Financials
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| |
31 March
|
30 September
|
|
| |
2004
N million
|
2005
N million
|
2006
N million
|
2007
N million
|
2008
N million
|
CAGR
|
| ASSETS |
|
|
|
|
|
|
| Cash & short-term funds |
90,209
|
110,517
|
79,825
|
129,897
|
200,820
|
19.5%
|
| Due from other banks & financial institutions |
-
|
-
|
391,669
|
440,418
|
574,295
|
|
| Treasury bills & government bonds |
40,497
|
59,832
|
207,341
|
157,519
|
256,368
|
50.7%
|
| Other assets |
15,343
|
4,455
|
35,618
|
44,926
|
87,194
|
47.1%
|
| Loans & advances |
56,136
|
67,610
|
109,896
|
320,406
|
447,618
|
58.6%
|
| Investments |
3,460
|
2,193
|
26,597
|
48,129
|
42,121
|
76.9%
|
| Fixed Assets |
6,379
|
6,176
|
33,191
|
49,747
|
61,575
|
65.5%
|
| Total Assets |
212,024
|
250,783
|
884,137
|
1,191,042
|
1,672,991
|
58.3%
|
| LIABILITIES |
|
|
|
|
|
|
| Deposits & current accounts |
151,929
|
205,110
|
776,135
|
905,806
|
1,333,289
|
62.0%
|
| Managed funds |
-
|
-
|
13,561
|
66,013
|
40,558
|
73%
|
| Other liabilities |
33,700
|
19,068
|
47,784
|
43,825
|
97,641
|
26.7%
|
| Taxation payable |
2,373
|
2,535
|
1,644
|
5,149
|
5,606
|
21.1%
|
| Deferred tax |
1,104
|
1,073
|
1,502
|
994
|
993
|
-2.3%
|
| Dividend payable |
|
1,878
|
7,102
|
42
|
42
|
-66.2%
|
| Borrowings |
3,385
|
1,676
|
1,135
|
1,135
|
-
|
-100.0%
|
| Total Liabilities |
192,491
|
231340
|
848,863
|
1,022,964
|
1,478,129
|
57.3%
|
| CAPITAL & RESERVES |
|
|
|
|
|
|
| Share capital |
1,275
|
1,530
|
3,530
|
5,748
|
8,622
|
52.9%
|
| Share premium |
-
|
-
|
23,209
|
119,066
|
114,788
|
122%
|
| Other reserves |
18,003
|
17,207
|
10,565
|
31,674
|
58,400
|
29.9%
|
| Fixed assets revaluation reserve |
-
|
-
|
11,231
|
11,231
|
11,231
|
0%
|
| Shareholders' Funds |
19,278
|
18,737
|
48,535
|
167,719
|
193,041
|
66.9%
|
| Minority interest |
-
|
-
|
300
|
359
|
1,821
|
146%
|
| |
19,278
|
18,737
|
48,835
|
168,078
|
194,425
|
67.1%
|
| Liabilities & Equity |
211,769
|
250,077
|
884,137
|
1,191,042
|
1,672,554
|
58.3%
|
| |
|
|
|
|
|
|
| Acceptances & Guarantees |
81,719
|
81,821
|
167,184
|
451,110
|
616,734
|
56.7%
|
| |
12 months to 31 March
|
18 months to 30 Sept.
|
12 months to 30 Sept.
