FINANCIAL PROJECTIONS - BUDGET 2002/2003

BALANCE SHEET AS AT .. 13-Sep-02

31-Mar-03
1

ASSETS

Cash & Equivalents

Government Securities
Placement With Discount Houses
LIQUID ASSETS
Balances With Nigerian Banks
Cash Reserve
Inter-bank Placements
Balances With Banks Outside Nigeria
BAs & CPs Bought
Direct Loans and Advances-Gross
Less: Cummulative Loan Loss Provision
Direct Loans and Advances-Net
Advances Under Finance Lease-Net
TOTAL LOANS & LEASES-Net
Interest Receivable
Other Assets
Other Long Term Investments
Fixed Assets
TOTAL ASSETS
CAPITAL AND LIABILITIES
Tier 1 Capital (Core Capital)
Deposit for Shares
Profit/(Loss) Account
BAs & CPs Sold
Demand Deposits
Time Deposits
Inter-Bank Takings
TOTAL DEPOSIT LIABILITIES-Lcy
Customers' foreign Currency Balances
TOTAL DEPOSIT LIABILITIES
Interest Payable
Other Liabilities
TOTAL CAPITAL AND LIABILITIES
Contingent Assets/Liabilities

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

Scen I

Scen II

Scen III

Budget
N'000
40,000
3,500,000
500,000
4,040,000
80,000
600,000

Budget
N'000
40,000
3,500,000
500,000
4,040,000
80,000
600,000

Budget
N'000
40,000
2,630,000

653,967
-471
470,344

Budget
N'000
40,000
3,400,000
870,000
4,310,000
310,000
800,000

1,308,738
2,558,714
8,522,610
-597,141
10,484,183
129,586
10,613,769
130,222
357,819
284,550
397,915
14,216,853

2,730,000
2,000,000
9,200,000
-1,000,000
10,200,000
200,000
10,400,000
150,000
400,000
300,000
600,000
20,000,000

1,500,000
1,000,000
7,000,000
-1,000,000
7,000,000
500,000
7,500,000
110,000
320,000
285,000
600,000
15,035,000

1,500,000
1,000,000
8,000,000
-1,000,000
8,000,000
500,000
8,500,000
110,000
320,000
285,000
600,000
16,035,000

1,500,000
1,500,000
9,500,000
-1,000,000
10,000,000
500,000
10,500,000
110,000
320,000
285,000
600,000
16,665,000

2,503,244

2,500,000

2,500,000

2,500,000

2,500,000

219,476
1,381,982
967,150
5,277,302
1,755,000
9,381,434
1,299,236
10,680,670
74,189
739,274
14,216,853
1,608,453
0

500,000
2,000,000
2,100,000
8,500,000
500,000
13,100,000
2,500,000
15,600,000
150,000
1,250,000
20,000,000
3,000,000
0

580,000
1,000,000
1,500,000
6,500,000
1,000,000
10,000,000
1,250,000
11,250,000
90,000
615,000
15,035,000
1,500,000
0

610,000
1,000,000
2,000,000
7,000,000
1,000,000
11,000,000
1,250,000
12,250,000
110,000
565,000
16,035,000
1,500,000
0

607,000
1,500,000
2,000,000
6,300,000
1,800,000
11,600,000
1,250,000
12,850,000
110,000
598,000
16,665,000
1,500,000
0

