financial statements for the nine months ended 31...

76 77

Financial Statements for the nine months ended 31 December 2007

78 Auditor’sreport

80 Statementofdirectors’responsibilities

82 Statementofsignificantaccountingpolicies

88 Balancesheets

89 Profitandlossaccounts

90 Cashflowstatements

92 Notestothecashflowstatements

93 Notestothefinancialstatements

116 Statementofvalueadded

118 Fiveyearfinancialsummary

122 Branchnetwork

78 79

Accordingly,thegoodwillofN36.83billionwassetoffagainstthespecialreserveaccountratherthanamortisedthroughthe

profitandlossaccount.Section21(2)ofSchedule2oftheCompaniesandAlliedMattersAct2004requiresthatgoodwill

shallbereducedbyprovisionsforamortisationcalculatedtowriteoffthatamount.Hadthebankamortisedgoodwillthrough

theprofitandlossaccount,thereportedprofitbeforetaxfortheperiodended31December2007ofN8.80billionwould

havebeenadjustedtoalossofN28.03billion.ThegoodwillofN9.75billionthatarosefromtheBanks’acquisitionsinthe

yearended31March2006wastreatedinasimilarmanner.

Qualified opinion

Inouropinion,exceptfortheeffectsofthematterdescribedinthebasisofqualifiedopinionparagraph,thefinancial

statementsgiveatrueandfairviewofthestateofthefinancialaffairsoftheBankandtheGroupasof31December2007

andofitsprofitandcashflowsfortheperiodthenendedinaccordancewithNigerianStatementsofAccountingStandards,

theCompaniesandAlliedMattersAct1990andtheBanksandOtherFinancialInstitutionsAct1991.

Report on other legal requirements

TheCompaniesandAlliedMattersAct1990andtheBanksandOtherFinancialInstitutionsAct1991requirethatincarrying

outourauditweconsiderandreporttoyouonthefollowingmatters.

Weconfirmthat:

i) wehaveobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessary

forthepurposesofouraudit;

ii) inouropinionproperbooksofaccounthavebeenkeptbythecompany,sofarasappearsfromourexaminationof

thosebooks;

iii) theBank’sbalancesheetandprofitandlossaccountareinagreementwiththebooksofaccount;

iv) ourexaminationofloansandadvanceswascarriedoutinaccordancewithPrudentialGuidelinesforlicensedBanks

issuedbytheCentralBankofNigeria;

v) relatedpartytransactionsandbalancesaredisclosedinNote30tothefinancialstatementsinaccordancewith

CentralBankofNigeriacircularBSD/1/2004;

vi) tothebestofourinformation,theBankhasnotcontravenedanyprovisionsoftheBanksandOtherFinancialInstitutions

Act1991duringtheperiodasmentionedinNote31tothefinancialstatements;

vii) tothebestofourinformation,theBankhascompliedwiththerequirementsoftherelevantcircularsissuedbythe

CentralBankofNigeriaduringtheperiod.

CharteredAccountants

5March2008

Lagos,Nigeria

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF STANBIC IBTC BANk PLC

Report on the consolidated financial statements

WehaveauditedtheaccompanyingfinancialstatementsofStanbicIBTCBankPlc(“theBank”)anditssubsidiaries(together,

“theGroup”)whichcomprisetheconsolidatedbalancesheetsasof31December2007andtheconsolidatedprofitandloss

accountsandconsolidatedcashflowstatementsfortheperiodthenendedandasummaryofsignificantaccountingpolicies

andotherexplanatorynotes.

Directors’ responsibility for the financial statements

TheDirectorsareresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewith

NigerianStatementsofAccountingStandardsandwiththerequirementsoftheCompaniesandAlliedMattersAct2004and

theBanksandOtherFinancialInstitutionsAct1991.Thisresponsibilityincludesdesigning,implementingandmaintaining

internalcontrolrelevanttothepreparationandfairpresentationoffinancialstatementsthatarefreefrommaterial

misstatement,whetherduetofraudorerror;selectingandapplyingappropriateaccountingpolicies;andmaking

accountingestimatesthatarereasonableinthecircumstances.

Auditor's responsibility

Ourresponsibilityistoexpressanindependentopiniononthefinancialstatementsbasedonouraudit.Weconducted

ourauditinaccordancewithInternationalStandardsonAuditing.Thosestandardsrequirethatwecomplywithethical

requirementsandplanandperformouraudittoobtainreasonableassurancethatthefinancialstatementsarefreefrom

materialmisstatement.

Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancial

statements.Theproceduresselecteddependontheauditor’sjudgement,includingtheassessmentoftherisksofmaterial

misstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditor

considersinternalcontrolrelevanttotheentity’spreparationandfairpresentationofthefinancialstatementsinorderto

designauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopiniononthe

effectivenessofthecompany’sinternalcontrol.Anauditalsoincludesevaluatingtheappropriatenessofaccountingpolicies

usedandthereasonablenessofaccountingestimatesmadebythedirectors,aswellasevaluatingtheoverallpresentationof

thefinancialstatements.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Basis of qualified opinion

AsdisclosedinNote25tothefinancialstatements,theBankobtainedtheapprovalofshareholdersatanExtraordinary

GeneralMeetingandthesanctionoftheFederalHighCourttocreateaspecialreservefromthebalanceofitssharepremium

accountforthepurposeofwritingoffgoodwillof N36.83billionthatarosefromitsacquisitionofStanbicBankNigeria

Limitedduringtheperiod.

Auditor’sreport

80 81

TheCompaniesandAlliedMattersAct1990andtheBanksandOtherFinancialInstitutionsAct1991,requirethedirectors

topreparefinancialstatementsforeachfinancialperiodthatgiveatrueandfairviewofthestateoffinancialaffairsofthe

groupattheendoftheperiodandofitsprofitorloss.Theresponsibilitiesincludeensuringthatthegroup:

a) keepsproperaccountingrecordsthatdisclose,withreasonableaccuracy,thefinancialpositionofthecompany

andcomplywiththerequirementsoftheCompaniesandAlliedMattersAct1990andtheBanksandOtherFinancial

InstitutionsAct1991;

b) establishesadequateinternalcontrolstosafeguarditsassetsandtopreventanddetectfraudandotherirregularities;and

c) preparesitsfinancialstatementsusingsuitableaccountingpoliciessupportedbyreasonableandprudentjudgements

andestimates,andareconsistentlyapplied

Thedirectorsacceptresponsibilityforthefinancialstatements,whichhavebeenpreparedusingappropriateaccounting

policiessupportedbyreasonableandprudentjudgementsandestimates,inconformitywith:

*NigerianAccountingStandards;

*Prudentialguidelinesforlicensedbanks;

*relevantcircularsissuedbytheCentralBankofNigeria;

*therequirementsoftheBanksandOtherFinancialInstitutionsActof1991;and

*therequirementsoftheCompaniesandAlliedMattersAct1990.

Thedirectorsareoftheopinionthatthefinancialstatementsgiveatrueandfairviewofthestateofthefinancialaffairsof

thegroupandofitsprofitorloss.Thedirectorsfurtheracceptresponsibilityforthemaintenanceofaccountingrecordsthat

mayberelieduponinthepreparationoffinancialstatements,aswellasadequatesystemsofinternalfinancialcontrol.

Nothinghascometotheattentionofthedirectorstoindicatethatthebankanditssubsidiarieswillnotremainagoing

concernforatleasttwelvemonthsfromthedateofthisstatement.

Statementofdirectors’responsibilities

82 83

E. Fees and commission

Feesandcommissionaregenerallyrecognisedonanaccrualbasiswhentheservicehasbeenprovided.Loancommitment

feesforloansthatarelikelytobedrawndownaredeferred(togetherwithrelateddirectcosts)andrecognisedatthetime

ofdrawdowninlinewiththecreditrelatedfeeincomerecognitionpolicy.Commissionsandfeesarisingfromnegotiating,

orparticipatinginthenegotiationofatransactionforathirdpartysuchasestablishinglettersofcredit,arrangementofthe

acquisitionofsharesorothersecuritiesorthepurchaseorsaleofbusinessarerecognisedoncompletionoftheunderlying

transaction.Portfolioandothermanagementadvisoryandservicesfeesarerecognisedbasedontheapplicableservice

contracts,usuallyonatimeappointmentbasis.Assetmanagementfeesrelatedtoinvestmentfundsarerecognisedratebly

overtheperiodtheserviceisprovided.

F. Foreign currency transactions

TransactionsdenominatedinforeigncurrencyareconvertedintoNairaattherateofexchangerulingatthedateofthe

transaction.Foreigncurrencybalancesaretranslatedattherateofexchangeprevailingatthebalancesheetdateor,where

appropriate,attherelatedforwardexchangerate.Exchangedifferencesareincludedintheprofitandlossaccountinthe

periodinwhichtheyarise.

