Unaudited 2012 First Quarter Results

Group

Group

Bank

Bank

Mar 2012

Dec 2011

Mar 2012

Dec 2011

N'million

N'million

N'million

N'million

ASSETS

Cash and cash equivalents

303,385

368,282

266,229

330,290

Loans and advances to banks

113

159

113

159

Loans and advances to customers

741,598

706,893

709,418

679,359

Financial assets held for trading

209,802

173,298

186,678

153,935

Investment securities:

- Available for sale

10,370

3,745

3,195

3,745

- Held to maturity

130,906

161,196

136,794

163,914

Investment in subsidiaries

-

-

19,734

19,734

Assets pledged as collateral

31,400

45,588

31,400

45,588

Property and equipment

58,164

51,602

53,311

47,342

Intangible assets

848

1,006

697

763

Deferred tax assets

51

97

-

-

Other assets

91,249

87,007

84,340

78,695

1,577,886

1,598,873

1,491,909

1,523,524

Assets classified as held for sale and discontinued operations

10,754

9,779

-

-

TOTAL ASSETS

1,588,640

1,608,652

1,491,909

1,523,524

LIABILITIES

Deposits from banks

12,597

37,229

5,040

21,636

Deposits from customers

1,049,810

1,026,119

970,885

962,486

Debt securities in issue

141,718

145,768

13,675

15,345

Current income tax liabilities

18,068

14,062

18,032

13,760

Deferred tax liabilities

5,014

3,408

5,175

3,309

Other liabilities

62,714

48,708

50,206

41,657

Other borrowed funds

41,298

93,230

173,809

227,535

1,331,219

1,368,524

1,236,822

1,285,728

Liabilities included in assets classified as held for sale and discontinued operations

6,575

6,120

-

-

TOTAL LIABILITIES

1,337,794

1,374,644

1,236,822

1,285,728

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

43,899

28,746

47,528

35,176

Other components of equity

68,777

67,121

69,372

64,433

Total equity attributable to owners of the Bank

248,816

232,007

255,087

237,796

Non-controlling interests in equity

2,030

2,001

-

-

TOTAL EQUITY

250,846

234,008

255,087

237,796

TOTAL EQUITY AND LIABILITIES

1,588,640

1,608,652

1,491,909

1,523,524

Group

Group

Bank

Bank

Mar 2012

Mar 2011

Mar 2012

Mar 2011

N'million

N'million

N'million

N'million

Interest income

40,694

28,049

38,537

26,267

Dividend income

118

282

593

1,548

Interest expense

(9,246)

(5,380)

(8,645)

(4,770)

Net interest margin

31,566

22,951

30,485

23,045

Loan impairment charges

(406)

(993)

(189)

(920)

Net interest income after loan impairment charges

31,160

21,958

30,296

22,125

Fee and commission income

10,901

12,301

9,799

9,965

Fee and commission expense

(162)

(1,153)

(147)

(1,064)

Net fee and commission income

10,739

11,148

9,652

8,901

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

258

2,454

(280)

1,848

Other operating income

644

35

406

178

Other income

902

2,489

126

2,026

Operating income

42,801

35,595

40,074

33,052

Personnel expenses

(5,120)

(5,128)

(4,394)

(4,434)

General and administrative expenses

(2,895)

(2,510)

(2,853)

(2,261)

Operating lease expenses

(222)

-

(139)

-

Depreciation and amortization

(2,120)

(1,788)

(1,936)

(1,573)

Other operating expenses

(8,060)

(8,199)

(7,126)

(7,641)

Total expenses

(18,417)

(17,625)

(16,448)

(15,909)

Profit before income tax

24,384

17,970

23,626

17,143

Income tax expense

(5,072)

(3,642)

(4,725)

(3,428)

Profit for the period from continuing operations

19,312

14,328

18,901

13,715

Profit for the period from discontinued operations

92

169

-

-

Profit for the period

19,404

14,497

18,901

13,715

Profit attributable to:

Equity holders of the parent entity (total)

19,314

14,398

18,901

13,715

 - Profit for the period from continuing operations

19,245

14,273

18,901

13,715

 - Profit for the period from discontinued operations

69

125

-

-

Non-controlling interests (total)

90

99

-

-

 - Profit for the period from continuing operations

67

55

-

-

 - Profit for the period from discontinued operations

23

44

-

-

19,404

14,497

18,901

13,715

Profit for the period

19,404

14,497

18,901

13,715

Other comprehensive income:

Exchange differences on translation of foreign operations

(842)

161

-

-

Net change in fair value of available for sale financial assets

(3)

-

(3)

-

Income tax relating to component of other comprehensive income

169

(32)

1

-

Other comprehensive income for the period, net of tax

(676)

129

(2)

-

Total comprehensive income for the period

18,728

14,626

18,899

13,715

Total Comprehensive Income attributable to:

Equity holders of the parent entity (total)

18,638

14,527

18,899

13,715

 - Total comprehensive income for the period from continuing operations

18,569

14,402

18,899

13,715

 - Total comprehensive income for the period from discontinued operations

69

125

-

-

Non-controlling interests (total)

90

99

-

-

 - Total comprehensive income for the period from continuing operations

67

55

-

-

 - Total comprehensive income for the period from discontinued operations

23

44

-

-

Total comprehensive income for the period

18,728

14,626

18,899

13,715

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

2.62

1.95

2.57

1.86

 - Diluted

2.62

1.95

2.57

1.86

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

0.012

0.023

-

-

 - Diluted

0.012

0.023

-

-

Total impaired Loans and Advances (N'million)

27,829

44,354

24,066

44,013

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

3.71%

6.50%

3.37%

6.48%

Gross Earnings

52,615

43,121

49,055

39,806

Net Earnings

42,963

36,748

40,221

34,116