Actual
N'000
24,409
629,558

2,670,000
80,000
600,000

PROFIT/(LOSS) ACCOUNT
FOR THE YEAR (PERIOD) ENDED 13-Sep-02

1
2
3
4

Interest Income
Interest Expense
Loan Loss Expense
NET INTEREST INCOME

FX Dealing Commission
COT & Other Commissions
Fees & Other Income
OTHER INCOME

NET EARNINGS

5
6
7

13

Staff Costs
Depreciation
Overhead Expenses
OPERATING EXPENSES

14

PROFIT/(LOSS) BEFORE TAX

15

GROSS EARNINGS

10
11
12

Actual
N'000
1,565,202
-892,435
-215,423
457,344

31-Mar-03
Budget
N'000
2,992,145
-1,735,741
-540,104
716,300

Scen I
Budget
N'000
2,427,134
-1,141,533
-500,000
785,600

Scen II
Budget
N'000
2,591,287
-1,255,687
-500,000
835,600

Scen III
Budget
N'000
2,696,303
-1,324,179
-500,000
872,124

0
39,276
48,107
87,383

72,000
98,600
428,700
599,300

110,000
430,000
540,000

120,000
430,000
550,000

120,000
430,000
550,000

544,727

1,315,600

1,325,600

1,385,600

1,422,124

-158,903
-32,165
-134,184
-325,252

-473,200
-72,000
-270,400
-815,600

-403,200
-72,000
-270,400
-745,600

-433,200
-72,000
-270,400
-775,600

-473,200
-72,000
-270,400
-815,600

219,475

500,000

580,000

610,000

606,524

1,652,585

3,591,445

2,967,134

3,141,287

3,246,303

KEY RATIOS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

Actual

Budget

Budget

Budget

Budget

31-Mar-02

31-Mar-03

Scen I

Scen II

Scen III

EARNINGS
Net Interest Margin
43.0%
Net Profit Ratio
13.3%
Loan Loss Expense/Interest Income
13.8%
Return on average assets (pre-tax)
3.1%
Return on average equity (pre-tax)
8.8%
Operating Expenses/Net Earnings
59.7%
Gross Earnings/Total assets & Contingents
10.4%
EARNINGS MIX
Net interest income
84.0%
All other income
16.0%
LIQUIDITY
Total loans & leases-net/Total lcy deposit
113.1%
Total loans & leases less net SH Fund/Total lcy deposit
93.7%
Liquid assets/Total lcy deposits
9.6%
Demand deposits/Total lcy deposits
10.3%
Time deposits/Total lcy deposits
56.3%
Inter-bank borrowings/Total lcy deposits
18.7%
Interest expense-banks/Interest expense
9.2%
ASSET QUALITY
Performing loans (N'000)
7,532,196
Non-performing loans (N'000)
1,120,000
Non-performing loans/Total loans-Gross
12.9%
Loan loss provision/Non-performing loans
47.9%
CAPITAL ADEQUACY
Adjusted Capital/Risk W. Assets
20.7%
Adjusted Capital/Total Loans
23.6%
OTHERS
Net earnings per staff (N'000)
5,630
Staff cost per employee (N'000)
1,642
Staff cost/Net Earnings
38.9%
Staff cost/Operating expenses
48.9%
Average number of employees
129
Number of branches
3
Statutory lending limit (N'000)
876,135

42.0%
13.9%
18.1%
2.9%
20.0%
62.0%
15.6%

53.0%
19.5%
20.6%
3.3%
23.2%
56.2%
17.9%

51.5%
19.4%
19.3%
3.9%
24.4%
56.0%
17.9%

50.9%
18.7%
18.5%
3.7%
24.3%
57.4%
17.9%

54.4%
45.6%

59.3%
40.7%

60.3%
39.7%

61.3%
38.7%

79.4%
67.2%
41.6%
16.0%
64.9%
3.8%
6.4%

75.0%
58.9%
45.8%
15.0%
65.0%
10.0%
9.7%

77.3%
62.6%
41.2%
18.2%
63.6%
9.1%
8.8%

90.5%
76.6%
27.2%
17.2%
54.3%
15.5%
8.4%

7,900,000
1,500,000
16.0%
62.6%

6,000,000
1,500,000
20.0%
60.7%

7,000,000
1,500,000
17.6%
62.6%

8,500,000
1,500,000
15.0%
62.6%

19.7%
24.0%

27.3%
33.3%

24.6%
29.4%

20.6%
23.8%

10,525
3,786
36.0%
58.0%
125
3
875,000

10,605
3,226
30.4%
54.1%
125
3
875,000

11,085
3,466
31.3%
55.9%
125
3
875,000

11,377
3,786
33.3%
58.0%
125
3
875,000

ISSUES ON BUDGET REVIEW

1
2
3
4

Comparison of Actual with current Budget

Net Loans are still running far ahead of budget
total lcy deposits are also still below budget
suffice to see that liquid assets are grossly below expectation
The impact on bottom line is also evident, also below budget - slightly