G. Provision against credit risk

ProvisionismadeinaccordancewiththeStatementofAccountingStandardforBanksandNon-BankFinancialInstitutions,

(SAS10)issuedbytheNigerianAccountingStandardsBoard,andPrudentialGuidelinesissuedbytheCentralBankofNigeria.

Foreachaccountthatisnotperforminginaccordancewiththetermsoftherelatedfacility,provision

ismadeasfollows:

Whenaloanisdeemeduncollectible,itiswrittenoffagainsttherelatedprovisionforimpairments.Subsequentrecoveries

arecreditedtotheprovisionforloanlossesintheprofitandlossaccount.Iftheamountoftheimpairmentsubsequently

decreasesduetoaneventoccurringafterthewrite-down,thereleaseoftheprovisioniscreditedasareductionofthe

provisionforimpairmentintheprofitandlossaccount.

Aminimumof1%generalprovisionismadeforallperformingaccounts,torecogniselossesinrespectofrisksinherentin

anycreditportfolio.

Whenaloanisdeemeduncollectible,itiswrittenoffagainsttherelatedprovisionforimpairments.Subsequentrecoveries

arecreditedtotheprovisionforloanlossesintheprofitandlossaccount.Iftheamountoftheimpairmentsubsequently

decreasesduetoaneventoccurringafterthewrite-down,thereleaseoftheprovisioniscreditedasareductionofthe

provisionforimpairmentintheprofitandlossaccount.

Aminimumof1%generalprovisionismadeforallperformingaccounts,torecogniselossesinrespectofrisksinherentin

anycreditportfolio.

Theprincipalaccountingpoliciesadoptedinthepreparationofthesefinancialstatementsaresetoutbelow:

A. Basis of preparation

ThefinancialstatementsarepreparedincompliancewithNigerianStatementsofAccountingStandards(SAS)issuedby

theNigerianAccountingStandardsBoard(NASB).Thefinancialstatementsarepresentedinthefunctionalcurrency,

NigerianNaira(N),roundedtothenearestthousand,andpreparedunderthehistoricalcostconventionasmodifiedbythe

revaluationofcertainshortterminvestments,property,plantandequipment.Thepreparationoffinancialstatementsin

conformitywithGenerallyAcceptedAccountingPrinciplesrequirestheuseofestimatesandassumptionsthataffectthe

reportedamountsofassetsandliabilities,anddisclosureofcontingentassetsandliabilitiesatthedateofthefinancial

statementsandthereportedamountsofrevenuesandexpensesduringthereportingperiod.Althoughtheseestimates

arebasedonthedirectors’bestknowledgeofcurrenteventsandactions,actualresultsmaydifferfromthoseestimates.

B. Basis of consolidation

Subsidiaryundertakings,whicharethosecompaniesinwhichthegroup,directlyorindirectly,hasinterestofmorethanhalf

thevotingrightsorotherwisehaspowertocontrol,havebeenconsolidated;withtheexceptionofthosewhosebusinesses

areconsideredinsignificantandthereforereportedasinvestments.Allintercompanytransactions,balancesandunrealised

surplusesanddeficitsontransactionsbetweengroupcompanieshavebeeneliminated.Wherenecessary,accountingpolicies

forsubsidiarieshavebeenchangedtoensureconsistencywiththepoliciesadoptedbythegroup.

Thepurchasemethodofaccountingisusedtoaccountfortheacquisitionofsubsidiariesandotherentitiesbythegroup.

Thecostofanacquisitionismeasuredasthefairvalueoftheassetsgiven,equityinstrumentsissuedandliabilitiesincurredor

assumedatthedateofexchange,pluscostsdirectlyattributabletotheacquisition.Identifiableassetsacquired,liabilitiesand

contingentliabilitiesassumedinabusinesscombinationaremeasuredattheirfairvaluesattheacquisitiondate,irrespective

oftheextentofanyminorityinterest.Theexcessofthecostofacquisitionoverthefairvalueofthegroup’sshareofthe

identifiablenetassetsacquiredisrecordedasgoodwill.Ifthecostofacquisitionislessthanthefairvalueofthenetassets

oftheentitiesacquired,thedifferenceisrecogniseddirectlyintheprofitandlossaccount.

C. Goodwill

Goodwillarisingonanacquisitioniswrittenoffagainstaspecialreservecreatedfromsharepremiumarisingfromthe

acquisition.Wheretheacquisitionissettledbytheissueofsharesatapremium,anamountequaltothegoodwillis

transferredtoaspecialreservefromthesharepremiumarisingfromtheshareissue.

D. Recognition of interest income and expenses

i) Interestincomeandexpensearerecognisedintheprofitandlossaccountforallinterestbearinginstrumentsonan

accrualbasisusingtheeffectiveyieldmethodbasedontheoutstandingprincipal,exceptforinterestincomeoverdue

formorethan90days,whichissuspendedandrecognisedonlytotheextentthatcashisreceived.Creditrelatedfee

incomewherematerialisamortisedoverthelifeofthefacility.Otherfeeincomeisrecognisedwhentheservice

iscompleted.

ii) Incomeaccruingonadvancesunderfinanceleaseisamortisedovertheleaseperiodtoachieveaconstantrateofreturn

ontheoutstandingnetinvestment.Rentalincomeonequipmentleasedtocustomersisrecognisedonastraightline

basisovertheleaseterm.

iii) Incomeearnedonbondsandguaranteesarerecordedascommissionsintheperiodinwhichtheyoccur.

Statementofsignificantaccountingpolicies

Minimum

Interestand/orPrincipaloutstandingforover: Classification Provision

90daysbutlessthan180days Substandard 10%

180daysbutlessthan360days Doubtful 50%

Over360days Lost 100%

84 85

H. Finance leases

Investmentsunderfinancialleasearrangementsarerecordedasreceivablesatanamountequaltothenetinvestmentinthe

leasei.e.thepresentvalueoftheleasepayments.Thedifferencebetweenthegrossreceivableandthepresentvalueof

thereceivableisrecognisedasunearnedincome.Incomeaccruingontheleaseisamortisedovertheleaseperiodonabasis

reflectingaconstantperiodicrateofreturnontheoutstandingnetinvestment.

I. Investment securities

Investmentsecuritiesareclassifiedasshorttermandlongtermsecurities.Debtandequitysecuritiesintendedtobeheldfor

aperiodnotexceedingoneyearareclassifiedasshortterminvestments.Investmentsecuritiesintendedtobeheldforan

indefiniteperiodoftime,oruntilmaturity,andwhichmaybesoldinresponsetoneedsforliquidityorchangeinmarketrates,

exchangeratesorequitypricesareclassifiedaslongterminvestments.

Shortterminvestmentsheldbythebankarestatedatnetrealisablevalue.Unrealisedlossesarechargedtotheprofitand

lossaccount.Unrealisedgainsareincludedintherevaluationreserveaccount.Realisedgainsandlossesondisposalofshort

terminvestmentsarechargedtotheprofitandlossaccountfortheperiodofdisposal.

Shortterminvestmentsheldbysubsidiariesengagedinpensionfundadministrationarestatedatlowerofcostandnet

realisablevalue.Shortterminvestmentsheldbysubsidiariesengagedinstockbrokingactivitiesareheldatmarketvalue.

Shortterminvestmentsheldbyothersubsidiariesarestatedatlowerofcostandmarketvalue.Unrealisedlossesarecharged

totheprofitandlossaccount.Realisedgainsandlossesondisposalofshortterminvestmentsarechargedtotheprofitand

lossaccountfortheperiodofdisposal.

Longterminvestmentsecuritiesheldbythebankarestatedatlowerofcostandnetrealisablevalue.Unrealisedlossesare

chargedtotheprofitandlossaccount.Unrealisedgainsareincludedintherevaluationreserveaccount.Realisedgainsand

lossesondisposalofshortterminvestmentsarechargedtotheprofitandlossaccountfortheperiodofdisposal.

Longtermsecuritiesheldbysubsidiariesthatareengagedinstockbrokingactivitiesandpensionfundadministrationare

statedatcostwhilelongterminvestmentsheldbyothersubsidiariesarestatedatrevaluedamounts.Realisedgainsand

lossesfromtradinginlongtermsecuritiesarereportedinnettradingincome.Unrealisedgainsareincludedintherevaluation

reserveaccount.Unrealisedlossesaretakentotherevaluationreserveaccounttotheextentthatapreviousgainisoffset.

Otherwise,unrealisedlossesareincludedinnettradingincome.Interestearnedwhilstholdinglongtermsecuritiesis

reportedasinterestincome,whiledividendreceivedisreportedasdividendincome.