|
|
| |
2004
N million
|
2005
N million
|
2006
N million
|
2007
N million
|
2008
N million
|
CAGR
|
| |
|
|
|
|
|
|
| Gross Earnings |
24,510
|
26,089
|
90,447
|
109,512
|
169,581
|
53.7%
|
| Interest income |
15,155
|
14,456
|
57,693
|
73,724
|
116,704
|
57.4%
|
| Interest expense |
(3,107)
|
(3,490)
|
(26,954)
|
(28,649)
|
(41,354)
|
77.8%
|
| Net interest income |
12,048
|
10,966
|
30,739
|
45,075
|
75,350
|
50.3%
|
| Other income |
9,355
|
11,633
|
32,754
|
35,733
|
52,877
|
46.9%
|
| Operating expenses |
(14,632)
|
(16,039)
|
(45,111)
|
(45,954)
|
(68,796)
|
41.1%
|
| Provision for loans & other accounts |
(761)
|
(40)
|
(5,571)
|
(3,702)
|
(2,616)
|
31.6%
|
| Profit before tax & exceptional items |
6,010
|
6,520
|
12,811
|
31,152
|
58,815
|
64.7%
|
| Exceptional items |
-
|
-
|
-
|
(5,788)
|
(8,786)
|
|
| Profit before tax |
6,010
|
6,520
|
12,811
|
25,364
|
48,029
|
58.7%
|
| Taxation |
(1,485)
|
(1,599)
|
(1,261)
|
(3,923)
|
(7,204)
|
42.0%
|
| Profit after tax |
4,525
|
4,921
|
11,550
|
21,441
|
40,825
|
63.0%
|
| Minority interest |
-
|
-
|
-
|
99
|
414
|
146%
|
| Transfer to reserves |
4,525
|
4,921
|
11,550
|
21,540
|
41,239
|
63.4%
|
| |
2004
|
2005
|
2006
|
2007
|
2008
|
CAGR
|
| Share Statistics |
|
|
|
|
|
|
| No. of ordinary shares on issue (million): |
|
|
|
|
|
|
| weighted average |
2,550
|
2,806
|
6,169
|
8,373
|
13,146
|
44.0%
|
| at end of period |
2,550
|
3,060
|
7,060
|
11,497
|
17,245
|
52.9%
|
| adjusted* |
6,885
|
6,885
|
13,881
|
16,744
|
21,556
|
28.9%
|
| Share statistics per ordinary share (N) |
|
|
|
|
|
|
| Earnings per share |
1.77
|
1.75
|
1.87
|
2.61
|
3.11
|
13.3%
|
| Earnings per share - adjusted* |
0.66
|
0.71
|
0.83
|
1.28
|
1.89
|
26.5%
|
| Dividends per share |
0.60
|
0.60
|
1.00
|
1.20
|
1.37
|
20.1%
|
| Dividends per share - adjusted* |
0.22
|
0.27
|
0.44
|
0.64
|
0.73
|
30.3%
|
| Dividend cover (times) |
8.0
|
6.6
|
4.2
|
4.1
|
4.3
|
|
| Net assets per share |
7.56
|
6.12
|
6.87
|
14.59
|
11.19
|
9.1%
|
| Profitability ratios |
|
|
|
|
|
|
| Return on average equity |
26.5%
|
25.9%
|
22.9%
|
19.8%
|
22.6%
|
|
| Return on average assets |
2.2%
|
2.1%
|
1.4%
|
2.1%
|
2.9%
|
|
| Net interest margin on average interest earning assets |
6.7%
|
5.2%
|
4.0%
|
4.9%
|
5.9%
|
|
| Interest income to total income> |
61.8%
|
55.4%
|
63.8%
|
67.3%
|
68.8%
|
|
| Other income to total income |
38.2%
|
44.6%
|
36.2%
|
32.6%
|
31.2%
|
|
| Cost to income ratio |
70.9%
|
71.1%
|
77.9%
|
61.7%
|
54.8%
|
|
| Operating expnditure to average assets |
7.0%
|
6.9%
|
5.3%
|
4.4%
|
4.8%
|
|
| Effective tax rate |
24.7%
|
24.5%
|
9.8%
|
15.5%
|
15.0%
|
|
| Balance Sheet Ratios |
|
|
|
|
|
|
| Non-performing loans to gross loan book |
3.9%
|
3.5%
|
12.6%
|
4.4%
|
3.5%
|
|
| Loans to total assets |
26.5%
|
27.0%
|
12.4%
|
26.9%
|
26.8%
|
|
| Loans to deposits |
36.9%
|
33.0%
|
14.2%
|
35.4%
|
33.6%
|
|
| Capital Adequacy |
|
|
|
|
|
|
| Risk-weighted assets (Nm) |
|
|
|
771,440
|
878,958
|
|
| Tier I capital (Nm) |
|
|
|
156,488
|
183,631
|
|
| Total capital (Nm) |
|
|
|
168,078
|
194,862
|
|
| Tier I capital to risk-weighted assets |
|
|
|
20.3%
|
20.9%
|
|
| Total capital to risk-weighted assets |
|
|
|
21.8%
|
22.2%
|
|
* Adjusted for all bonus share issues
|
| 