1
2
3
4

Scenario I assumptions
Scale total loans portfolio down from the current N11b to N8b
lines 10 & 11
Go for a liability mix as depicted (total of N10b instead of N13b budgeted) lines 25 - 28
Doing this may create savings of N70m on staff costs
Liquidity and other prudential ratios would be resolved

1
2
3
4

Scenario II assumptions
Scale total loans portfolio down from the current N11b to N9b
lines 10 & 11
Go for a liability mix as depicted (total of N11b instead of N13b budgeted) lines 25 - 28
Doing this may create savings of N40m on staff costs
Liquidity and other prudential ratios would be resolved

1
2
3
4
a
b

Scenario III assumptions

All figures are based on the balance Sheet as at 13 Sep 2002
Collect a total of N2b on exisiting loans
Lend only N1b of the N2b collected
Raise fresh deposits of N2b
Lend only Nb of the N2b fresh liability
Implications on performance
Liquidity and other prudential ratios would still falter [27%]
PBT increases to N606m

reference
line 15
line 29
line 5 & 6

ASSUMPTION UNDERLYING THE DRAFT BUDGET FOR FYE 2005

A

Interest Earning Assets

1 Existing Risk Assets 31-01-03 is N12b, out of which N4b are chronic & may not warrant interest income recognition.
2 Total on B/S risk assets Q1 shall be N10.2b (incr. Of N2.2b over exisitng performing accts.) with a 10% increment quartely at a spread of 2%p.a.
3 Term Loans would average N6.5b for entire CBD in Q1, with 10% quarterly growth from Q2 to Q4
4 Overdrafts would average N3.5b for entire CBD in Q1, with 10% quarterly growth from Q2 to Q4
5 Leases would average N200m entire CBD in Q1, with 10% quarterly growth from Q2 to Q4
6 BAs & CPs would be to the tune of N500m per quarter each earning a spread of 1% thereof.

Interest Bearing Liabilities

1 Existing lcy deposits (excl. IBB) 31-01-03 is N7.2b, Term constitutes N6.8b & Demand deposits N1.4b.
2 Total on B/S lcy deposit liabilities in Q1 shall be N9.7b with 10% increment quarterly and peak at N13.0b in Q4 earning a spread of 2%p.a, off pool.
3 Term Deposits would average N7.0b for entire CBD in Q1, with 10% quarterly growth from Q2 to Q4
4 Call Deposits would average N1.2b for entire CBD in Q1, with 10% quarterly growth from Q2 to Q4
5 Demand Deposits would average N1.5b for entire CBD in Q1, with 10% quarterly growth from Q2 to Q4 at a spread of 18%p.a., off the pool.
6 Revenue Collections would average N500m per quarter with 10% quarterly growth from Q2 to Q4 at a margin of 18%p.a.
7 BAs & CPs would be to the tune of N500m per quarter each earning a spread of 1% thereof.

Accounts Management
1 COT is estimated at N11.7b, i.e, full turnover of the quarterly loan portfolio & current account float at the rate of N2 per mille.
2 Management fee is estimated a the rate of 1% flat on the quarterly loan portfolio.
3 Fee Income on Bonds & Guarantees is estimated at the rate of 1% flat on N2b for Q1 with 10% quarterly increment over the remaining period.
4 FX trading income is premised on at quarterly budget of $90m ($3om monthly) at a 0.5% margin for Q1, with 10% quartely growth in volume over the rest of the period.
5 Naira Trading is based of a volume of N500m quarterly at a spread of 1% minimum
6 Tbills trading is based on a volume of N3.5m in Q1 (leveraged pry bills N1.5b, OBB N2.0b) at a margin of 1%, growing the volumes at 10% over the rest quarters.
7 DAS fees is based on $15m in Q1 at N128/$1 on a 0.5% margin, which is expected to grow at 10% over the remaining quarters.