J. Investment properties

Investmentinrealestateisstatedatmarketvalueandrevaluedeverythreeyears.Revaluationlossesarechargedtothe

profitandlossaccount,whilerevaluationgainsaretakentotheprofitandlossaccounttotheextentthatapreviousloss

isoffset.Otherwise,revaluationgainsareincludedintherevaluationreserve.

k. Dealing securities

Dealingsecuritiesarestatedattheirmarketprices.Allgainsandlossesrealisedandunrealisedfromtradingindealing

securitiesarereportedintradingincome.Interestearnedwhilstholdingdealingsecuritiesisreportedastradingincome.

L. Investment in subsidiaries

Investmentsinsubsidiariesarecarriedinthebank’sbalancesheetatcostlessprovisionsforimpairmentlosses.Where,inthe

opinionofthedirectors,therehasbeenimpairmentinthevalueofaninvestment,thelossisrecognisedasanexpenseinthe

periodinwhichtheimpairmentisidentified.Ondisposalofaninvestment,thedifferencebetweenthenetdisposalproceeds

andthecarryingamountischargedtotheprofitandlossaccount.

M. Operating leases

Leasesinwhichasignificantportionoftherisksandrewardsofownershipareretainedbythebankareclassifiedasoperating

leases,andaccountedforbythebankasanitemoffixedassets.Thedepreciationoftheseassetsisonthebasisofthebank’s

normaldepreciationpolicyforthevariousclassesofassetsleasedout.Theperiodicleaserentalsreceivablearetreatedas

rentalincomeintheincomestatementduringtheperiodtheyoccur;whileinitialdirectcostsincurredarewrittenofftothe

incomestatementintheperiodincurred.

N. DividendProposeddividendsonordinarysharesaredisclosedasnotetothefinancialstatementsintheperiodinwhichtheyare

proposedbythedirectors,amountsratifiedfordividendpaymentbytheshareholdersarerecognisedasachargeagainst

thedistributablereserveintheperiodinwhichthepaymentbecomeobligatory.

O. Fixed assets

Allcategoriesoffixedassetsareinitiallyrecordedathistoricalcostlessdepreciation.Subsequentcostsareincludedinthe

assets’carryingamountorrecognisedasaseparateasset,asappropriate,onlywhenitisprobablethatfutureeconomic

benefitsassociatedwiththeitemflowtothecompany,andthecostoftheitemcanbemeasuredreliably.Allotherrepairs

andmaintenancearechargedtotheprofitandlossaccountduringthefinancialperiodinwhichtheyareincurred.

Fixedassetsareperiodicallyreviewedforimpairment.Wherethecarryingamountofanassetisgreaterthanitsestimated

recoverableamount,itiswrittendownimmediatelytoitsrecoverableamount.Therecoverableamountisthehigherofan

asset’sfairvaluelesscoststosellandvalueinuse.Gainsandlossesondisposaloffixedassetsaredeterminedbyreference

totheircarryingamountsandaretakenintoaccountindeterminingoperatingprofit.Ondisposalofrevaluedassets,amounts

intherevaluationsurplusrelatingtothatassetaretransferredtoretainedearnings.

P. Depreciation

Depreciationiscalculatedonastraightlinebasistowrite-offfixedassetsandequipmentonleaseovertheirestimated

usefullife.

Thebasisofcalculationforeachclassofassetaresetoutbelow:


Leaseholdland OverthelifeoftheleaseBuilding 25yrsMotorvehicles 4yrsFurniture,fittings&equipment 4yrsComputerequipment&software 3yrsLeaseholdassets,machinery&equipment Overthelifeofthelease

86 87


Q. Income tax

Incometaxexpenseistheaggregateofthechargestotheprofitandlossaccountinrespectofcurrentincometax,education

taxanddeferredincometax.

Currentincometaxistheamountofincometaxpayableonthetaxableprofitfortheperioddeterminedinaccordancewith

theCompanyIncomeTaxAct(CITA).Educationtaxisassessedat2%ofthechargeableprofits.Deferredincometaxis

providedinfullusingtheliabilitymethodonalltemporarydifferencesarisingbetweenthetaxbasesofassetsandliabilities

andtheircarryingvaluesforfinancialreportingpurposes.Deferredincometaxisdeterminedusingtaxratesenactedor

substantiallyenactedatthebalancesheetdateandareexpectedtoapplywhenthedeferredincometaxliabilityissettled.

Deferredincometaxassetsarerecognisedonlytotheextentthatitisprobablethatfuturetaxableprofitswillbeavailable

againstwhichthetemporarydifferencecanbeutilised.

R. Retirement benefitsThegroupoperatesadefinedcontributionpensionschemeinlinewiththeprovisionsofthePensionReformAct2004,with

contributionsbasedonthesumthatconsistsofemployeesbasicsalary,housingandtransportallowanceintheratio7.5%

bytheemployeeand7.5%bytheemployer.

Forcertaincategoriesofemployeesthegroupalsocontributes5%ofthesumthatconsistsofemployeesbasicsalary,housing

andtransportallowancetowardsanEndofServiceBenefitScheme.

Thegroup’scontributionstotheseschemesarechargedtotheprofitandlossaccountintheperiodtowhichtheyrelate,

andtheschemes’assetsaregenerallyheldbypensionfundadministratorsonbehalfofthebeneficiarystaff.

S. Off-balance sheet engagements

Off-balancesheetengagementscomprisedirectcreditsubstitutesandtransactionrelatedcontingenciessuchasguarantees,

acceptances,bidbondsandperformanceguarantees,whichthebankisapartytoinitsnormalcourseofbusiness.Income

earnedfromoff-balancesheetengagementsarerecognisedascommissionsintheperiodinwhichtheyoccur.

T. Fiduciary activities

Wherethegroupactsinafiduciarycapacitysuchasanomineeoragent,assetsandliabilitiesarisingtherefromtogether

withtherelatedundertakingstoreturnsuchassetstothecustomersareexcludedfromthefinancialstatements.

U. Comparatives

Wherenecessary,comparativefigureshavebeenadjustedtoconformwithchangesinpresentationinthecurrentyear.

Therearenochangesinaccountingpolicythataffectoperatingprofit.

88 89

Profitandlossaccounts

9 months ended 12 months ended 31 December 2007 31 March 2007

Group Bank Group Bank

N’000 N’000 N’000 N’000

Note

Netoperatingincome 2 22,618,769 18,872,568 15,877,304 12,990,610

Operatingexpenses 5 (9,582,958) (8,032,481) (7,268,613) (5,819,814)

Provisionforlosses 16 (2,043,683) (2,043,683) (1,173,809) (986,064)

Profit before taxation 10,992,128 8,796,404 7,434,882 6,184,732

Taxation 6 (3,142,280) (1,854,639) (1,672,741) (822,032)

Profit after taxation 7,849,848 6,941,765 5,762,141 5,362,700

Minorityinterest 26 (265,024) - (57,732) -

Profit after taxation and minority interest 7,584,824 6,941,765 5,704,409 5,362,700

APPROPRIATIONS:

For future growth:

Transfertostatutoryreserve 25 2,162,399 2,082,530 1,626,851 1,608,810

Transfertoretainedearnings 25 5,422,425 4,859,235 4,077,558 3,753,890

7,584,824 6,941,765 5,704,409 5,362,700

Earningspershare(actual) 9 42k 37k 46k 43k

Earningspershare(basic) 9 71k 63k 47k 44k

Earningspershare(adjusted) 9 42k 37k 31k 29k

Earningspershare(diluted) 9 42k 37k 46k 43k

Theboardofdirectorshasproposedadividendof25kobopershare(March2007:30kobopershare)ontheissuedsharecapitalof18.75billion

ordinarysharesof50koboeachsubjecttotheapprovalbytheshareholdersatthenextannualgeneralmeeting.

Theaccountingpoliciesonpages82to87andthenotesonpages92to121formanintegralpartofthesefinancialstatements.



