Unaudited Consolidated Balance Sheet Unaudited Consolidated Profit and Loss Account

As at 31 March 2010 For the period ended 31 March 2010

GROUP BANK GROUP BANK GROUP BANK
3 Months 3 Months 3 Months 3 Months
GROUP BANK GROUP BANK GROUP BANK March 2010 March 2010 March 2009 March 2009
March 2010 March 2010 December 2009 December 2009 March 2009 March 2009 N'000 N'000 N'000 N'000
N'000 N'000 N'000 N'000 N'000 N'000
Assets
Gross Earnings 30,351,083 28,710,509 29,331,353 26,438,364 3% 9%
Cash and short-term funds 26,465,845 17,454,395 54,707,470 32,512,146 18,275,327 17,751,042
Interest income 25,138,739 24,578,458 15,592,438 15,369,943 61% 60%
Treasury bills 44,085,618 43,680,241 30,447,834 29,896,915 42,073,576 42,073,576
Interest expense (17,993,370) (18,119,511) (12,734,341) (13,135,375) 41% 38%
Due from banks and fin inst 62,306,883 43,787,679 39,182,601 35,298,039 100,443,775 96,135,263
Net interest income 7,145,369 6,458,947 2,858,097 2,234,568 150% 189%
Short term investments 33,833,041 33,590,987 29,256,089 29,107,774 30,265,332 27,563,165
Net fee and commission income 3,489,925 3,055,052 8,936,939 7,075,438 -61% -57%
Loans and advances 400,392,410 395,096,384 387,803,733 383,666,172 438,647,181 437,530,109
Foreign exchange income 1,035,297 986,273 4,019,735 3,973,272 -74% -75%
Advances under finance lease 2,351,518 2,342,025 3,209,040 3,197,888 4,219,176 4,219,176
Underwriting profit/(loss) 545,253 - 632,586 - -14%
Investment securities 107,181,855 82,504,319 103,732,116 79,144,567 42,372,512 22,111,230
Trusteeship income 2,129 - - - 0%
Investment in subsidiaries - 29,508,525 - 29,589,451 - 33,068,771
Income from investments 139,739 90,726 149,656 19,711 -7% 360%
Deferred Tax assets 132,924,699 131,867,275 133,422,861 132,384,721 105,164,247 105,170,809
Other income 5,212,344 4,132,051 13,738,916 11,068,421 -62% -63%
Other assets 50,477,507 43,048,184 40,957,628 46,607,454 77,636,590 77,609,869

Investment property 12,281,130 4,490,851 12,156,324 4,367,745 15,155,825 4,300,000 Operating income 12,357,713 10,590,998 16,597,012 13,302,989 -26% -20%

Fixed assets 65,400,674 62,455,186 66,213,838 63,546,306 60,542,015 58,431,591 Operating expenses (17,224,502) (16,241,687) (20,935,920) (18,749,173) -18% -13%

Total assets 937,701,181 889,826,051 901,089,534 869,319,178 934,795,557 925,964,602 Provision for losses 7,428,205 7,380,936 (10,490,218) (10,395,480) -171% -171%

Liabilities Profit/(loss) before tax 2,561,416 1,730,246 (14,829,126) (15,841,664) -117% -111%

Customers deposit 609,740,774 595,306,379 556,781,495 545,915,514 633,193,327 651,620,624 Taxation (884,472) (605,739) 3,291,547 3,359,295 -127% -118%

Due to other banks 229,264,216 227,244,883 278,330,695 277,144,003 142,031,484 130,783,915 Profit/(loss) after tax 1,676,944 1,124,507 (11,537,579) (12,482,369) -115% -109%

Other borrowings 26,247,375 26,247,375 25,830,000 25,830,000 142,509,499 142,509,499 Non-controlling interest (8,376) - (73,896) - -89%

Current income tax 3,118,863 936,116 2,797,328 847,820 1,827,589 1,028,325

Profit attributable to the group 1,668,568 1,124,507 (11,611,475) (12,482,369) -114% -109%
Other liabilities 81,849,148 62,882,454 51,716,448 43,658,342 50,507,083 44,794,010
Key Financial information
Deferred Tax liability - - - - - - Total non-performing loans and advances (N'000) 621,456,323 611,629,705 428,534,963 427,225,916
Total non-performing loans to total loans and advances 69% 70% 52% 52%
Retirement benefit obligations 1,719,637 1,682,211 1,557,719 1,521,372 3,088,018 2,655,781 EPS (Basic) in Kobo 8 5 (52) (56)
EPS (Diluted) in Kobo 8 5 (52) (56)
CBN Convertible loan 100,000,000 100,000,000 100,000,000 100,000,000

Total liabilities 1,051,940,013 1,014,299,418 1,017,013,685 994,917,051 973,157,000 973,392,154

Equity The Board of Directors is confident that barring unforeseen circumstances, the results for the subsequent quarters of the year will
continue to improve.
Share capital 11,110,685 11,110,685 11,110,685 11,110,685 11,110,685 11,110,685 .
- - - - - Dated this 21, June 2010 Head Office: Herbert Macaulay Way Zone 6, P.M.B 5048, Abuja.
Other Reserves (125,000,323) (135,584,053) (126,677,266) (136,708,560) (50,348,033) (58,538,238) Tel: 09-523799, 5236209 Fax: 5236085
-
Attributable to equity holders of the parent (113,889,637) (124,473,368) (115,566,581) (125,597,875) (39,237,348) (47,427,553)
-
Corporate Office: Waterfront Plaza, 270, Ozumba Mbadiwe Avenue, P. O. Box 75073,
Non-controlling interest (349,194) - (357,570) - 875,902 - Victoria Island, Lagos.
- Tel: 01-2705010-19, 7733041-9 Fax: 2705066
Total Equity (114,238,832) (124,473,368) (115,924,151) (125,597,875) (38,361,446) (47,427,553) Mrs. Augustina Okwu
-
Company Secretary
Total equity and liabilities 937,701,181 889,826,051 901,089,534 869,319,178 934,795,557 925,964,602
-
Contingent liabilities and commitments 102,282,057 96,650,434 107,715,379 102,241,028 105,616,480 193,073,584

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