2005 bgt summ.xls

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FINANCIAL PROJECTIONS - BUDGET 2002/2003

BALANCE SHEET AS AT 13-Sep-02 31-Mar-03 Scen I Scen II Scen III

Actual Budget Budget Budget Budget

1ASSETS N'000 N'000 N'000 N'000 N'0002 Cash & Equivalents 24,409 40,000 40,000 40,000 40,000

3 Government Securities 629,558 3,400,000 3,500,000 3,500,000 2,630,0004 Placement With Discount Houses 870,000 500,000 500,000

5 LIQUID ASSETS 653,967 4,310,000 4,040,000 4,040,000 2,670,000

6 Balances With Nigerian Banks -471 310,000 80,000 80,000 80,000

7 Cash Reserve 470,344 800,000 600,000 600,000 600,000

8 Inter-bank Placements

9 Balances With Banks Outside Nigeria 1,308,738 2,730,000 1,500,000 1,500,000 1,500,000

10 BAs & CPs Bought 2,558,714 2,000,000 1,000,000 1,000,000 1,500,000

11 Direct Loans and Advances-Gross 8,522,610 9,200,000 7,000,000 8,000,000 9,500,000

12 Less: Cummulative Loan Loss Provision -597,141 -1,000,000 -1,000,000 -1,000,000 -1,000,000

13 Direct Loans and Advances-Net 10,484,183 10,200,000 7,000,000 8,000,000 10,000,000

14Advances Under Finance Lease-Net 129,586 200,000 500,000 500,000 500,000

15 TOTAL LOANS & LEASES-Net 10,613,769 10,400,000 7,500,000 8,500,000 10,500,000

16 Interest Receivable 130,222 150,000 110,000 110,000 110,000

17 Other Assets 357,819 400,000 320,000 320,000 320,000

18 Other Long Term Investments 284,550 300,000 285,000 285,000 285,000

19 Fixed Assets 397,915 600,000 600,000 600,000 600,000

20 TOTAL ASSETS 14,216,853 20,000,000 15,035,000 16,035,000 16,665,00021 CAPITAL AND LIABILITIES

22 Tier 1 Capital (Core Capital) 2,503,244 2,500,000 2,500,000 2,500,000 2,500,000

23 Deposit for Shares

24 Profit/(Loss) Account 219,476 500,000 580,000 610,000 607,000

25 BAs & CPs Sold 1,381,982 2,000,000 1,000,000 1,000,000 1,500,000

26 Demand Deposits 967,150 2,100,000 1,500,000 2,000,000 2,000,000

27 Time Deposits 5,277,302 8,500,000 6,500,000 7,000,000 6,300,000

28 Inter-Bank Takings 1,755,000 500,000 1,000,000 1,000,000 1,800,000

29 TOTAL DEPOSIT LIABILITIES-Lcy 9,381,434 13,100,000 10,000,000 11,000,000 11,600,000

30 Customers' foreign Currency Balances 1,299,236 2,500,000 1,250,000 1,250,000 1,250,000

31 TOTAL DEPOSIT LIABILITIES 10,680,670 15,600,000 11,250,000 12,250,000 12,850,000

32 Interest Payable 74 189 150 000 90 000 110 000 110 000

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32 Interest Payable 74 189 150 000 90 000 110 000 110 000

PROFIT/(LOSS) ACCOUNTFOR THE YEAR (PERIOD) ENDED 13-Sep-02 31-Mar-03 Scen I Scen II Scen III


N'000 N'000 N'000 N'000 N'000

1 Interest Income 1,565,202 2,992,145 2,427,134 2,591,287 2,696,303

2 Interest Expense -892,435 -1,735,741 -1,141,533 -1,255,687 -1,324,1793 Loan Loss Expense -215,423 -540,104 -500,000 -500,000 -500,000