N’000 N’000 N’000 N’000

Note

ASSETS

Cashandshorttermfunds 10 13,037,811 13,035,852 10,831,864 10,831,345

Duefromotherbanks 11 79,578,685 71,800,274 46,873,035 46,090,030

Treasurybills 12 47,562,687 47,562,687 13,955,885 13,955,885

Investments 13 73,050,364 68,727,240 32,993,307 29,297,783

Loansandadvances 14 79,464,605 79,635,690 36,606,845 35,590,358

Advancesunderfinanceleases 17 1,644,096 1,644,096 313,960 313,960

Otherassets 18 11,761,803 13,423,728 3,014,009 4,876,533

Equipmentonlease 19 345,381 345,381 484,062 484,062

Fixedassets 20 8,661,669 8,345,046 6,217,470 5,958,062

315,107,101 304,519,994 151,290,437 147,398,018

Financedby:

LIABILITIES

Deposits,currentandotheraccounts 21 71,390,744 72,455,223 68,031,030 72,896,047

Duetootherbanks 11b 67,298,123 66,851,937 5,840,078 5,840,015

Taxationpayable 6 5,640,502 3,612,948 2,212,558 1,334,981

Otherliabilities 22 66,784,442 61,593,834 27,438,315 22,478,519

Deferredtaxation 7 441,654 51,107 780,262 382,142

Longtermloans 23 27,533,212 27,533,212 5,608,852 5,608,852

239,088,677 232,098,261 109,911,095 108,540,556

EQUITY

Sharecapital 24 9,375,000 9,375,000 6,250,000 6,250,000

Reserves 25 66,188,215 63,046,733 34,945,220 32,607,462

Ordinaryshareholders’funds 75,563,215 72,421,733 41,195,220 38,857,462

Minorityinterest 26 455,209 - 184,122 -

LIABILITIES,EQUITYANDMINORITYINTEREST 315,107,101 304,519,994 151,290,437 147,398,018

ACCEPTANCESANDGUARANTEES 27 56,259,272 56,259,272 5,687,715 5,687,715

‘Thefinancialstatementsandnotesonpages80to121wereapprovedbytheboardofdirectorson12February2008andsignedonitsbehalfby:

Theaccountingpoliciesonpages82to87andthenotesonpages92to121formanintegralpartofthesefinancialstatements.

ATEDON.A.PETERSIDEOON CHRISNEWSON

(Chairman) (ChiefExecutiveOfficer)

Balancesheets

90 91



N’000 N’000 N’000 N’000

CASHFLOWSFROMINVESTINGACTIVITIES:

Purchaseofquotedsecurities (441,689) - (1,788,715) -

Purchaseofunquotedsecurities (52,817) (52,517) (34,017) (34,017)

Purchaseofgovernmentsecurities (34,454,426) (33,925,778) (24,455,350) (24,005,348)

Purchaseofinvestmentproperty - - 3,225,480 -

Investmentinsubsidiaries - (43,100) - (300,000)

Saleofinvestmentinsubsidiaries - - 172,824 102,824

InvestmentinSMEEIS (783,290) (783,290) (95,000) (95,000)

Realisationofunderwritingcommitments (4,807,580) (4,807,580) (600,000) (600,000)

Saleofunderwritingcommitmentsandotherinvestments 1,846,886 613,944 763,994 763,994

Purchaseoftangiblefixedassets (3,229,286) (3,064,840) (1,449,928) (1,265,275)

Saleoftangiblefixedassets 18,763 10,537 34,860 33,359

Net cash used by investing activities (41,903,439) (42,052,624) (24,225,852) (25,399,463)

CASHFLOWSFROMFINANCINGACTIVITIES:

Issueofordinaryshares 30,040,122 30,040,122 1,979,281 1,979,281

Increaseinrevaluationreserve 452,367 332,384 874,487 -

Decreaseinretainedearningsondisposalofsubsidiaries - - (23,472) -

Increaseinlongtermloans 21,924,360 21,924,360 2,271,207 2,271,207

Dividendpaid (3,750,000) (3,750,000) (2,411,442) (2,411,442)

Net cash provided by financing activities 48,666,849 48,546,866 2,690,061 1,839,046

Netincreaseincashandcashequivalents 68,518,399 61,521,553 13,863,521 13,266,997

Balanceat1April 71,660,784 70,877,260 57,797,263 57,610,263

Balance at 31 December 140,179,183 132,398,813 71,660,784 70,877,260

Cashflowstatements



N’000 N’000 N’000 N’000

CASHFLOWSFROMOPERATINGACTIVITIES:

Operatingprofitbeforetax 10,992,128 8,796,404 7,434,882 6,184,732

Adjustment for non-cash and other items:

-Depreciation 910,017 808,220 797,931 705,092

-Profitonsaleofsubsidiaries - - (25,323) (25,323)

-Profitondisposalofinvestmentproperty - - (636,109) -

-Profitondisposalofinvestments (1,329,030) (431,466) (444,494) (444,494)

-Profitonsaleoffixedassets(notev) (5,012) (2,220) (4,797) (5,985)

-Loanlossprovisions/suspendedinterest(noteiii) 3,247,318 3,247,318 270,781 270,781

-Otherknownlossprovisions(noteiv) 363,375 366,169 343,146 155,401

-Taxespaid (675,553) (541,618) (1,148,102) (829,220)

Operating profit before changes in operating assets & liabilities 13,503,243 12,242,807 6,587,915 6,010,984

(Increase) / decrease in operating assets:

Loanstocustomers (46,082,277) (47,269,850) 199,529 3,009,150

Financeleases (1,698,121) (1,698,121) 543,978 543,978

Operatingleases - - (455,000) (455,000)

Accruedinterestandfeesreceivable 172,595 (3,087) (767,976) (599,605)

Prepaidinterest 318,084 190,742 (215,712) (88,370)

Prepaidexpenses 329,648 356,812 (524,544) (528,023)

UninvestedSMEEIScommitments (67,941) (135,443) (15,000) 85,000

Duefromgroupcompanies (669,869) (1,226,486) - (1,801,616)

Depositforunderwritingcommitment (7,500,000) (7,500,000) - -

Indirecttax/WHTrecoverable 40,590 (141,878) (155,818) (189,957)

Depositforshares (616,395) - - -

Duefromassetmanagementandcustodyclients (574,793) - - -

Sundryreceivables (543,090) (454,023) 1,123,871 1,461,740

(56,891,569) (57,881,334) (266,672) 1,437,297

Increase / (decrease) in operating liabilities:

Depositsandotheraccounts 3,359,714 (440,824) 12,538,719 15,822,715

Duetootherbanks 61,458,045 61,011,922 5,830,711 5,840,328

Liabilityonrefinancedlettersofcredit 2,202,703 2,202,703 (1,005,146) (1,005,146)

Liabilityoncash-backedlettersofcredit 3,127,144 3,127,144 445,761 445,761

Interestpayable 1,295,238 1,295,237 313,057 313,055

Accruedexpenses 1,969,411 2,164,465 143,237 25,869

Unearnedincome 1,068,025 1,174,374 (1,155,905) (1,290,775)

Applicationmoniesreceived 8,340,946 7,924,400 9,043,482 8,972,658

Duetoassetmanagementandcustodyclients 19,873,619 19,721,287 4,032,075 -

Drafts/bankers’chequespayable 927,919 927,919 (251,554) (251,554)

Collections/remittancespayable 635,526 339,368 306,794 208,744

Taxesanddividendpayablearisingfrommerger 979,428 979,428 - -

Otherpayables (94,403) 238,415 (1,163,162) 297,478

105,143,315 100,665,838 29,078,069 29,379,133

Net cash provided by operating activities 61,754,989 55,027,311 35,399,312 36,827,414

92 93

Notestothecashflowstatements

i. Analysisofcashandcashequivalentbalancesasat31December

Forthepurposeofthecashflowstatement,cashandcashequivalentscomprisescoins,banknotes,balanceswithCentralBankofNigeria,

amountsduefromlocalandforeignbanks,netofoutstandingbankoverdrafts,moneyatcallandshortnotice,andinvestmentinshort

termliquidinstruments.Cashandcashequivalentattheendofthefinancialyear,asshownabove,isreconciledtotherelateditemsin

thebalancesheetasfollows:



N’000 N’000 N’000 N’000

Cashandshorttermfunds 13,037,811 13,035,852 10,831,864 10,831,345

Duefromotherbanks 79,578,685 71,800,274 46,873,035 46,090,030

Treasurybills 47,562,687 47,562,687 13,955,885 13,955,885

140,179,183 132,398,813 71,660,784 70,877,260

ii. Non-cashinvestingandfinancingactivities

Themajornon-cashtransactionduringtheyearrelatetoshareexchangepursuanttotheacquisitionofStanbicNigeriaasdisclosedinnote34,

resultinginthetransferofStanbicNigeria’snetassetvalueofN30.04billiontoIBTC.

iii. Reconciliationofincrease/(decrease)inloanlossprovisionandsuspendedinterest

Provisionforloansandadvances 1,681,913 1,681,913 796,389 796,389

Transfersarisingfrommerger(loans&advances) 343,407 343,407 - -

Transfersarisingfrommerger(financeleases) 31,233 31,233 - -

Provision/(write-back)onfinanceleases 336,753 336,753 (5,356) (5,356)

Interestchargedandsuspendedfortheperiod 1,878,671 1,878,671 1,825,910 1,825,910

Write-back/charge-off/reclassification (1,024,659) (1,024,659) (2,346,162) (2,346,162)

Net cash provided 3,247,318 3,247,318 270,781 270,781

iv. Reconciliationofincrease/(decrease)inotherknownlossprovision

Provisionforotherknownlosses 361,770 361,770 377,420 189,675

Transfersarisingfrommerger 4,399 4,399 - -

Amountswrittenoff (2,794) - (34,274) (34,274)

Net cash provided 363,375 366,169 343,146 155,401

v. Reconciliationofprofitonsaleoffixedassets

Cost 52,579 28,270 133,806 129,434

Depreciation (38,828) (19,953) (103,743) (102,060)

Netbookvalue 13,751 8,317 30,063 27,374

Salesproceed (18,763) (10,537) (34,860) (33,359)

Profit on sale (5,012) (2,220) (4,797) (5,985)

1. BASISOFFINANCIALSTATEMENTS ThegroupcomprisesStanbicIBTCBankPlc(“thebank”),formerlyknownasIBTCCharteredBankPlcandit’ssubsidiaryundertakings.Thegroup

providescorporateandinvestmentbanking,assetmanagement,privatebankingandretailbankingservices.