Corporate Finance
1 Advisory commission/fees are expected at a minimum of N5m per quarter (although the stream may be different)
2 Issuing House fees are expected at a minimum of N5m per quarter
3 Issue proceeds & receiving bank float is estimated as follows: Q1-N2.0b, Q2-N1.0b, Q3-N2.0b & Q4-N1.0b at a spread of 18%p.a
4 Other consultancy charges are estimated at N0.5m per quarter

Trade Services
1 LC Commissions are forecast on a volume of $15m in Q1 at N128/$1 on a 1% commission, with 10% growth over the remaining quarters.
2 Bills for collection commissions are forecast on a volume of $3m in Q1 at N128/$1 on a 1% commission, with 10% growth over the remaining quarters.
3 Confirmation lines are forecast on a volume of $3m in Q1 at N128/$1 on a 1% commission, with 10% growth over the remaining quarters.
4 Invisibles are forecast on a volume of $1.5m in Q1 at N128/$1 on a 1% commission, with 10% growth over the remaining quarters.

Funding and Gapping

1 Treasury Bills holding of the bank are assumed at 10% of the quarterly total lcy deposit base of the bank in line with prudential requirements
2 The difference between the bank's shareholders' fund, non-earning assets and prudential Tbills holding will be available for placement with banks and discount

houses qualified for liquid assets in detemining he bank's liquidity ratio

G

Expenses
Staff, Overheads and depreciation are based on current pay and flexed for increases that can be induced by new hirings and planned expansion.
1

TOTAL BANK

1
2
3
4
5

INT. EARNING ASSETS

Term loan
Overdrafts
Leases
BAs Purchased
CPs Purchased

1
2
3
4
5
6

INT. BEARING LIABS.

Term Deposit
Call Deposit
Demand Deposit
Revenue Collection
BAs Bought
CPs Bought

1
2
3
4
5
6
7
8

ACCOUNTS MANAGEMENT
Commission on Turnover
Management Fees
Bonds & Guarantee
FX Trading
Naira Trading
TBs Trading - Pry Lev. Bills
TBs Trading - OBB
DAS Fee

1
2
3
4

CORPORATE FINANCE
Advisory Commission
Issuing /Mgt House Fees
Issue Proc/Rec. Bank Float
Performance Fee

Q1
N '000

VOLUMES
Q2
Q3
N '000
N '000

Q4
N '000

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Q1
%
1.00%
1.00%
2.00%
1.00%
1.00%

SPREADS
Q2
Q3
%
%
1.00%
1.00%
2.00%
1.00%
1.00%

1.00%
1.00%
2.00%
1.00%
1.00%

Q4
%

Q1
N '000

Q2
N '000

REVENUES
Q3
Q4
N '000
N '000

Total
N '000

1.00%
1.00%
2.00%
1.00%
1.00%

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0
0
0
0
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0
0
0
0
6,650
#REF!

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0
0
0
0
#REF!
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0
0
0
0
#REF!
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0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

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1.00% 1.00% 1.00% 1.00%

2.00% 2.00% 2.00% 2.00%
18.00% 18.00% 18.00% 18.00%
0 18.00% 18.00% 18.00% 18.00%
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1.00% 1.00% 1.00% 1.00%
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0
0
0
0
#REF!

0
0
0
0
2,660,000

0
0
0
0
#REF!

0
0
0
0
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0.10%
0.25%
0.25%
0.50%
1.00%
3.00%
0.25%
0.25%

0.10%
0.25%
0.25%
0.50%
1.00%
3.00%
0.25%
0.25%

0.10%
0.25%
0.25%
0.50%
1.00%
3.00%
0.25%
0.25%

0.10%
0.25%
0.25%
0.50%
1.00%
3.00%
0.25%
0.25%

0 18.00% 18.00% 18.00% 18.00%

0
0
0
0
#REF!
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0
0
0
0
0

2
VOLUMES
Q2
Q3
N '000
N '000

Q1
N '000
E
1
2
3
4
5
F
1
2
3
4
5
6
7

TRADE SERVICES
LC Commission
Bills for Collection
Confirmation Line
Invisibles
Others-Telexes etc.
FUNDING AND GAPPING
Treasury Bills -OBB's/AFS
IBB/IBP
Recoveries
Securitisation Expense
Capital
Non Earning Assets
Provisions

#REF!