4 NET INTEREST INCOME 457,344 716,300 785,600 835,600 872,124

5 FX Dealing Commission 0 72,000

6 COT & Other Commissions 39,276 98,600 110,000 120,000 120,000

7 Fees & Other Income 48,107 428,700 430,000 430,000 430,000

8 OTHER INCOME 87,383 599,300 540,000 550,000 550,000

9 NET EARNINGS 544,727 1,315,600 1,325,600 1,385,600 1,422,124

10 Staff Costs -158,903 -473,200 -403,200 -433,200 -473,200

11 Depreciation -32,165 -72,000 -72,000 -72,000 -72,000

12 Overhead Expenses -134,184 -270,400 -270,400 -270,400 -270,400

13 OPERATING EXPENSES -325,252 -815,600 -745,600 -775,600 -815,600

14 PROFIT/(LOSS) BEFORE TAX 219,475 500,000 580,000 610,000 606,524

15 GROSS EARNINGS 1,652,585 3,591,445 2,967,134 3,141,287 3,246,303

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KEY RATIOS 31-Mar-02 31-Mar-03 Scen I Scen II Scen IIIEARNINGS

1 Net Interest Margin 43.0% 42.0% 53.0% 51.5% 50.9%

2

Net Profit Ratio 13.3% 13.9% 19.5% 19.4% 18.7%3 Loan Loss Expense/Interest Income 13.8% 18.1% 20.6% 19.3% 18.5%

4 Return on average assets (pre-tax) 3.1% 2.9% 3.3% 3.9% 3.7%

5 Return on average equity (pre-tax) 8.8% 20.0% 23.2% 24.4% 24.3%

6 Operating Expenses/Net Earnings 59.7% 62.0% 56.2% 56.0% 57.4%

7 Gross Earnings/Total assets & Continge 10.4% 15.6% 17.9% 17.9% 17.9%

8 EARNINGS MIX

9 Net interest income 84.0% 54.4% 59.3% 60.3% 61.3%

10All other income 16.0% 45.6% 40.7% 39.7% 38.7%

11 LIQUIDITY12 Total loans & leases-net/Total lcy deposi 113.1% 79.4% 75.0% 77.3% 90.5%

13 Total loans & leases less net SH Fund/T 93.7% 67.2% 58.9% 62.6% 76.6%

14 Liquid assets/Total lcy deposits 9.6% 41.6% 45.8% 41.2% 27.2%

15 Demand deposits/Total lcy deposits 10.3% 16.0% 15.0% 18.2% 17.2%

16 Time deposits/Total lcy deposits 56.3% 64.9% 65.0% 63.6% 54.3%

17 Inter-bank borrowings/Total lcy deposits 18.7% 3.8% 10.0% 9.1% 15.5%

18 Interest expense-banks/Interest expense 9.2% 6.4% 9.7% 8.8% 8.4%

19 ASSET QUALITY

20 Performing loans (N'000) 7,532,196 7,900,000 6,000,000 7,000,000 8,500,000

21 Non-performing loans (N'000) 1,120,000 1,500,000 1,500,000 1,500,000 1,500,000

22 Non-performing loans/Total loans-Gross 12.9% 16.0% 20.0% 17.6% 15.0%

23 Loan loss provision/Non-performing loan 47.9% 62.6% 60.7% 62.6% 62.6%

24 CAPITAL ADEQUACY

25Adjusted Capital/Risk W. Assets 20.7% 19.7% 27.3% 24.6% 20.6%

26Adjusted Capital/Total Loans 23.6% 24.0% 33.3% 29.4% 23.8%

27 OTHERS

28 Net earnings per staff (N'000) 5,630 10,525 10,605 11,085 11,37729 Staff cost per employee (N'000) 1,642 3,786 3,226 3,466 3,786

30 Staff cost/Net Earnings 38.9% 36.0% 30.4% 31.3% 33.3%

31 Staff cost/Operating expenses 48.9% 58.0% 54.1% 55.9% 58.0%

A b f l 129 125 125 125 125

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ISSUES ON BUDGET REVIEW

Comparison of Actual with current Budget reference

1 Net Loans are still running far ahead of budget line 15

2 total lcy deposits are also still below budget line 29

3 suffice to see that liquid assets are grossly below expectation line 5 & 64 The impact on bottom line is also evident, also below budget - slightly

Scenario I assumptions

1 Scale total loans portfolio down from the current N11b to N8b lines 10 & 11

2 Go for a liability mix as depicted (total of N10b instead of N13b budgeted) lines 25 - 283 Doing this may create savings of N70m on staff costs