IBTCCharteredBankPlc,alsoformerlycalledInvestmentBanking&TrustCompanyPlc(“IBTC”)wasincorporatedasaprivatelimitedliability

companyon2February1989,grantedamerchantbankinglicenseon3February1989,andcommencedoperationson1March1989.Itsmerchant

bankinglicensewasconvertedintouniversalbankinglicenseinJanuary2002,pursuanttotheuniversalbankingschemeoftheCentralBankof

Nigeria.Thebank’ssharesarequotedonTheNigerianStockExchangeandheldbybothforeignandNigerianindividualandcorporateinvestors.

In1996,thebankacquiredmajorityshareholdings(99.99%)intwocompaniesincorporatedinNigeria,namelyIBTCVenturesLimited(“IVL”)

andIBTCAssetManagementLimited(“IAML”).IVLalsohasa60%equityholdinginIBTCPensionManagersLimited(“IPML”)whichisalicensed

pensionfundadministrator.

On19December2005,thebankmergedwithCharteredBankPlcandRegentBankPlcand,inaccordancewiththetermsoftheSchemeofMerger,

subsequentlychangeditsnametoIBTCCharteredBankPlc(“IBTC”).On24September2007,theBankmergedwithStanbicBankNigeriaLimited

(“StanbicNigeria”),awhollyownedsubsidiaryofStanbicAfricaHoldingsLimited(‘’SAHL’’).SAHL,asubsidiaryofStandardBankGroup(“SBG”)

acquiredmajorityshareholdinginIBTC(50.1%),pursuanttothemergerasdisclosedinnote34.Witheffectfrom23January2008,themerged

entityisknownasStanbicIBTCBankPlc.Afurtherconsequenceofthemergerwasachangeofthefinancialyearendofthemergedentityfrom

31Marchto31December.

ThefinancialstatementofIAML,IVL,andIPMLhavebeenconsolidatedinthegroupfinancialstatements.ThefinancialrecordsofStanbicEquities

LimitedandStanbicNomineesLimited,(subsidiariesoflegacyStanbicNigeria),whichbecamesubsidiariesofthebankthroughthemergerofIBTC

andStanbicNigeriahavealsobeenconsolidatedinthegroupfinancialstatements.However,thefinancialrecordsofRBResourcesLtd(subsidiary

ofRegentBankPlc)andBritexNigeriaLtd(anSMEEISInvestmentbyCharteredBankPlcandRegentBankPlcwith55%combinedholdingbythe

group)havenotbeenconsolidatedinthegroupfinancialstatementsasitistheopinionofthedirectorsthattheirbalancesareimmaterialto

thegroup.



N’000 N’000 N’000 N’000

2. NETOPERATINGINCOME

Interestincome-(Note3) 15,838,098 15,546,567 12,607,603 12,464,173

Interestexpense-(Note4) (6,237,028) (6,047,112) (5,246,498) (5,148,327)

Net interest margin 9,601,070 9,499,455 7,361,105 7,315,846

Fees 8,284,570 3,326,208 5,157,236 1,991,050

Foreignexchangeearnings 1,990,370 1,990,062 250,219 253,502

Commissions 804,044 804,044 909,578 909,578

Rentalincome 280,547 280,547 258,318 242,331

Dividendfromsubsidiaries - 2,320,000 - 1,500,000

Dividendincome 72,974 21,792 109,910 29,617

Otherinvestmentincome 81,923 43,532 528,654 60,374

Profitfromdisposalofinvestmentproperty - - 636,109 -

Profitfromdisposalofinvestments 1,329,030 431,466 469,817 469,817

Profitfromsaleoffixedassets 5,012 2,220 4,797 5,985

Otherincome 169,229 153,242 191,561 212,510

Other operating income 13,017,699 9,373,113 8,516,199 5,674,764

Net operating income 22,618,769 18,872,568 15,877,304 12,990,610

Notestothefinancialstatements

94 95



N’000 N’000 N’000 N’000

5. OPERATINGEXPENSES

Staffcosts-(Note29) 4,660,159 3,967,374 2,717,140 2,291,698

Directors’emoluments-(Note29) 259,748 223,269 252,698 224,977

Auditors’remuneration 88,870 61,870 48,200 35,500

Otheroperatingexpenses 3,664,164 2,971,748 3,452,644 2,562,547

Payment to employees and suppliers 8,672,941 7,224,261 6,470,682 5,114,722

Depreciationonleasedassets-(Note19) 138,681 138,681 46,771 46,771

Depreciationonfixedassets-(Note20) 771,336 669,539 751,160 658,321

910,017 808,220 797,931 705,092

Total operating expenses 9,582,958 8,032,481 7,268,613 5,819,814

Analysis by geographical location:

PaidinNigeria 9,480,094 7,929,617 7,183,259 5,734,460

PaidoutsideNigeria 102,864 102,864 85,354 85,354

9,582,958 8,032,481 7,268,613 5,819,814

Other operating expenses:

Training,travel&accommodation 300,344 260,179 346,111 309,797

Rent,rates,light&power 266,901 241,312 342,604 322,012

Insurance 435,378 418,538 482,971 470,650

Repairs&maintenance 554,601 526,430 512,610 458,712

Stationery,postages&communication 324,254 258,902 338,759 272,261

Advertisement&businesspromotion 461,288 330,686 344,628 189,677

Security,legal&otherprofessionalfees 516,003 307,921 378,183 242,748

Corporateexpenses 341,471 341,471 169,842 169,842

Localtaxandlevies 196,879 187,904 31,360 24,507

Bankcharges 21,662 15,888 193,308 79,581

Otheradministrativeexpenses 245,383 82,517 312,268 22,760

3,664,164 2,971,748 3,452,644 2,562,547




N’000 N’000 N’000 N’000

3. INTERESTINCOME

Analysis by type:

Loansandadvances 8,784,071 8,642,217 6,298,353 6,279,716

Treasurybills 1,748,932 1,731,902 2,811,543 2,768,964

Foreignaccounts 505,838 505,838 670,252 670,252

Interbankplacements 1,127,890 1,044,639 744,327 742,093

Governmentstocksandbonds 3,671,367 3,621,971 2,083,128 2,003,148

15,838,098 15,546,567 12,607,603 12,464,173

Analysis by source:

Bank 3,000,907 2,900,626 3,691,910 3,647,097

Nonbank 12,837,191 12,645,941 8,915,693 8,817,076

15,838,098 15,546,567 12,607,603 12,464,173


Domestic 15,332,261 15,040,730 11,937,351 11,793,921

External 505,837 505,837 670,252 670,252

15,838,098 15,546,567 12,607,603 12,464,173

4. INTERESTEXPENSE

Analysis by type:

Currentaccounts 218,691 219,818 199,633 209,011

Depositaccounts 4,749,380 4,686,976 4,192,016 4,133,714

Interbanktakings 610,284 610,284 194,380 194,380

Rediscountedinstruments 658,673 530,034 660,469 611,222

6,237,028 6,047,112 5,246,498 5,148,327

Analysis by source:

Bank 676,364 659,334 448,187 405,044

Nonbank 5,560,664 5,387,778 4,798,311 4,743,283

6,237,028 6,047,112 5,246,498 5,148,327


PaidinNigeria 4,523,951 4,334,035 4,703,386 4,605,215

PaidoutsideNigeria 1,713,077 1,713,077 543,112 543,112

6,237,028 6,047,112 5,246,498 5,148,327

96 97


9. EARNINGSPERSHARE

Earningspershare(actual)iscalculatedbydividingtheprofitaftertaxbythenumberofsharesinissueduringtheperiod,whileearningspershare

(basic)iscalculatedbyusingtheweightedaveragenumberofsharesinissueduringtheperiodasthedenominator.Earningspershare(adjusted)is

calculatedbyusingthenumberofsharesinissueduringthecurrentperiodasdenominatorforalltheperiods,whileearningspershare(diluted)is

calculatedbyadjustingthenumberofsharesinissueduringtheperiodwiththeeffectsofallpotentialordinaryshares.