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0

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Q4
N '000

#REF!
0

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Q1
%

#REF!
0

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0
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0.25%
1.00%
5.00%
1.00%

SPREADS
Q2
Q3
%
%
0.25%
1.00%
5.00%
1.00%

0.25%
1.00%
5.00%
1.00%

Q4
%

Q1
N '000

Q2
N '000

REVENUES
Q3
Q4
N '000
N '000

0.25%
1.00%
5.00%
1.00%

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0
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0
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0
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0
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0
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0
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0
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0
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0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

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0
0

0
0

0
0

0 14.00% 14.00% 14.00% 14.00%

0 17.00% 17.00% 17.00% 17.00%

0
0
0

0
0
0

0
0
0

0 20.00% 20.00% 20.00% 20.00%

0
0
#REF!
5.00% 5.00% 5.00% 5.00%

#REF!

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NET EARNINGS
G
1
2
3
4
5

EXPENSES
STAFF COSTS - DIRECT
OVERHEADS - DIRECT
STAFF COSTS - INDIRECT
OVERHEADS - INDIRECT
TRAINING

3,980
1,941
0
0
920
6,841

3,980
1,941

3,980
1,941

3,980
1,941

0
0

0
0

0
0

920
6,841

920
6,841

920
6,841

3,980
1,941
0
0
920
6,841

Profit Before Tax

Liquidity Ratio
Loans/Deposit Ratio

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3,980
1,941
0
0
920
6,841
#REF!

3,980
1,941
0
0
920
6,841
#REF!

Total
N '000

3,980
1,941
0
0
920
6,841
#REF!

#REF!
0
#REF!
#REF!
0
#REF!
0
0
0
0

15,920
7,764
0
0
3,680
27,364
#REF!

1
2
3
4
5
6
7
8

COMMERCIAL BANKING DIVISIONS' DRAFT BUDGET - FYE 2003/2004

VOLUMES
Q1
Q2
Q3
N '000
N '000
N '000
INT. EARNING ASSETS
Term loan
6,500,000
7,150,000
7,865,000
Overdrafts
3,500,000
3,850,000
4,235,000
Leases
200,000
220,000
242,000
BAs Purchased
500,000
550,000
605,000
CPs Purchased
500,000
550,000
605,000
11,200,000 12,320,000 13,552,000
INT. BEARING LIABS.
Term Deposit
7,000,000
7,700,000
8,470,000
Call Deposit
1,200,000
1,320,000
1,452,000
Demand Deposit
1,500,000
1,650,000
1,815,000
Revenue Collection
500,000
550,000
605,000
BAs Bought
500,000
550,000
605,000
CPs Bought
500,000
550,000
605,000
11,200,000 12,320,000 13,552,000
ACCOUNTS MANAGEMENT
Commission on Turnover
11,700,000 12,870,000 14,157,000
Management Fees
10,200,000 11,220,000 12,342,000
Bonds & Guarantee
2,000,000
2,200,000
2,420,000
FX Trading
11,520,000 12,672,000 13,939,200
Naira Trading
500,000
550,000
605,000
TBs Trading - Pry Lev. Bills
1,500,000
1,650,000
1,815,000
TBs Trading - OBB
2,000,000
2,200,000
2,420,000
DAS Fee
1,920,000
2,112,000
2,323,200

1
2
3
4

CORPORATE FINANCE
Advisory Commission
Issuing /Mgt House Fees
Issue Proc/Rec. Bank Float
Performance Fee

A
1
2
3
4
5
B
1
2
3
4
5
6
C

Q4
N '000

Q1
%

8,651,500
4,658,500
266,200
665,500
665,500
14,907,200

2.00%
2.00%
2.00%
1.00%
1.00%

SPREADS
Q2
Q3
%
%

REVENUES
Q3
Q4
N '000
N '000

Q2
N '000

Total
N '000

32,500
17,500
1,000
1,250
1,250
53,500

35,750
19,250
1,100
1,375
1,375
58,850

39,325
21,175
1,210
1,513
1,513
64,735

43,258
23,293
1,331
1,664
1,664
71,209

150,833
81,218
4,641
5,801
5,801
248,294

9,317,000
2.00% 2.00% 2.00% 2.00%
1,597,200
2.00% 2.00% 2.00% 2.00%
1,996,500 18.00% 18.00% 18.00% 18.00%
665,500 18.00% 18.00% 18.00% 18.00%
665,500
1.00% 1.00% 1.00% 1.00%
665,500
1.00% 1.00% 1.00% 1.00%
14,907,200

