Annual Report & Accounts 2010 – Transformation
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Bank Five-Year Financial Summary

For the year ended 31 December 2010

Balance Sheet

  31 Dec 2010
N million
31 Dec 2009
N million
31 Mar 2009
N million
31 Mar 2008
N million
31 Mar 2007
N million
Assets          
Cash and balances with the Central Bank 74,894 67,576 140,353 89,076 60,881
Treasury Bills 23,599 14,219 17,697 147,680 159,832
Due from other banks 383,893 255,903 510,722 247,059 137,864
Loans and advances to customers 1,017,411 1,022,486 684,107 437,768 219,185
Advances under finance lease 7,581 10,835 11,769 10,297 3,043
Investment and trading securities 317,073 271,250 185,774 137,905 127,564
Investment in associates 2,224 2,224 2,224 74 74
Investment in subsidiaries 31,416 30,416 28,449 26,949 7,887
Other assets 46,551 51,245 48,007 39,498 29,701
Property and equipment 52,616 46,302 38,320 29,155 16,850
  1,957,258 1,772,456 1,667,422 1,165,461 762,881
Financed by          
Share capital 16,316 14,504 12,432 9,945 5,238
Share premium 254,524 254,524 254,524 254,524 15,858
Reserves 69,895 48,460 84,098 75,378 56,255
Customer deposits 1,330,771 1,244,030 1,071,836 661,624 581,827
Due to other banks 55,165 65,087 78,980 44,281 14,448
Borrowings 124,617 35,473 35,042 29,414 22,101
Current income tax 4,238 14,948 7,238 5,091 5,710
Other liabilities 86,310 84,742 109,796 78,492 58,773
Deferred income tax liabilities 10,877 10,144 12,758 6,712 2,671
Retirement benefit obligations 4,545 4,545 718 - -
  1,957,258 1,772,456 1,667,422 1,165,461 762,881
Acceptances and guarantees 334,126 431,316 314,973 198,239 132,737
  12 months
ended
31 Dec 2010
9 months
ended
31 Dec 2009
12 months
ended
31 Mar 2009
12 months
ended
31 Mar 2008
12 months
ended
31 Mar 2007
Profit and loss account          
Gross earnings 207,524 175,390 184,536 130,600 79,299
Net operating income 161,479 119,167 140,949 108,317 66,062
Operating expenses (107,392) (70,016) (80,880) (76,116) (46,484)
Provision for losses (22,596) (41,462) (13,959) (5,819) (2,519)
Profit before taxation 31,491 7,689 46,110 38,020 22,097
Exceptional Item 2,046 - - - -
Taxation (6,601) (6,414) (11,036) (7,547) (3,742)
Profit after taxation 26,936 1,275 35,074 30,473 18,355
Proposed dividend          
Earnings per share (basic) 83 11 141 223 156

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