N’000 N’000 N’000 N’000

Profitaftertax(N’000) 7,849,848 6,941,765 5,762,141 5,362,700

Numberofshares(inthousands) 18,750,000 18,750,000 12,500,000 12,500,000

Weightedaveragenumberofshares(inthousands) 11,048,497 11,048,497 12,213,702 12,213,702

Dilutednumberofshares(inthousands) 18,750,000 18,750,000 12,500,000 12,500,000

Earningspershare(EPS)-actual 42k 37k 46k 43k

Earningspershare(EPS)-basic 71k 63k 47k 44k

Earningspershare(EPS)-adjusted 42k 37k 31k 29k

Earningspershare(EPS)-diluted 42k 37k 46k 43k

Theweightedaveragenumberofshareswasarrivedatafterassigningaweightof274daystothe12.50billionsharesoutstandingasat1April

2007and99daystothe6.25billionsharesallottedtoSAHLpursuanttothemergerbetweenIBTCandStanbicNigeriainSeptember2007.

10. CASHANDSHORTTERMFUNDS

Cash 2,205,831 2,203,872 1,137,905 1,137,386

Settlement/Clearingaccounts 1,936,895 1,936,895 2,354,387 2,354,387

BalanceswithCentralBankofNigeria 8,895,085 8,895,085 7,339,572 7,339,572

13,037,811 13,035,852 10,831,864 10,831,345

TheclearingaccountbalancesduefrombanksinNigeriarepresentcheques/fundsawaitingclearing.Thecorrespondingliabilityisincludedin

depositliabilities(Note21)andotherliabilities(Note22)asapplicable.

11. DUEFROMOTHERBANKS

BalancesduefrombanksinNigeria 8,352,181 573,770 13,994,549 13,211,544

BalancesduefrombanksoutsideNigeria 14,448,900 14,448,900 5,942,127 5,942,127

Interbank-CPs 34,582,000 34,582,000 21,175,559 21,175,559

Interbank-placements 22,195,604 22,195,604 5,760,800 5,760,800

79,578,685 71,800,274 46,873,035 46,090,030

InterbankcommercialpapersisreportednetofCPssoldamountingtoN37.55billion(March2007:N794.44million),whichisdisclosedinnote27c.

AlsoincludedinbalancesheldwithbanksoutsideNigeriaisanamountofN5.43billion(March2007:N2.30billion)representingcustomerdeposits

onaccountoflettersofcredittransactions.Thecorrespondingliabilityisincludedinotherliabilities(Note22).

11b. DUETOBANKS

Groupbanks 65,972,892 65,972,892 - -

Interbankdeposit - - 5,420,000 5,420,000

BalancesduetobanksinNigeria-currentaccounts 483,675 37,489 121,019 120,956

BalancesduetobanksoutsideNigeria 841,556 841,556 299,059 299,059

67,298,123 66,851,937 5,840,078 5,840,015



N’000 N’000 N’000 N’000

6. TAXATION

Payable

Openingbalance 2,212,558 1,334,981 2,008,650 1,552,150

Incometaxcharge 2,885,945 1,652,656 1,723,771 983,809

Taxpaid (675,553) (541,618) (1,148,102) (829,220)


Prioryears’under/(excess)provisions 238,124 187,501 (371,761) (371,758)

Closing balance 5,640,502 3,612,948 2,212,558 1,334,981

Charge

Currenttax 2,712,705 1,540,925 1,627,018 937,500

Educationtax 173,240 111,731 96,753 46,309

Income tax charge 2,885,945 1,652,656 1,723,771 983,809

Prioryears’under/(excess)provisions 238,124 187,501 (371,761) (371,758)

Deferredtax(write-back)/charge-(Note7) (349,347) (353,076) 320,731 209,981

Charge for the period 2,774,722 1,487,081 1,672,741 822,032

Advance/indirecttaxcharge 367,558 367,558 - -

Effective tax charge for the period 3,142,280 1,854,639 1,672,741 822,032

7. DEFERREDTAXATION

Openingbalance 780,262 382,142 416,699 172,161

Transferarisingfrommerger 22,041 22,041 - -

(Write-back)/chargefortheperiod-(Note6) (349,347) (353,076) 320,731 209,981

(Write-back)/chargeonrevaluationofsecurities (11,302) - 42,832 -

Closing balance 441,654 51,107 780,262 382,142

The net deferred tax liability is attributable to:

Excessondepreciationchargeovercapitalallowances 144,684 51,107 494,029 382,142

Revaluationsurplusonsecurities 296,970 - 286,233 -

441,654 51,107 780,262 382,142

8. DIVIDEND InlinewiththeprovisionsofStatementofAccountingStandardNo.23(SAS23)issuedbytheNigerianAccountingStandardsBoardandeffective

1June2006,proposeddividendsarenowaccountedforafterithasbeenapprovedbytheshareholdersattheannualgeneralmeeting.

Consequently,itisrecordedasachargeagainstthedistributablereserveintheyearofpaymentasshowninnote25.

Theboardofdirectorshasproposedadividendof25kobopershare,amountingtoN4,687,500,000.00,fortheninemonthsended31December

2007ontheissuedsharecapitalof18.75billionordinarysharesof50koboeachsubjecttotheapprovalbytheshareholdersatthenextannual

generalmeeting(12monthsended31March2007:30kobopershareontheissuedsharecapitalof12.50billionordinarysharesof50kobo

eachamountingtoN3,750,000,000).

98 99




N’000 N’000 N’000 N’000

v Analysis of investment in small & medium scale industries:

Direct investments:

-BritexNigeriaLtd 107,000 107,000 107,000 107,000

-FrezonePlantFabricationInt’lLtd 120,000 120,000 120,000 120,000

-TinapaBusinessResortLtd 500,000 500,000 100,000 100,000

-CreditReferenceCompany 112,000 112,000 25,000 25,000

-OnwardPaperMillsLtd 258,000 258,000 - -

1,097,000 1,097,000 352,000 352,000

Through : African Capital Alliance - (SME Partnership):

-VicLawrenceAssociates 2,493 2,493 2,493 2,493

-OakwoodParkLtd 13,681 13,681 10,546 10,546

-ACCATNigLtd 11,050 11,050 8,478 8,478

-DeHaastrupCommunications 5,786 5,786 4,440 4,440

-AlvacCoLtd 4,177 4,177 3,345 3,345

-MedicareInvestmentServicesLtd 7,166 7,166 5,498 5,498

-MidiHoldings 6,196 6,196 4,754 4,754

-S&BInceLtd 4,651 4,651 3,648 3,648

-AccionInternationalLtd 24,545 24,545 21,644 21,644

-FrezonePlantFabricationInt’lLtd 25,696 25,696 21,239 21,239

-NigerianStarchMills 28,202 28,202 23,138 23,138

-FalcongazLtd 26,988 26,988 22,076 22,076

-ObitalTrackandFleetLtd 9,740 9,740 7,907 7,907

-ImpexWorldWideLtd 3,419 3,419 15,782 15,782

-WeltexLtd 19,488 19,488 - -

193,278 193,278 154,988 154,988

Through : First SMI Investment Company Ltd:

-EmelVGCHospital 39,600 39,600 39,600 39,600

-CharnelHouseLtd 21,800 21,800 21,800 21,800

61,400 61,400 61,400 61,400

1,351,678 1,351,678 568,388 568,388

QuotedsecuritiesarequotedontheNigerianStockExchangeandhavebeenvaluedatthemarketpricesquotedontheExchange

asat31December2007.

TheinvestmentinLagosStateFloatingRedeemablebondhasaninterestrateofthehigherofCentralBankofNigeria(CBN)treasury

billsrateplus4%,andCBN365-dayCertificateplus1%.

Thedisclosureinnote1(paragraph3)relatestoIVL’sN300million(60%)holdinginIBTCPensionManagersLtd.

Thedisclosureinnote1(paragraph5)relatestotheBank’sinvestmentsofN107millioninBritexNigeriaLimited(BNL),acompany

thatbecameasubsidiaryofthegroupbyvirtueofthemergerbetweenIBTC,CharteredBankandRegentBank(basedoncombined

equityholdingof55%).



