3rd Quarter Results

Statements of Financial Position as at 30 September 2013

Group

Sep 2013

Group

Dec 2012

Parent

Sep 2013

Parent

Dec 2012

N'million

N'million

N'million

N'million

ASSETS

Cash and cash equivalents

243,746

322,989

193,320

256,434

Loans and advances to banks

5,292

4,865

28

178

Loans and advances to customers

920,255

779,050

871,327

742,437

Financial assets held for trading

29,816

271,074

25,861

267,417

Investment securities:

- Available for sale

262,384

15,766

255,639

10,139

- Held to maturity

98,623

129,491

75,262

118,898

Assets pledged as collateral

27,721

31,203

27,721

31,203

Investment in subsidiaries

-

-

22,999

22,925

Property and equipment

65,173

60,887

59,329

55,497

Intangible assets

2,542

1,772

2,105

1,540

Deferred tax assets

518

992

-

-

Other assets

219,049

116,789

209,879

113,649

TOTAL ASSETS

1,875,119

1,734,878

1,743,470

1,620,317

LIABILITIES

Deposits from banks

16,040

23,860

134

7,170

Deposits from customers

1,270,745

1,148,197

1,169,684

1,054,123

Other liabilities

71,622

80,973

59,634

69,873

Current income tax liabilities

10,319

15,631

10,554

15,340

Deferred tax liabilities

5,326

3,288

5,324

3,225

Debt securities issued

95,561

86,926

13,677

13,238

Other borrowed funds

95,185

92,562

173,629

169,194

TOTAL LIABILITIES

1,564,798

1,451,437

1,432,636

1,332,163

CAPITAL AND RESERVES

Share capital

14,716

14,716

14,716

14,716

Share premium

123,471

123,471

123,471

123,471

Treasury shares

(2,047)

(2,047)

-

-

Retained earnings

41,197

41,381

46,649

47,558

Other components of equity

131,674

104,651

125,998

102,409

Capital and reserves attributable to equity holders of the parent entity

309,011

282,172

310,834

288,154

Non-controlling interests in equity

1,310

1,269

-

-

TOTAL EQUITY

310,321

283,441

310,834

288,154

TOTAL EQUITY AND LIABILITIES

1,875,119

1,734,878

1,743,470

1,620,317

Income Statements for the period ended 30 September 2013

GroupSep 2013

GroupSep 2012

GroupDec 2012

ParentSep 2013

ParentSep 2012

ParentDec 2012

N'million

N'million

N'million

N'million

N'million

N'million

Interest income

136,967

125,826

170,295

128,326

119,587

160,125

Interest expense

(35,017)

(29,029)

(39,609)

(32,524)

(27,206)

(37,026)

Net interest income

101,950

96,797

130,686

95,802

92,381

123,099

Loan impairment charges

(2,654)

(3,075)

(739)

(2,292)

(1,713)

668

Net interest income after loan impairment charges

99,296

93,722

129,947

93,510

90,668

123,767

Fee and commission income

36,004

36,130

44,321

31,161

31,064

39,214

Fee and commission expense

(733)

(1,097)

(1,591)

(672)

(881)

(1,508)

Net fee and commission income

35,271

35,033

42,730

30,489

30,183

37,706

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

5,168

2,528

3,940

3,480

2,138

2,339

Other income

3,851

2,005

3,384

4,666

2,245

2,646

Net impairment loss on financial assets

-

-

(97)

-

-

(97)

Personnel expenses

(16,708)

(16,882)

(25,966)

(14,549)

(13,871)

(20,774)

General and administrative expenses

(16,346)

(15,856)

(22,406)

(14,822)

(15,300)

(20,286)

Operating lease expenses

(680)

(474)

(791)

(464)

(474)

(622)

Depreciation and amortization

(7,492)

(6,441)

(8,892)

(6,804)

(5,877)

(8,053)

Other operating expenses

(19,992)

(16,743)

(18,821)

(17,917)

(14,130)

(16,484)

Profit before income tax

82,368

76,892

103,028

77,589

75,582

100,142

Income tax expense

(13,126)

(13,158)

(16,341)

(12,085)

(12,550)

(14,878)

Profit for the period from continuing operations

69,242

63,734

86,687

65,504

63,032

85,264

Profit for the period from discontinued operations

-

609

609

-

-

-

Profit for the period

69,242

64,343

87,296

65,504

63,032

85,264

Profit attributable to:

Equity holders of the parent entity (total)

68,949

64,104

86,958

65,504

63,032

85,264

- Profit for the period from

continuing operations

68,949

63,544

86,398

65,504

63,032

85,264

- Profit for the period from

discontinued operations

-

560

560

-

-

-

Non-controlling interests (total)

293

239

338

-

-

-

- Profit for the period from

continuing operations

293

190

289

-

-

-

- Profit for the period from

discontinued operations

-

49

49

-

-

-

69,242

64,343

87,296

65,504

63,032

85,264

Statements of comprehensive income for the period ended 30 September 2013

GroupSep 2013

GroupSep 2012

GroupDec 2012

ParentSep 2013

ParentSep 2012

ParentDec 2012

N'million

N'million

N'million

N'million

N'million

N'million

Profit for the period

69,242

64,343

87,296

65,504

63,032

85,264

Other comprehensive income:

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

- Foreign currency translation

differences for foreign operations

993

(2,773)

(2,707)

-

-

-

- Income tax relating to Foreign

currency translation differences

for foreign operations

(298)

865

812

-

-

-

- Net change in fair value of

available for sale financial assets

3,993

1,222

1,463

3,992

1,221

1,463

- Income tax relating to net

change in fair value of available

for sale financial assets

(1,198)

(366)

(439)

(1,197)

(306)

(379)

Other comprehensive income for the period, net of tax

3,490

(1,052)

(871)

2,795

915

1,084

Total comprehensive income for the period

72,732

63,291

86,425

68,299

63,947

86,348

Profit attributable to:

Equity holders of the parent entity (total)

72,456

63,224

86,193

68,299

63,947

86,348

- Total comprehensive income for

the period from continuing

operations

72,456

62,664

85,633

68,299

63,947

86,348

 - Total comprehensive income for

the period from discontinued

operations

-

560

560

-

-

-

Non-controlling interests (total)

276

67

232

-

-

-

 - Total comprehensive income for

the period from continuing

operations

276

18

183

-

-

-

- Total comprehensive income for

the period from discontinued

operations

-

49

49

-

-

-

Total comprehensive income for the period

72,732

63,291

86,425

68,299

63,947

86,348

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

2.44

2.25

3.06

2.23

2.14

2.90

 - Diluted

2.44

2.25

3.06

2.23

2.14

2.90

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

 - Basic

-

0.02

0.02

-

-

-

 - Diluted

-

0.02

0.02

-

-

-

Total impaired Loans and Advances (N'million)

30,350

29,022

27,571

24,154

24,484

21,860

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

3.21%

3.61%

3.43%

2.71%

3.23%

2.88%

Gross Earnings

181,990

166,490

221,940

167,633

155,034

204,324

GTBank

+234-1-2714591

Lola Odedina, Head, Communications & External Affairs

Pascal Or

MuyiwaTeriba, Investor Relations

+234-1-4484156

College Hill

+44 (0) 20 7457 2020

Tony Friend

Antonia Coad