4 Liquidity and other prudential ratios would be resolved

Scenario II assumptions

1 Scale total loans portfolio down from the current N11b to N9b lines 10 & 11

2 Go for a liability mix as depicted (total of N11b instead of N13b budgeted) lines 25 - 28

3 Doing this may create savings of N40m on staff costs4 Liquidity and other prudential ratios would be resolved

Scenario III assumptions

All figures are based on the balance Sheet as at 13 Sep 2002

1 Collect a total of N2b on exisiting loans2 Lend only N1b of the N2b collected

3 Raise fresh deposits of N2b

4 Lend only Nb of the N2b fresh liability

Implications on performance

a Liquidity and other prudential ratios would still falter [27%]

b PBT increases to N606m

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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 Q44 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.

B 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 Q45 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.

C 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

5 Naira Trading is based of a volume of N500m quarterly at a spread of 1% minimum6 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 r

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.

D 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

E 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.

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TOTAL BANK

VOLUMES SPREADS

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

N '000 N '000 N '000 N '000 % % % % N '000 N '000

A INT. EARNING ASSETS

1 Term loan #REF! #REF! #REF! #REF! 1.00% 1.00% 1.00% 1.00% #REF! #REF

2 Overdrafts #REF! #REF! #REF! #REF! 1.00% 1.00% 1.00% 1.00% #REF! #REF3 Leases #REF! #REF! #REF! #REF! 2.00% 2.00% 2.00% 2.00% #REF! #REF

4 BAs Purchased #REF! #REF! #REF! #REF! 1.00% 1.00% 1.00% 1.00% #REF! #REF

5 CPs Purchased #REF! #REF! #REF! #REF! 1.00% 1.00% 1.00% 1.00% #REF! #REF

#REF! #REF! #REF! #REF! #REF! #REF

B INT. BEARING LIABS.

1 Term Deposit #REF! #REF! #REF! #REF! 1.00% 1.00% 1.00% 1.00% #REF! #REF

2 Call Deposit #REF! #REF! #REF! #REF! 2.00% 2.00% 2.00% 2.00% #REF! #REF

3 Demand Deposit #REF! #REF! #REF! #REF! 18.00% 18.00% 18.00% 18.00% #REF! #REF

4 Revenue Collection 0 0 0 0 18.00% 18.00% 18.00% 18.00% 0

5 BAs Bought #REF! #REF! #REF! #REF! 1.00% 1.00% 1.00% 1.00% #REF! #REF6 CPs Bought #REF! #REF! #REF! #REF! 1.00% 1.00% 1.00% 1.00% #REF! #REF

#REF! #REF! #REF! #REF! #REF! #REF

C ACCOUNTS MANAGEMENT

1 Commission on Turnover #REF! #REF! #REF! #REF! 0.10% 0.10% 0.10% 0.10% #REF! #RE

2 Management Fees #REF! #REF! #REF! #REF! 0.25% 0.25% 0.25% 0.25% #REF! #RE

3 Bonds & Guarantee #REF! #REF! #REF! #REF! 0.25% 0.25% 0.25% 0.25% #REF! #RE

4 FX Trading 0 0 0 0 0.50% 0.50% 0.50% 0.50% 0

5 Naira Trading 0 0 0 0 1.00% 1.00% 1.00% 1.00% 0

6 TBs Trading - Pry Lev. Bills 0 0 0 0 3.00% 3.00% 3.00% 3.00% 0

7 TBs Trading - OBB 0 0 0 0 0.25% 0.25% 0.25% 0.25% 08 DAS Fee #REF! 2,660,000 #REF! #REF! 0.25% 0.25% 0.25% 0.25% #REF! 6,6