N’000 N’000 N’000 N’000

12. TREASURYBILLS

Treasurybills 47,562,687 47,562,687 13,955,885 13,955,885

13. INVESTMENTS

Long term investments

i Quotedsecurities:

Portfoliooflistedsecurities

-Cost:N4.11billion

(March2007:N2.55billion) 3,687,275 - 3,534,024 -

ii Equityinvestmentsinunquotedsecurities:

VirginNigeriaAirwaysLtd

-850,000ordinaryclassBsharesofN1each-

(Bank:250,000;IVL:600,000) 297,500 87,500 297,500 87,500

SmartcardNigeriaPlc

-12,299,442ordinarysharesofN1each. 23,019 23,019 23,019 23,019

FirstSecuritiesDiscountHouseLtd


NigeriaInterbankSettlementSystemPlc


450,403 240,103 397,585 187,585

iii Investmentingovernmentsecurities:

2ndLagosStateGovernmentbond-2005/2009 102,000 102,000 153,000 153,000

Nigerianpromissorynote 21,245 21,245 30,432 30,432

123,245 123,245 183,432 183,432

iv Investmentinsubsidiarycompanies:

IBTCVenturesLtd(IVL)(100%) - 500,000 - 500,000

IBTCAssetManagementLtd(100%) - 10,000 - 10,000

StanbicEquitiesLtd(93.6%) - 43,000 - -

StanbicNomineesLtd(100%) - 100 - -

RBResourcesLtd(100%) 1,000 1,000 1,000 1,000

1,000 554,100 1,000 511,000

v Investmentinsmall&mediumscaleindustries: 1,351,678 1,351,678 568,388 568,388

(seeanalysisonthenextpage)

Total - long term investments 5,613,601 2,269,126 4,684,429 1,450,405

Short term investments:

i FGNBond(Cost:N62.21billion) 62,531,491 61,552,842 28,016,878 27,566,878

ii Underwritingcommitment(atcost):

-CornerstoneInsurancePlc 97,692 97,692 280,500 280,500

-GTBankGDR 772,493 772,493 - -

-DiamondBankGDR 4,035,087 4,035,087 - -

4,905,272 4,905,272 280,500 280,500

iii Otherinvestments - - 11,500 -

Total - short term investments 67,436,763 66,458,114 28,308,878 27,847,378

Total investments 73,050,364 68,727,240 32,993,307 29,297,783

100 101




N’000 N’000 N’000 N’000

15. LOANLOSSPROVISIONANDINTEREST INSUSPENSE

a) General provision

Atbeginningofperiod 558,486 558,486 481,331 481,331

Additionalprovision 231,204 231,204 77,777 77,777

Charge-offs (15,877) (15,877) (622) (622)


At end of period 1,024,167 1,024,167 558,486 558,486

b) Specific provision

Atbeginningofperiod 5,616,157 5,616,157 5,670,354 5,670,354

Additionalprovision 2,099,220 2,099,220 2,555,009 2,555,009

Recoveries/provisionnolongerrequired (648,511) (648,511) (1,836,397) (1,836,397)

Charge-offs (159,174) (159,174) (772,809) (772,809)

Reclassifications-IIS 345,187 345,187 - -


At end of period 7,314,033 7,314,033 5,616,157 5,616,157

c) Interest in suspense (IIS)

Atbeginningofperiod 2,166,056 2,166,056 1,912,877 1,912,877

Recognisedduringtheperiod 1,878,671 1,878,671 1,825,910 1,825,910

Reclassification-specificprovision (345,187) (345,187) - -

Write-backarisingfromrecoveries (344,041) (344,041) (286,352) (286,352)

Charge-offs (160,381) (160,381) (1,286,379) (1,286,379)


At end of period 3,227,017 3,227,017 2,166,056 2,166,056

Summary

Generalprovision 1,024,167 1,024,167 558,486 558,486

Specificprovision 7,314,033 7,314,033 5,616,157 5,616,157

Interestinsuspense 3,227,017 3,227,017 2,166,056 2,166,056

Total provision 11,565,217 11,565,217 8,340,699 8,340,699

16. PROVISIONFORLOSSES

Provision for losses made for the period

is analysed as follows:

Additionalprovisiononloanlosses

-Specificprovision (2,099,220) (2,099,220) (2,555,009) (2,555,009)

-Generalprovision (231,204) (231,204) (77,777) (77,777)

Recoveries/provisionnolongerrequired

-Specificprovision 648,511 648,511 1,836,397 1,836,397

Netchargeonloansandadvances (1,681,913) (1,681,913) (796,389) (796,389)

Provisionforotherassetlosses (361,770) (361,770) (377,420) (189,675)

Total provisions made for loans and

other known losses (2,043,683) (2,043,683) (1,173,809) (986,064)



N’000 N’000 N’000 N’000

14. LOANSANDADVANCES

Overdrafts 27,508,559 27,679,644 26,998,816 26,155,329

Commercialpapers&bankersacceptances 13,551,046 13,551,046 10,563,028 10,390,028

Termloans 48,667,520 48,667,520 7,136,159 7,136,159

Otherloans 1,302,697 1,302,697 249,541 249,541

91,029,822 91,200,907 44,947,544 43,931,057

Loanlossprovision-(Note15) (11,565,217) (11,565,217) (8,340,699) (8,340,699)

79,464,605 79,635,690 36,606,845 35,590,358

Analysis by maturity:

Maturingunder1month 21,487,033 21,487,033 23,007,011 23,007,011

Maturingbetween1to3months 5,528,078 5,528,078 6,757,728 6,757,728



Maturingafter12months 25,751,067 25,922,152 5,405,965 4,389,478

91,029,822 91,200,907 44,947,544 43,931,057

Analysis by security:

Securedagainstrealestate 5,925,221 5,925,221 5,230,339 5,230,339

Otherwisesecured 84,773,401 84,944,486 38,895,785 37,879,298

Unsecured 331,200 331,200 821,420 821,420

91,029,822 91,200,907 44,947,544 43,931,057

Analysis by performance:

Performing 79,867,678 80,038,763 35,689,526 34,673,039

Non-performing(substandard) 161,151 161,151 3,837 3,837

Non-performing(doubtful) 1,197,689 1,197,689 3,183,144 3,183,144

Non-performing(lost) 9,803,304 9,803,304 6,071,037 6,071,037

91,029,822 91,200,907 44,947,544 43,931,057

Commercialpapers(CPs)/Bankersacceptances(BAs)isreportednetofCPssoldamountingtoN3.94billion(March2007:

N2.05billion),whichisdisclosedinnote27c.Otherloansrelatetovariouscategoriesofstaffloans.

102 103




N’000 N’000 N’000 N’000

18. OTHERASSETS

Accruedinterestandfeesreceivable 962,164 962,164 1,134,759 959,077

Prepaidinterest 158,334 158,334 476,419 349,076

Prepaidexpenses 727,059 666,009 1,056,706 1,022,822

UninvestedSMEEIScommitments 111,703 454,874 43,762 319,431

Duefromgroupcompanies 669,869 3,146,514 - 1,920,028

Depositforunderwritingcommitment 7,500,000 7,500,000 - -

Indirecttax/WHTrecoverable 584,717 570,096 625,307 428,218

Depositforshares 616,395 - - -

Duefromassetmanagementandcustodyclients 574,793 - - -

Depositwithfailedbanks 381,773 381,773 381,773 381,773

Sundryreceivables 874,494 798,511 331,406 344,486

13,161,301 14,638,275 4,050,132 5,724,911

Provisionforotherknownlosses (1,399,498) (1,214,547) (1,036,123) (848,378)

11,761,803 13,423,728 3,014,009 4,876,533

ThedepositwithfailedbanksrelatetotheprincipalandaccruedinterestonplacementsmadebylegacyRegentBankPlcwiththreedistressedbanks,

namely;SocieteGeneraleBank(N233.77million)AFEXBank(N20.85million)andGulfBank(N127.16million).Fullprovisionforthesebalancesis

includedinprovisionforotherknownlosses.TheuninvestedSMEEIScommitmentsrelatetoamountsinvestedthroughfundsmanagerswhichare

yettobedisbursed.TheseincludeIBTCVenturesLtd-N343.07million(March2007:N275.67million),SMEPartnership-N98.04million(March

2007:N30.00million),andFirstSMI-N13.75million(March2007:N13.75million).Thedepositforunderwritingcommitmentisinrespectofa

depositforthebank’scommitmentonAccessBankPlc’spublicoffer.Amountsduefromgroupcompaniesincludedividenddeclared-N2.32billion

(March2007:N1.60billion).



