Balance Sheet as at 31st December 2010
Cash and short-term funds
7,769,987
12,317,821
Nigerian treasury bills
9,500,000
31,714,352
Due from other banks
52,913,433
156,933,845
Loans and advances
87,822,527
51,891,680
Advances under finance leases
556,195
391,396
Investment securities
10,783,100
16,462,259
Goodwill
17,085,024
17,085,024
Deffered tax assets
9,584,824
Other assets
46,223,442
65,037,046
Fixed assets
15,697,675
14,028,487
Total Assets
257936208
365861909
Customer deposits
214,986,082
320,262,736
Current income tax
414,017
174,030
Other liabilities
33,398,348
24,192,149
Deferred income tax liabilities
1,823,432
1,812,873
Retirement benefit obligations
155,097
52,413
Share capital
7,976,047
7,250,952
Share reconstruction reserve
14,501,904
14,501,904
Share premium
5,841,730
6,566,825
Statutory reserve
1,381,897
1,381,897
Reserve for small and medium scale industries
440,116
440,116
Retained earnings - General reserve
1,050,512,129
1,062,882,728
Attributable to equity holders of the parent
6911999
19282599
Non-controlling interest
247,234
85,118
Total Equity
7159233
19367717
Total liabilities
257936208
346494190
For the year ended 31 December 2009
Gross Earnings
46420051
42982269
Net operating income
31,316,329
35,394,464
Operating expenses
1,035,559,299
1,046,501,042
Provision for losses
-14,232,704
1,044,216,370
Profit before exceptional item and taxation
1,052,642,923
1,052,370,052
Exceptional item
-20,791
8,609,735
Profit after exceptional item before taxation
-21119692
-12762037
Current taxation
-297,410
-133,437
Deferred taxation
5,304,239
Profit after taxation
-16112863
-12895474
Minority Interest
-14,672
141,667
Profit attributable to shareholders
-16127535
-12753807
Earnings per share (basic)
-1.01
-0.8
For the period ended 31 December 2009
Cash flows from operating activities
Interest and commission earned
46,420,051
42,011,857
Exceptional Income-CBN
8,609,735
Interest expense
1,058,719,463
1,066,282,136
Recoveries on loans and advances and other risk assets
1,065,520,439
7,517,859
Cash payments to employees and suppliers
1,035,559,298
1,045,011,290
Operating profits before changes in operating assets and liabilities
1,058,735,604
21,176,908
Changes in operating assets and liabilities
Loans and advances
1,037,810,977
1,035,310,869
Advances under finance lease
1,072,794,233
-202,720
Other assets
18,813,603
1,037,445,413
Deposits and current accounts
968,465,180
173,906,781
Other liabilities
8,815,392
8,845,100
Net cash provided by operating activities
-129532307
128998703
cash flows from investing activities
Proceeds from disposal of fixed assets
277,133
Purchases of fixed assets
1,066,812,376
1,067,705,270
Sale/(purchase) of long term investments
5,679,157
1,058,915,359
Net cash flow provided by/used in investing activities
1,072,491,533
1,053,155,938
Net cash flow from operating and investing activities
-130782598
108412817
Cash flows from financing activities
Repayment of long term borrowing
1,065,524,237
Net cash used in financing activities
-8414529
Net increase in cash and cash equivalents
942,959,226
99,998,288
Cash and cash equivalents, beginning of period
200,966,018
100,967,730
Cash and cash equivalents, end of period
70183420
200966018
Investment Valuation Ratios
Operating Profit Per Share (Rs)
Operating Profit Margin(%)
0.67%
Return on Net Worth(%)
-2.25%
Cost to income ratio
-1.22%
Capital Adequacy Ratio
0.03%
Net Profit Margin (%)
-0.35%
Equity capital to deposits
Interest Income/Gross Earnings
Non-Interest Income/Gross Earnings
4.63%
Cash Flow Indicator Ratios