1st Quarter Results

Income Statements for the period ended 31 March 2015

Group Mar 2015

Group Mar 2014

Group Dec 2014

Parent Mar 2015

Parent Mar 2014

Parent Dec 2014

N'million

N'million

N'million

N'million

N'million

N'million

Interest income

54,951

48,528

200,608

49,437

43,730

179,984

Interest expense

(15,788)

(13,790)

(58,211)

(13,958)

(12,227)

(51,285)

Net interest income

39,163

34,738

142,392

35,479

31,503

128,699

Loan impairment charges

(3,526)

(1,276)

(7,098)

(3,502)

(1,114)

(6,184)

Net interest income after loan impairment charges

35,637

33,462

135,294

31,977

30,389

122,515

Fee and commission income

12,430

12,368

47,970

10,625

10,672

40,945

Fee and commission expense

(864)

(638)

(2,114)

(775)

(552)

(1,748)

Net fee and commission income

11,566

11,730

45,856

9,850

10,120

39,197

Net gains/(losses) on financial instruments classified as held for trading

11,579

6,299

28,274

10,586

5,539

24,105

Other income

54

382

1,674

37

333

3,974

Net impairment reversal on financial assets

-

-

(274)

-

-

(274)

Personnel expenses

(6,715)

(6,612)

(27,442)

(5,088)

(5,109)

(21,037)

General and administrative expenses

(7,335)

(6,234)

(26,136)

(6,576)

(5,458)

(22,237)

Operating lease expenses

(368)

(244)

(913)

(177)

(160)

(561)

Depreciation and amortization

(3,117)

(2,732)

(12,152)

(2,727)

(2,572)

(10,590)

Other operating expenses

(8,648)

(8,045)

(27,795)

(7,631)

(7,055)

(24,724)

Profit before income tax

32,653

28,006

116,386

30,251

26,027

110,368

Income tax expense

(6,089)

(4,896)

(17,691)

(5,143)

(4,425)

(16,936)

Profit for the period from continuing operations

26,564

23,110

98,695

25,108

21,602

93,432

Profit for the period from discontinued operations

-

-

-

-

-

-

Profit for the period

26,564

23,110

98,695

25,108

21,602

93,432

Profit attributable to:

Equity holders of the parent entity

26,372

22,863

97,997

25,108

21,602

93,432

Non-controlling interests

192

247

698

-

-

-

26,564

23,110

98,695

25,108

21,602

93,432

Statements of comprehensive income for the period ended 31 March 2015

Group Mar 2015

Group Mar 2014

Group Dec 2014

Parent Mar 2015

Group Mar 2014

Group Dec 2014

N'million

N'million

N'million

N'million

N'million

N'million

Profit for the period

26,564

23,110

98,695

25,108

21,602

93,432

Other comprehensive income not to be reclassified to profit or loss in subsequent periods:

- Actuarial gains and losses

-

-

(796)

-

-

(796)

- Income tax relating to actuarial gains and losses

-

-

239

-

-

239

-

-

(557)

-

-

(557)

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

- Foreign currency translation

differences for foreign operations

236

(3,295)

(1,452)

-

-

-

- Income tax relating to Foreign

currency translation differences

for foreign operations

(71)

989

435

-

-

-

- Net change in fair value of

available for sale financial assets

962

(377)

(4,601)

1,240

(184)

(4,711)

- Income tax relating to net

change in fair value of available

for sale financial assets

(288)

113

1,720

(372)

55

1,753

839

(2,570)

(3,898)

868

(129)

(2,958)

Other comprehensive income for the period, net of tax

839

(2,570)

4,455

868

(129)

(3,515)

Total comprehensive income for the period

27,403

20,540

94,240

25,976

21,473

89,917

Profit attributable to:

Equity holders of the parent entity

27,035

20,470

93,358

25,976

21,473

89,917

Non-controlling interests (total)

368

70

882

-

-

-

Total comprehensive income for the period

27,403

20,540

94,240

25,976

21,473

89,917

Earnings per share for the profit from continuing operations attributable to the equity holders of the parent entity during the period (expressed in naira per share):

 - Basic

0.94

0.81

3.47

0.85

0.73

3.17

 - Diluted

0.94

0.81

3.47

0.85

0.73

3.17

Total impaired Loans and Advances (N'million)

40,885

35,348

41,309

32,942

27,707

32,616

Total impaired Loans and Advances to Loans and Advances (%)

3.06%

3.40%

3.15%

2.67%

2.90%

2.70%

Gross Earnings

79,014

67,577

278,521

70,685

60,274

249,008

Key Ratios

Mar-15

Mar-14

ROE (Post tax)

29.03%

26.98%

ROA (Post tax)

4.39%

4.29%

Net interest margin

8.21%

8.30%

Cost-to-income ratio

44.50%

46.01%

Loans to deposits

77.02%

68.18%

Liquidity ratio

42.74%

46.31%

Capital adequacy ratio - Basel II

23.34%

23.63%

NPL/Total Loans

3.06%

3.40%

Cost of risk

0.27%

0.12%

Coverage (with Reg. Risk Reserves)

153.40%

120.86%

GTBank

Muyiwa Teriba, Head, Investor Relations

[email protected]

+234-1-4484156

Lola Odedina, Head, Communications & External Affairs

+234-1-2715227

Oyinade Adegite

[email protected]

Instinctif Partners

+44 20 7457 2020

Tony Friend

Ross Gillam