#REF! #REF

D CORPORATE FINANCE

1 Advisory Commission 0

2 Issuing /Mgt House Fees 0

3 Issue Proc/Rec. Bank Float 0 0 0 0 18.00% 18.00% 18.00% 18.00% 0

4 Performance Fee 0

0 0 0 0 0

2

VOLUMES SPREADS

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

N '000 N '000 N '000 N '000 % % % % N '000 N '000

E TRADE SERVICES

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COMMERCIAL BANKING DIVISIONS' DRAFT BUDGET - FYE 2003/2004

VOLUMES SPREADS

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

N '000 N '000 N '000 N '000 % % % % N '000 N '000

A INT. EARNING ASSETS

1 Term loan 6,500,000 7,150,000 7,865,000 8,651,500 2.00% 2.00% 2.00% 2.00% 32,500 35,7

2 Overdrafts 3,500,000 3,850,000 4,235,000 4,658,500 2.00% 2.00% 2.00% 2.00% 17,500 19,2

3 Leases 200,000 220,000 242,000 266,200 2.00% 2.00% 2.00% 2.00% 1,000 1,14 BAs Purchased 500,000 550,000 605,000 665,500 1.00% 1.00% 1.00% 1.00% 1,250 1,3

5 CPs Purchased 500,000 550,000 605,000 665,500 1.00% 1.00% 1.00% 1.00% 1,250 1,3

11,200,000 12,320,000 13,552,000 14,907,200 53,500 58,8

B INT. BEARING LIABS.

1 Term Deposit 7,000,000 7,700,000 8,470,000 9,317,000 2.00% 2.00% 2.00% 2.00% 35,000 38,5

2 Call Deposit 1,200,000 1,320,000 1,452,000 1,597,200 2.00% 2.00% 2.00% 2.00% 6,000 6,6

3 Demand Deposit 1,500,000 1,650,000 1,815,000 1,996,500 18.00% 18.00% 18.00% 18.00% 67,500 74,2

4 Revenue Collection 500,000 550,000 605,000 665,500 18.00% 18.00% 18.00% 18.00% 22,500 24,7

5 BAs Bought 500,000 550,000 605,000 665,500 1.00% 1.00% 1.00% 1.00% 1,250 1,3

6 CPs Bought 500,000 550,000 605,000 665,500 1.00% 1.00% 1.00% 1.00% 1,250 1,311,200,000 12,320,000 13,552,000 14,907,200 133,500 146,8

C ACCOUNTS MANAGEMENT

1 Commission on Turnover 11,700,000 12,870,000 14,157,000 15,572,700 0.20% 0.20% 0.20% 0.20% 23,400 25,7

2 Management Fees 10,200,000 11,220,000 12,342,000 13,576,200 1.00% 1.00% 1.00% 1.00% 102,000 112,2

3 Bonds & Guarantee 2,000,000 2,200,000 2,420,000 2,662,000 1.00% 1.00% 1.00% 1.00% 20,000 22,0

4 FX Trading 11,520,000 12,672,000 13,939,200 15,333,120 0.50% 0.50% 0.50% 0.50% 57,600 63,3

5 Naira Trading 500,000 550,000 605,000 665,500 1.00% 1.00% 1.00% 1.00% 5,000 5,5

6 TBs Trading - Pry Lev. Bills 1,500,000 1,650,000 1,815,000 1,996,500 3.00% 3.00% 3.00% 3.00% 45,000 49,5

7 TBs Trading - OBB 2,000,000 2,200,000 2,420,000 2,662,000 0.25% 0.25% 0.25% 0.25% 5,000 5,5

8 DAS Fee 1,920,000 2,112,000 2,323,200 2,555,520 0.50% 0.50% 0.50% 0.50% 9,600 10,5267,600 294,3

D CORPORATE FINANCE

1 Advisory Commission

2 Issuing /Mgt House Fees

3 Issue Proc/Rec. Bank Float

4 Performance Fee

0 0 0 0 0

4

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VOLUMES SPREADS

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

N '000 N '000 N '000 N '000 % % % % N '000 N '00

E TRADE SERVICES

1 LC Commission 1,920,000 2,112,000 2,323,200 2,555,520 1.00% 1.00% 1.00% 1.00% 19,200 21,1

2 Bills for Collection 384,000 422,400 464,640 511,104 1.00% 1.00% 1.00% 1.00% 3,840 4,23 Confirmation Line 384,000 422,400 464,640 511,104 1.00% 1.00% 1.00% 1.00% 3,840 4,2

