 |
33,191
|
49,747
|
61,553
|
73,042
|
85.4%
|
| Total Assets |
250,783 |
884,137
|
1,191,042
|
1,672,991
|
1,548,281
|
57.6%
|
| LIABILITIES |
|
|
|
|
|
|
| Deposits & current accounts |
205,110 |
776,135
|
905,806
|
1,333,289
|
1,245,650
|
57.0%
|
| Managed funds |
- |
13,561
|
66,013
|
40,558
|
22,138
|
17.7%
|
| Other liabilities |
19,068 |
47,784
|
43,825
|
97,641
|
74,014
|
40.4%
|
| Taxation payable |
2,535 |
1,644
|
5,149
|
5,606
|
3,385
|
7.5%
|
| Deferred tax |
1,073 |
1,502
|
994
|
993
|
2 |
-99.9%
|
| Dividend payable |
1,878 |
7,102
|
42
|
42
|
- |
-
|
| Borrowings |
1,676 |
1,135
|
1,135
|
-
|
14760
|
72.3%
|
| Retirement benefit obligations |
- |
- |
- |
- |
1503 |
- |
| Total Liabilities |
231340 |
848,863
|
1,022,964
|
1,478,129
|
1,361,452
|
55.8%
|
| CAPITAL & RESERVES |
|
|
|
|
|
|
| Share capital |
1,530 |
3,530
|
5,748
|
8,622
|
10,778
|
62.9%
|
| Share premium |
- |
23,209
|
119,066
|
114,788
|
113,645
|
69.8%
|
| Other reserves |
17,207 |
10,565
|
31,674
|
58,400
|
45,859
|
27.8%
|
| Fixed assets revaluation reserve |
- |
11,231
|
11,231
|
11,231
|
11,231
|
0.0%
|
| Shareholders' Funds |
18,737 |
48,535
|
167,719
|
193,041
|
181,513
|
76.4%
|
| Minority interest |
-
|
300
|
359
|
1,821
|
5,316
|
160.7%
|
| |
18,737 |
48,835
|
168,078
|
194,425
|
186,829
|
77.7%
|
| Liabilities & Equity |
250,077 |
884,137
|
1,191,042
|
1,672,554
|
1,548,281
|
57.7%
|
| |
|
|
|
|
|
|
| Acceptances & Guarantees |
81,821 |
167,184
|
451,110
|
616,734
|
689,479
|
70.4%
|
| |
31 March |
30 Sept.
|
31 Dec. |
|
| |
2005
N million |
2006
N million
|
2007
N million
|
2008
N million
|
2009
N million |
CAGR
|
| |
|
|
|
|
|
|
| Gross Earnings |
26,089 |
90,447
|
109,512
|
169,581
|
246,725 |
75.4%
|
| Interest income |
14,456 |
57,693
|
73,724
|
116,704
|
177,848 |
87.3%
|
| Interest expense |
(3,490) |
(26,954)
|
(28,649)
|
(41,354)
|
(59,659) |
103.3%
|
| Net interest income |
10,966 |
30,739
|
45,075
|
75,350
|
118,189 |
81.2%
|
| Other income |
11,633 |
32,754
|
35,733
|
52,877
|
68,877 |
56.0%
|
| Operating expenses |
(16,039) |
(45,111)
|
(45,954)
|
(68,796)
|
(130,067) |
68.8%
|
| Provision for loans & other accounts |
(40) |
(5,571)
|
(3,702)
|
(2,616)
|
(38,176) |
455.8%
|
| Loss on Investments |
- |
- |
- |
- |
(5,161) |
|
| Profit before tax & exceptional items |
6,520 |
12,811
|
31,152
|
58,815
|
13,662 |
20.3%
|
| Exceptional items |
- |
-
|
(5,788)
|
(8,786)
|
(7,025) |
29.9%
|
| Profit before tax |
6,520 |
12,811
|
25,364
|
48,029
|
6,637 |
0.4%
|
| Information Technology Levy |
- |
- |
- |
-559 |
0 |
0.0%- |
| Taxation |
(1,599) |
(1,261)
|
(3,923)
|
(6,645)
|
(4,262) |
27.8%
|
| Profit after tax |
4,921 |
11,550
|
21,441
|
40,825
|
2,375 |
-20.0%
|
| Minority interest |
- |
-
|
99
|
414
|
(262) |
|
| Transfer to reserves |
4,921 |
11,550
|
21,540
|
41,239
|
2,113 |
23.6%
|
| |
2005
|
2006
|
2007
|
2008
|
2009 |
| Share Statistics |
|
|
|
|
|
| No. of ordinary shares on issue (million): |
|
|
|
|
|
| weighted average |
2,806
|
6,169
|
8,373
|
13,146
|
|
| at end of period |
3,060
|
7,060
|
11,497
|
17,245
|
17,245 |
| adjusted* |
6,885
|
13,881
|
16,744
|
|
|
| Share statistics per ordinary share (N) |
|
|
|
|
|
| Earnings per share |
1.75
|
1.87
|
2.61
|
3.11
|
0.14 |
| Earnings per share - adjusted* |
0.71
|
0.83
|
1.28
|
1.89
|
|
| Dividends per share |
0.60
|
1.00
|
1.20
|
1.37
|
1.37 |
| Dividends per share - adjusted* |
0.27
|
0.44
|
0.64
|
0.73
|
1 |
| Dividend cover (times) |
6.6
|
4.2
|
4.1
|
4.3
|
0.10 |
| Net assets per share |
6.12
|
6.87
|
14.59
|
11.19
|
8.67 |
| Profitability ratios |
|
|
|
|
|
| Return on average equity |
25.9%
|
22.9%
|
19.8%
|
22.6%
|
1.3% |
| Return on average assets |
2.1%
|
1.4%
|
2.1%
|
2.9%
|
0.1% |
| Net interest margin on average interest earning assets |
|
|
|
|
|
| Interest income to total income> |
55.4%
|
63.8%
|
67.3%
|
68.8%
|
5.7% |
| Other income to total income |
44.6%
|
36.2%
|
32.6%
|
31.2%
|
72.1% |
| Cost to income ratio |
71.1%
|
77.9%
|
61.7%
|
54.8%
|
27.9% |
| Operating expnditure to average assets |
6.9%
|
5.3%
|
4.4%
|
4.8%
|
69.5% |
| Effective tax rate |
24.5%
|
9.8%
|
15.5%
|
15.0%
|
64.2% |
| Balance Sheet Ratios |
|
|
|
|
|
| Non-performing loans to gross loan book |
3.5%
|
12.6%
|
4.4%
|
3.5%
|
8.3% |
| Loans to total assets |
27.0%
|
12.4%
|
26.9%
|
26.8%
|
39.2% |
| Loans to deposits |
33.0%
|
14.2%
|
35.4%
|
33.6%
|
48.7% |
* Adjusted for all bonus share issues
|
| 
