| Balance sheet |
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| As at 28 February 2007 |
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|
|
|
Group |
Group |
Bank |
Bank |
|
2007 |
2006 |
2007 |
2006 |
| |
N'000 |
N'000 |
N'000 |
N'000 |
| ASSETS |
|
|
|
|
|
|
|
|
|
| Cash and balances with Central Bank of Nigeria |
58,766,269 |
30,471,502 |
58,399,717 |
30,471,474 |
| Treasury bills and other eligible bills |
87,908,530 |
43,133,793 |
87,426,864 |
43,033,793 |
| Due from other banks |
203,739,607 |
76,644,077 |
174,377,719 |
73,120,512 |
| Loans and advances to customers |
262,536,807 |
161,357,389 |
252,779,981 |
158,938,078 |
| Advances under finance lease |
16,074,499 |
10,957,682 |
15,801,912 |
10,826,451 |
| Investment securities |
31,946,310 |
15,700,090 |
29,830,371 |
14,576,840 |
| Investments in subsidiaries |
200,000 |
299,772 |
2,792,314 |
884,055 |
| Investments in associates |
2,238,346 |
1,805,821 |
2,236,426 |
1,805,821 |
| Statutory deposit |
35,000 |
35,000 |
- |
- |
| Other assets |
19,600,148 |
17,433,063 |
19,418,957 |
16,173,614 |
| Fixed assets |
21,737,408 |
11,394,631 |
20,482,838 |
11,072,845 |
|
|
|
|
|
| Total assets |
704,782,924 |
369,232,820 |
663,547,099 |
360,903,483 |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
| Customer deposits |
467,933,664 |
252,280,521 |
455,701,198 |
252,280,521 |
| Due to other banks |
3,593,750 |
- |
1,593,750 |
- |
| Current income tax |
6,851,505 |
2,848,278 |
6,280,743 |
2,553,261 |
| Deferred income tax liability |
2,061,152 |
1,148,651 |
1,841,229 |
943,817 |
| Other liabilities |
55,879,548 |
54,714,237 |
34,003,237 |
49,090,109 |
| Insurance Funds |
1,283,577 |
782,120 |
- |
- |
| Borrowings |
8,605,136 |
2,124,658 |
8,248,198 |
2,124,658 |
|
|
|
|
|
| Total liabilities |
546,208,332 |
313,898,465 |
507,668,355 |
306,992,366 |
|
|
|
|
|
| Minority interest |
1,685,762 |
867,166 |
- |
- |
|
|
|
|
|
| CAPITAL AND RESERVES |
|
|
|
|
|
|
|
|
|
| Share capital |
5,361,793 |
5,361,793 |
5,361,793 |
5,361,793 |
| Share premium |
37,656,150 |
37,656,150 |
37,656,150 |
37,656,150 |
| Retained earnings |
10,259,876 |
2,105,996 |
10,541,072 |
2,647,825 |
| Other reserves |
13,240,072 |
9,343,250 |
11,948,790 |
8,245,349 |
| Proposed dividend |
- |
- |
- |
- |
| Deposit for shares |
90,370,939 |
- |
90,370,939 |
- |
|
|
|
|
|
|
|
|
|
|
| Shareholders' funds |
156,888,830 |
54,467,189 |
155,878,744 |
53,911,117 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and equity |
704,782,924 |
369,232,820 |
663,547,099 |
360,903,483 |
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|
|
|
|
|
|
|
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| Off balance sheet engagements |
118,502,046 |
39,851,025 |
118,502,046 |
39,851,025 |
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| The financial statements were approved by the Board of Directors on 24 May 2007 and signed on its behalf by: |
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| Dr. Raymond C. Obieri (OON) |
Dr. Erastus B.O Akingbola(MON) |
| (Chairman) |
(Group Chief Executive) |
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