Balance Sheet as at 31st December 2012
Cash & balances with CBN
332,515
223,187
Treasury Bills
669,164
510,738
Due from other banks
182,020
234,521
Loans & Advances
989,814
893,834
Asset classified asheld for sale
31,943
52,482
Investments associates
420
1,756
Investment securities
299,343
308,231
Intangible Assets
1,406
770
Deferred Tax Assets
432
186
Property, plant and equipment
68,782
68,366
Total Assets
2604504
2326695
Customers' deposits
1,929,244
1,655,458
Other liabilities
117,355
152,836
On-lending facilities
56,066
49,370
Current income tax
6,577
13,348
Deferred income tax Liabilities
5,584
10,742
Liabilities classified as held for sale
11,584
29,603
Total Liabilities
2141548
1932427
Share capital
15,698
15,698
Share premium
255,047
255,047
Retained earnings
130,153
75,072
Other Reserve
58,786
45,765
Attributable to equity holders of the parent
459684
391582
Non controlling interest
3,272
2,686
Total shareholders' equity
462956
394268
Total Liabilities and Equity
2604504
2326695
For the year ended 31st December 2012
Gross Earnings
307,082
243,948
Interest and similar income
221,318
163,192
Interest and similar expense
-64,561
-34,906
Net Interest Income
156,757
128,286
Impairment charge for credit losses
-9,099
-16,514
Net interest income after impairment charge for credit
losses
147,658
111,772
Fees and commissions
50,480
42,197
Net gains on financial instruments measured at fair value through profit or loss
19,012
18,524
Share of profit of associates
23
45
Amortisation of intangible assets
-1,059
-310
Operating Expenses
-118,560
-115,918
Profit before minimum tax and income tax
from continuing operations
98,592
63,113
Income tax expense from continuing operations
2,007
-17,261
Profit after tax from continuing operations
98,130
45,852
Discontinued Operations:
Gross income from discontinued operations
15,234
13,232
Gross expenses from discontinued operations
-11,726
-8,905
Profit before tax on discontinued operations
3,508
4,327
Income tax expense from discontinued operations
-957
-1,475
Profit after tax from discontinued operations
2,551
2,852
Continued and Discontinued Operations:
Profit for the year before minimum tax and income tax
102,100
67,440
Income tax expense
1,050
-18,736
Profit for the year after tax
100681
48704
Other comprehensive income
Foreign currency translation differences
-2,424
-421
Fair value movements on equity instruments
297
705
Tax effect of equity instruments at fair value
-91
-211
Other comprehensive income for the year, net of tax
-2,218
73
Total comprehensive income for the year
98,463
48,777
Profit attributable to:
Equity holders of the parent
100,147
48,423
Non controlling interests
534
281
Total comprehensive income attributable to:
Equity holders of the parent
97,971
48,527
Non controlling interests
492
250
Profit from continuing operations attributable to:
Equity holders of the parent
98,044
45,780
Non controlling interests
86
72
Earnings per share for profit from total operations
attributable to equity holders of parent - Basic
319 k
154 k
Earnings per share for profit from continuing
operations attributable to equity holders of parent - Basic
312 k
146 k
For the period ended 31st December 2012
Cash (used in)/generated from operations
operating activities
-24,696
-193,618
Interest received
221,318
163,192
Interest paid
-64,561
-34,906
Cash flows from discontinued operations
-15,621
23,682
Net cash (used in)/generated from operations
103640
-48219
Cash flows from investing activities
Purchase of Property and equipment
-11,290
-14,725
Purchase of Intangible assets
-1,709
-275
Proceed from sale of property and equipment
361
131
Purchase of investment property
-37
-367
Proceed from sale of investment property
7,165
447
Proceeds from sale of equity securities
2,769
Disposal of associates
508
687
Proceeds from sale of subsidiary
4,511
Cash flows from discontinued operations
-567
-5,473
Net cash used in investing activities
-948
-16521
Cash flows from financing activities
Dividend paid to shareholders
-29,827
-26,687
Borrowed funds - inflow from long term borrowing
313
repayment of long term borrowing
-6,245
-7,288
Inflow from On-lending facilities
6,696
23,321
Net cash (used in)/generated from financing activities
-29063
-10654
Increase/(Decrease) in cash and cash equivalents
73629
-75394
Analysis of changes in cash and cash equivalents
Cash and cash equivalents at start of year
525,616
644,988
Increase/(Decrease) in cash and cash equivalents
73,629
-75,394
Cash and cash equivalents from discontinued operations
18,708
-42,302
Exchange rate movements on cash and cash
equivalents
-3,136
-1,676
Cash and cash equivalents at end of year
614817
525616
Investment Valuation Ratios
Cash Flow Indicator Ratios
Earning Retention Ratio
1%
Equity capital to deposits
0%
Interest Income/Gross Earnings
1%
Non-Interest Income/Gross Earnings
6%