35,000
6,000
67,500
22,500
1,250
1,250
133,500

38,500
6,600
74,250
24,750
1,375
1,375
146,850

42,350
7,260
81,675
27,225
1,513
1,513
161,535

46,585
7,986
89,843
29,948
1,664
1,664
177,689

162,435
27,846
313,268
104,423
5,801
5,801
619,574

15,572,700
13,576,200
2,662,000
15,333,120
665,500
1,996,500
2,662,000
2,555,520

23,400
102,000
20,000
57,600
5,000
45,000
5,000
9,600
267,600

25,740
112,200
22,000
63,360
5,500
49,500
5,500
10,560
294,360

28,314
123,420
24,200
69,696
6,050
54,450
6,050
11,616
323,796

31,145
108,599
135,762
473,382
26,620
92,820
76,666
267,322
6,655
23,205
59,895
208,845
6,655
23,205
12,778
44,554
356,176 1,241,932

0.20%
1.00%
1.00%
0.50%
1.00%
3.00%
0.25%
0.50%

2.00%
2.00%
2.00%
1.00%
1.00%

Q1
N '000

2.00%
2.00%
2.00%
1.00%
1.00%

0.20%
1.00%
1.00%
0.50%
1.00%
3.00%
0.25%
0.50%

2.00%
2.00%
2.00%
1.00%
1.00%

Q4
%

0.20%
1.00%
1.00%
0.50%
1.00%
3.00%
0.25%
0.50%

0.20%
1.00%
1.00%
0.50%
1.00%
3.00%
0.25%
0.50%

0
4

1
2
3
4
5

TRADE SERVICES
LC Commission
Bills for Collection
Confirmation Line
Invisibles
Others-Telexes etc.

1
2
3
4
5
6
7

FUNDING AND GAPPING

Treasury Bills -OBB's/AFS
IBB/IBP
Recoveries
Securitisation Expense
Capital
Non Earning Assets
Provisions