4 Invisibles 192,000 211,200 232,320 255,552 1.00% 1.00% 1.00% 1.00% 1,920 2,1

5 Others-Telexes etc. 500 5

29,300 32,1

F FUNDING AND GAPPING

1 Treasury Bills -OBB's/AFS 970,000 1,067,000 1,173,700 1,291,070 14.00% 14.00% 14.00% 14.00% 33,950 37,3

2 IBB/IBP 1,030,000 833,000 626,300 408,930 17.00% 17.00% 17.00% 17.00% 43,775 35,4

3 Recoveries 250,000 250,0

4 Securitisation Expense 2,000,000 2,000,000 2,000,000 2,000,000 20.00% 20.00% 20.00% 20.00% -100,000 -100,0

5 Capital 2,500,000 2,500,000 2,500,000 2,500,0006 Non Earning Assets 500,000 600,000 700,000 800,000

7 Provisions 10,200,000 11,220,000 12,342,000 13,576,200 5.00% 5.00% 5.00% 5.00% -127,500 -140,2

100,225 82,4

NET EARNINGS 584,125 614,7

G EXPENSES

1 STAFF COSTS - DIRECT -90,000 -90,000 -99,000 -99,000 -90,000 -90,0

2 OVERHEADS - DIRECT -60,000 -60,000 -66,000 -66,000 -60,000 -60,0

3 STAFF COSTS - INDIRECT 0 0 0 0 0

4 OVERHEADS - INDIRECT 0 0 0 0 05 DEPRECIATION -18,000 -18,000 -19,800 -19,800 -18,000 -18,0

-168,000 -168,000 -184,800 -184,800 -168,000 -168,0

Profit Before Tax 416,125 446,7

Liquidity Ratio 39% 36% 33% 31%

Loans/Deposit Ratio 105% 105% 105% 105%

5

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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 BOARDSCENARIOS

PROFITABILITY REPORT BY BUSINESS SEGMENT I II III IVS/N STRATEGIC BUSINESS GROUPS TOTAL PROJ 31-03-04 PROJ 31-03-05 BUDGET BUDGET