Q1
N '000

VOLUMES
Q2
Q3
N '000
N '000

Q4
N '000

1,920,000
384,000
384,000
192,000

2,112,000
422,400
422,400
211,200

2,323,200
464,640
464,640
232,320

2,555,520
511,104
511,104
255,552

1.00%
1.00%
1.00%
1.00%

19,200
3,840
3,840
1,920
500
29,300

21,120
4,224
4,224
2,112
500
32,180

23,232
4,646
4,646
2,323
500
35,348

970,000
1,030,000

1,067,000
833,000

1,173,700
626,300

1,291,070 14.00% 14.00% 14.00% 14.00%

408,930 17.00% 17.00% 17.00% 17.00%

2,000,000
2,500,000
500,000
10,200,000

2,000,000
2,500,000
600,000
11,220,000

2,000,000
2,500,000
700,000
12,342,000

2,000,000 20.00% 20.00% 20.00% 20.00%

2,500,000
800,000
13,576,200
5.00% 5.00% 5.00% 5.00%

33,950
43,775
250,000
-100,000

37,345
35,403
250,000
-100,000

41,080
26,618
250,000
-100,000

45,187
157,562
17,380
123,175
250,000 1,000,000
-100,000 -400,000

-127,500
100,225

-140,250
82,498

-154,275
63,422

-169,703
42,864

584,125

614,738

648,836

-90,000
-60,000
0
0
-18,000
-168,000

-90,000
-60,000
0
0
-18,000
-168,000

-99,000
-66,000
0
0
-19,800
-184,800

416,125

446,738

464,036

Q1
%

1.00%
1.00%
1.00%
1.00%

SPREADS
Q2
Q3
%
%

1.00%
1.00%
1.00%
1.00%

1.00%
1.00%
1.00%
1.00%

Q4
%

Q1
N '000

NET EARNINGS
G
1
2
3
4
5

EXPENSES
STAFF COSTS - DIRECT
OVERHEADS - DIRECT
STAFF COSTS - INDIRECT
OVERHEADS - INDIRECT
DEPRECIATION

-90,000
-60,000
0
0
-18,000
-168,000

-90,000
-60,000

-18,000
-168,000

-99,000
-66,000
0
0
-19,800
-184,800

-99,000
-66,000
0
0
-19,800
-184,800

36%
105%

33%
105%

31%
105%

0
0

Profit Before Tax

Liquidity Ratio
Loans/Deposit Ratio

39%
105%

Q2
N '000

REVENUES
Q3
Q4
N '000
N '000

25,555
5,111
5,111
2,556
500
38,833

Total
N '000

89,107
17,821
17,821
8,911
2,000
135,661

-591,728
289,009

686,770 2,534,469
-99,000
-66,000
0
0
-19,800
-184,800

-378,000
-252,000
0
0
-75,600
-705,600

501,970 1,828,869

PBT SCENARIOS FOR YEAR END

1 SCENARIO I - BASED ON THE AVERAGE PERFORMANCE FOR 9 MONTHS FLEXED INTO FULL YEAR
2 SCENARIO II - BASED ON THE ASSUMPTION THAT THE AVG PERFORMANCE FOR THE LAST 3 MONTHS
WILL BE MAINTAINED INTO THE FULL YEAR
3 SCENARIO III - BASED ON THE CURRENT YEAR'S BUDGET FOR MANAGEMENT
4 SCENARIO IV - BASED ON THE CURRENT YEAR'S BUDGET TO THE BOARD
SCENARIOS

PROFITABILITY REPORT BY BUSINESS SEGMENT

S/N
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

STRATEGIC BUSINESS GROUPS

Treasury Services Group

Naira Dealing Unit:
Int. Income on Bank Plcmts & CPs
Int. Income on Credit Funding
Int. Income on Treasury Bills
Interest Expenses
=N= Dealing Contribution
FX Dealing Unit:
FX Dealing Commission
Treasury Marketing Unit
Int. Income on Credit Funding
Transfer Price refund
Other Income - BAs/CPs
Interest Expenses
TMU Contribution

TSG Contribution

TOTAL
=N='000

PROJ 31-03-04
=N='000

II

PROJ 31-03-05
=N='000

III

IV

BUDGET
=N='000

BUDGET
=N='000

(229,171)
1,023,578
88,459
882,866
(660,402)
222,464

(305,561)
1,364,771
117,945
1,177,155
(880,536)
296,619

(303,054)
1,358,527
132,746
1,188,219
(826,989)
361,230

190,000
586,500
(503,500)
83,000

222,455

296,607

270,000

360,000

1,417,828
(205,121)
2,333
(864,947)
350,093
795,013

1,890,438
(273,494)
3,111
(1,153,263)
466,791
1,060,017

1,980,432
(281,144)
2,333
(1,194,737)
506,884
1,138,114

396,500

2,496,000
200,000
(2,274,000)
422,000
865,000

(203,054)
1,458,527
160,000
1,415,473
(1,003,500)
411,973
360,000
2,296,000
(381,144)
10,000
(1,374,000)
550,856
1,322,829

SCENARIOS
I

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38

Corporate Banking Group

Credit & Marketing Dept.
Int. Income on Loans & Advances
Transfer Price refund
Management Fees
Commission On Turnover
Bonds & Guarantees Fees
Commission on L/Credits
Telex & Amendments Commission
Other Comm. (Bills,nvfx & invsb)
LESS:Interest Expenses
C & M Contribution
Transaction Banking Unit
Comm.-FGN-FIRS Agency
Interest Income:- FGN-FIRS
TB Contribution
Abuja Branch
Int. Income on Placements
Int. Income on Loans & Advances
Commissions
Fees & Other Income
Interest Expenses
ABJ Branch's Contribution
PortHarcourt Branch
Int. Income on Placements
Int. Income on Investment
Int. Income on Loans & Advances
Commissions
Fees & Other Income
Interest Expenses
PH Branch's Contribution
General
Disposal of Fixed Assets

CBG Contribution

II

III

IV

TOTAL
=N='000
1,281,188
205,121
18,715
59,496
22,699
66,212
3,305
5,923
1,662,659
(1,799,932)
(137,273)
=N='000
1,654
11,158
12,812
TOTAL
=N='000
235,228
310,781
20,542
14,626
581,177
(233,471)
347,706
=N='000
8,653
0
739,432
27,501
27,255
802,841
(618,765)
184,076

TOTAL
=N='000
1,708,251
273,494
24,953
79,328
30,265
88,283
4,407
7,897
2,216,878
(2,399,909)
(183,031)
=N='000
2,205
14,877
17,083
TOTAL
=N='000
313,637
414,375
27,389
19,501
774,903
(311,295)
463,608
=N='000
11,537
0
985,909
36,668
36,340
1,070,455
(825,020)
245,435

TOTAL
=N='000
1,676,602
281,144
29,421
75,634
30,750
91,427
4,170
6,602
2,195,750
(2,433,845)
(238,095)
=N='000
2,169
15,944
18,113
TOTAL
=N='000
325,667
458,846
25,361
22,855
832,729
(333,136)
499,593
=N='000
10,315
0
1,010,786
38,292
39,191
1,098,584
(884,916)
213,668

BUDGET
=N='000
2,223,000

(5,315)

(7,087)

(7,207)

15,000

15,000

1,382,043

463,280

402,006

536,008

486,072

117,500
83,900
73,000
80,817
9,475
12,971
2,600,663
(1,989,000)
611,663
=N='000
2,880
38,000
40,880
BUDGET
=N='000
997,500
70,000
14,500
55,000
1,137,000
(700,000)
437,000
=N='000

BUDGET
=N='000
1,776,602
381,144
35,000
83,900
50,000
101,427
9,475
8,000
2,445,548
(2,833,845)
(388,297)
=N='000
4,000
20,000
24,000
BUDGET
=N='000
425,000
508,843
30,000
35,000
998,843
(433,136)
565,707
=N='000

0
1,215,000
18,000
97,500
1,330,500
(1,053,000)
277,500

0
1,110,786
42,000
45,000
1,197,786
(950,916)
246,870

SCENARIOS
1
2
3
4
5
6

Private Banking Group

TOTAL
=N='000

II

III

TOTAL
=N='000

TOTAL
=N='000

BUDGET
=N='000

IV

Commissions & Fee Income

Interest Income on Deposits
Interest Expense on Deposits

591
115,490
82,453

788
153,987
109,937

976
226,638
163,400

0
0
0

BUDGET
=N='000
3,000
310,344
220,344

PBG Contribution

33,628

44,838

64,214

93,000

SCENARIOS
I

1
2
3
4
5
6

Investment Banking Group

Advisory Services
Stock Broking
Iss. House Fees (Fee + Int. income)
Investment Income/dividend

IBG Contribution

II

III

IV

=N='000
8,700
0
70,650
10,260

=N='000
11,600
0
94,200
13,680

=N='000
16,820
0
72,831
20,520

=N='000
27,950

=N='000
20,000

19,093
2,400

100,821
35,520

89,610

119,480

110,171

49,443

156,341

SCENARIOS
1
2
3
4

Asset Management Group

=N='000

II

III

IV

=N='000

=N='000

=N='000

=N='000

Asset Management Fees

Other Income

0
0

0
0

0
0

500

5,000

AMG Contribution

500

5,000

SCENARIOS
I

TOTAL SBGs CONTRIBUTION

1,320,257

1,760,343

II

III

1,798,572

2,296,986

IV

2,040,450

SCENARIOS
1
OPERATING EXPENSES
2 Staff Expenses
3 Depreciation
4 Overhead Expenses

5 Total Operating Expenses

PROFIT BEFORE TAX

II

326,751
42,803
194,487

435,668
57,071
259,316

433,436
58,143
264,915

483,100
72,000
238,000

483,100
72,000
285,350

564,041

752,055

756,494

793,100

840,450

756,216

1,008,288

1,042,078

III

1,503,886

IV

1,200,000