1 Treasury Services Group =N='000 =N='000 =N='000 =N='000 =N='000

2 Naira Dealing Unit:

3 Int. Income on Bank Plcmts & CPs (229,171) (305,561) (303,054) 396,500 (203,054)

4 Int. Income on Credit Funding 1,023,578 1,364,771 1,358,527 1,458,527

5 Int. Income on Treasury Bills 88,459 117,945 132,746 190,000 160,000

6 882,866 1,177,155 1,188,219 586,500 1,415,473

7 Interest Expenses (660,402) (880,536) (826,989) (503,500) (1,003,500)

8 =N= Dealing Contribution 222,464 296,619 361,230 83,000 411,973

9 FX Dealing Unit:

10 FX Dealing Commission 222,455 296,607 270,000 360,000 360,000

11 Treasury Marketing Unit

12 Int. Income on Credit Funding 1,417,828 1,890,438 1,980,432 2,496,000 2,296,000

13 Transfer Price refund (205,121) (273,494) (281,144) (381,144)

14 Other Income - BAs/CPs 2,333 3,111 2,333 200,000 10,000

15 Interest Expenses (864,947) (1,153,263) (1,194,737) (2,274,000) (1,374,000)

16 TMU Contribution 350,093 466,791 506,884 422,000 550,856

17 TSG Contribution 795,013 1,060,017 1,138,114 865,000 1,322,829

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SCENARIOS

I II III IV

1 Corporate Banking Group TOTAL TOTAL TOTAL BUDGET BUDGET

2 Credit & Marketing Dept. =N='000 =N='000 =N='000 =N='000 =N='000

3 Int. Income on Loans & Advances 1,281,188 1,708,251 1,676,602 2,223,000 1,776,602

4 Transfer Price refund 205,121 273,494 281,144 381,144

5 Management Fees 18,715 24,953 29,421 117,500 35,000

6 Commission On Turnover 59,496 79,328 75,634 83,900 83,9007 Bonds & Guarantees Fees 22,699 30,265 30,750 73,000 50,000

8 Commission on L/Credits 66,212 88,283 91,427 80,817 101,427

9 Telex & Amendments Commission 3,305 4,407 4,170 9,475 9,475

10 Other Comm. (Bills,nvfx & invsb) 5,923 7,897 6,602 12,971 8,000

11 1,662,659 2,216,878 2,195,750 2,600,663 2,445,548

12 LESS:Interest Expenses (1,799,932) (2,399,909) (2,433,845) (1,989,000) (2,833,845)

13 C & M Contribution (137,273) (183,031) (238,095) 611,663 (388,297)

14 Transaction Banking Unit =N='000 =N='000 =N='000 =N='000 =N='000

15 Comm.-FGN-FIRS Agency 1,654 2,205 2,169 2,880 4,000

16 Interest Income:- FGN-FIRS 11,158 14,877 15,944 38,000 20,000

17 TB Contribution 12,812 17,083 18,113 40,880 24,00018 TOTAL TOTAL TOTAL BUDGET BUDGET19 Abuja Branch =N='000 =N='000 =N='000 =N='000 =N='000

20 Int. Income on Placements 235,228 313,637 325,667 997,500 425,000

21 Int. Income on Loans & Advances 310,781 414,375 458,846 70,000 508,843

22 Commissions 20,542 27,389 25,361 14,500 30,000


24 581,177 774,903 832,729 1,137,000 998,843

25 Interest Expenses (233,471) (311,295) (333,136) (700,000) (433,136)

26 ABJ Branch's Contribution 347,706 463,608 499,593 437,000 565,707

27 PortHarcourt Branch =N='000 =N='000 =N='000 =N='000 =N='000

28 Int. Income on Placements 8,653 11,537 10,315

29 Int. Income on Investment 0 0 0 0 0

30 Int. Income on Loans & Advances 739,432 985,909 1,010,786 1,215,000 1,110,786

31 Commissions 27,501 36,668 38,292 18,000 42,000


33 802,841 1,070,455 1,098,584 1,330,500 1,197,786

34 Interest Expenses (618,765) (825,020) (884,916) (1,053,000) (950,916)

35PH Branch's Contribution 184,076 245,435 213,668 277,500 246,870

36 General

37 Disposal of Fixed Assets (5,315) (7,087) (7,207) 15,000 15,000

38 CBG Contribution 402,006 536,008 486,072 1,382,043 463,280

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SCENARIOS

I II III IV

1 Private Banking Group TOTAL TOTAL TOTAL BUDGET BUDGET

2 =N='000 =N='000 =N='000 =N='000 =N='000

3 Commissions & Fee Income 591 788 976 0 3,000

4 Interest Income on Deposits 115,490 153,987 226,638 0 310,344

5 Interest Expense on Deposits 82,453 109,937 163,400 0 220,344

6PBG Contribution 33,628 44,838 64,214 0 93,000

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SCENARIOS

I II III IV

1 Investment Banking Group =N='000 =N='000 =N='000 =N='000 =N='000

2 Advisory Services 8,700 11,600 16,820 27,950 20,000

3 Stock Broking 0 0 0

4 Iss. House Fees (Fee + Int. income) 70,650 94,200 72,831 19,093 100,821

5 Investment Income/dividend 10,260 13,680 20,520 2,400 35,520

6IBG Contribution 89,610 119,480 110,171 49,443 156,341

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SCENARIOS

I II III IV

1 Asset Management Group =N='000 =N='000 =N='000 =N='000 =N='000

2 Asset Management Fees 0 0 0 500 5,000

3 Other Income 0 0 0

4 AMG Contribution 0 0 0 500 5,000

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SCENARIOSI II III IV

TOTAL SBGs CONTRIBUTION 1,320,257 1,760,343 1,798,572 2,296,986 2,040,450SCENARIOS

I II III IV

1 OPERATING EXPENSES

2 Staff Expenses 326,751 435,668 433,436 483,100 483,100

3 Depreciation 42,803 57,071 58,143 72,000 72,000

4 Overhead Expenses 194,487 259,316 264,915 238,000 285,350

5 Total Operating Expenses 564,041 752,055 756,494 793,100 840,450

PROFIT BEFORE TAX 756,216 1,008,288 1,042,078 1,503,886 1,200,000

2005 bgt summ.xls

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