N’000 N’000 N’000 N’000

17. ADVANCESUNDERFINANCELEASES

Grossinvestment 2,022,552 2,022,552 324,430 324,430

Deferredincome (336,770) (336,770) (17) (17)

1,685,782 1,685,782 324,413 324,413

Loanlossprovision (41,686) (41,686) (10,453) (10,453)

Net finance leases 1,644,096 1,644,096 313,960 313,960

Analysis by performance:

Performing 1,601,987 1,601,987 324,413 324,413

Non-performing 83,795 83,795 - -

1,685,782 1,685,782 324,413 324,413


Current 690,122 690,122 276,251 276,251

Non-current 995,660 995,660 48,162 48,162

1,685,782 1,685,782 324,413 324,413

Movement in lease provision:

Atbeginningofperiod

-Performing 10,453 10,453 13,860 13,860

Transfer arising from merger: - -

-Performing 8,451 8,451 - -

-Non-performing 22,782 22,782 - -

Additional provision / (writeback):

-Performing - - (3,407) (3,407)

At end of period:

-Performing 18,904 18,904 10,453 10,453

-Non-performing 22,782 22,782 - -

41,686 41,686 10,453 10,453

104 105


GROUP-March2007 Land& Motor Fittings& Computer Work-in

Building vehicles equipment equipment progress Total

N’000 N’000 N’000 N’000 N’000 N’000

Cost:

At1April2006 4,555,344 343,709 783,023 467,285 174,029 6,323,390

Additions 111,076 375,552 171,548 301,455 490,297 1,449,928

Disposals - (127,948) (5,186) (672) - (133,806)

At 31 March 2007 4,666,420 591,313 949,385 768,068 664,326 7,639,512

Depreciation:

At1April2006 229,487 109,664 252,619 182,855 - 774,625

Chargefortheyear 190,621 171,743 208,300 180,496 - 751,160

Eliminatedondisposals - (97,486) (5,798) (459) - (103,743)

At 31 March 2007 420,108 183,921 455,121 362,892 - 1,422,042

Net book amount:

At 31 March 2007 4,246,312 407,392 494,264 405,176 664,326 6,217,470

BANK-December2007

Cost:

At1April2007 4,666,420 471,155 892,439 555,824 664,326 7,250,164

Additions 18,870 60,649 235,451 39,794 1,845,381 2,200,145

Transfers/reclassifications - 494,428 468,522 117,233 (1,080,183) -

Transfersarisingfrommerger 783,456 172,369 228,199 344,428 - 1,528,452

Disposals (27,981) - (289) - (28,270)

At 31 December 2007 5,468,746 1,170,620 1,824,611 1,056,990 1,429,524 10,950,491

Depreciation:

At1April2007 420,108 159,108 439,043 273,843 - 1,292,102

Chargefortheperiod 165,299 164,213 202,774 137,253 - 669,539

Transfersarisingfrommerger 241,621 56,914 141,462 223,760 - 663,757

Eliminatedondisposals - (19,117) - (836) - (19,953)

At 31 December 2007 827,028 361,118 783,279 634,020 - 2,605,445

Net book amount:

At 31 December 2007 4,641,718 809,502 1,041,332 422,970 1,429,524 8,345,046

BANK-March2007

Cost:

At1April2006 4,555,344 323,474 741,648 319,828 174,029 6,114,323

Additions 111,076 271,684 155,977 236,241 490,297 1,265,275

Disposals - (124,003) (5,186) (245) - (129,434)

At 31 March 2007 4,666,420 471,155 892,439 555,824 664,326 7,250,164

Depreciation:

At1April2006 229,487 102,095 249,177 155,082 - 735,841

Chargefortheyear 190,621 154,170 194,524 119,006 - 658,321

Eliminatedondisposals - (97,157) (4,658) (245) - (102,060)

At 31 March 2007 420,108 159,108 439,043 273,843 - 1,292,102

Net book amount:

At 31 March 2007 4,246,312 312,047 453,396 281,981 664,326 5,958,062



N’000 N’000 N’000 N’000

Plant & Machinery Plant & Machinery

19. EQUIPMENTONLEASE

Cost:

Atbeginningoftheperiod 635,000 635,000 180,000 180,000

Additions - - 455,000 455,000

At end of the period 635,000 635,000 635,000 635,000

Depreciation:

Atbeginningoftheperiod 150,938 150,938 104,167 104,167

Chargefortheperiod 138,681 138,681 46,771 46,771


Net book amount:


20. FIXEDASSETS

Furniture,

GROUP-December2007 Land& Motor Fittings& Computer Work-in

Building vehicles equipment equipment progress Total

N’000 N’000 N’000 N’000 N’000 N’000

Cost:

At1April2007 4,666,420 591,313 949,385 768,068 664,326 7,639,512

Additions 18,870 123,267 251,638 119,338 1,845,381 2,358,494

Transfers/reclassifications - 494,428 468,522 117,233 (1,080,183) -

Transfersarisingfrommerger 783,456 177,444 230,404 347,912 - 1,539,216

Disposals - (36,490) - (16,089) - (52,579)

At 31 December 2007 5,468,746 1,349,962 1,899,949 1,336,462 1,429,524 11,484,643

Depreciation:

At1April2007 420,108 183,921 455,121 362,892 - 1,422,042

Chargefortheperiod 165,299 195,010 214,943 196,084 - 771,336

Transfersarisingfrommerger 241,621 59,272 142,509 225,022 - 668,424

Eliminatedondisposals - (24,183) - (14,645) - (38,828)

At 31 December 2007 827,028 414,020 812,573 769,353 - 2,822,974

Net book amount:

At 31 December 2007 4,641,718 935,942 1,087,376 567,109 1,429,524 8,661,669

106 107




N’000 N’000 N’000 N’000

23. LONGTERMLOANS

On-lending facilities:

StandardBankGroup 25,058,554 25,058,554 - -

InternationalFinanceCorporation(IFC) 1,563,041 1,563,041 4,383,098 4,383,098

DEG-deutscheinvestitions-und

entwicklungsgesellschaftmbh 354,253 354,253 591,754 591,754

EuropeanInvestmentBank 557,364 557,364 634,000 634,000

27,533,212 27,533,212 5,608,852 5,608,852

Thebank’sdollardenominatedon-lendingcreditobtainedfromtheIFCexpiresonorafter15December2012andhasarateof3%above3month’s

LIBOR;theeuro/dollardenominatedfacilityfromDEGexpiresonorafter15October2009andhasrateof3.25%above6month’sEuribor,while

thedollardenominatedfacilityfromEuropeanInvestmentBankexpiresonorafter31March2012andhasarateof2.5%above3month’sLIBOR.

24. SHARECAPITAL

Authorised:

20billionordinarysharesof50keach

(March2007:13billionordinarysharesof50keach) 10,000,000 10,000,000 6,500,000 6,500,000

Issued and fully paid - Ordinary shares of 50k each:

Openingbalance 6,250,000 6,250,000 6,028,604 6,028,604

Newissuescapitalised - - 221,396 221,396

Shareexchangearisingfrommerger 3,125,000 3,125,000 - -

Closingbalance 9,375,000 9,375,000 6,250,000 6,250,000

On24September2007,atotalof6,250,000,000shareswithaparvalueofN3,125,000,000.00,asapprovedbytheCentralBankofNigeria,were

allottedtoSAHL,pursuanttothemergerbetweenIBTCCharteredBankPlcandStanbicBankNigeriaLtd.



N’000 N’000 N’000 N’000

21. DEPOSITS,CURRENTANDOTHERACCOUNTS

Demand 50,011,793 51,076,272 31,340,866 36,045,883

Term 20,547,069 20,547,069 27,811,465 27,811,465

Negotiablecertificatesofdeposit 831,882 831,882 8,878,699 9,038,699

71,390,744 72,455,223 68,031,030 72,896,047


Maturingwithin1month 27,459,409 28,523,888 17,732,459 22,597,476




71,390,744 72,455,223 68,031,030 72,896,047

22. OTHERLIABILITIES

Liabilityonrefinancedlettersofcredit 3,839,598 3,839,598 1,636,895 1,636,895

Liabilityoncash-backedlettersofcredit 5,431,302 5,431,302 2,304,158 2,304,158

Interestpayable 1,666,671 1,666,669 371,433 371,431

Accruedexpenses 2,656,926 2,625,162 687,515 460,696

Unearnedincome 1,834,734 1,806,214 766,709 631,839

Applicationmoniesreceived 21,590,730 21,103,360 13,249,784 13,178,960

Duetoassetmanagementandcustodyclients 23,905,694 19,721,287 4,032,075 -

Drafts/bankers’chequespayable 2,773,177 2,773,177 1,845,258 1,845,258

Collections/remittancespayable 1,705,908 1,311,701 1,070,383 972,333

Otherpayables 1,379,702 1,315,364 1,474,105 1,076,949

66,784,442 61,593,834 27,438,315 22,478,519

108 109


25b. SPECIALRESERVE Group

N’000

Transferfromsharepremiumarisingfromshareexchange-(Note25c) 36,834,878

Goodwillwrittenoff-(Note34) (36,834,878)

Special reserve carried forward -

25c. SHAREPREMIUM

The share premium arising from consolidation was arrived at as follows:

Fair(market)valueofsharesexchanged(6,250,000,000sharesatN10.70) 66,875,000

Nominalvalueofshareexchanged(6,250,000,000sharesat50kobo) (3,125,000)

Sharepremiumarisingfromshareexchange 63,750,000

Transfertospecialreserveaccount-(Note25b) (36,834,878)

Transfer to share premium account 26,915,122

:

Statutory Retained Capital SMEEIS Share Revaluation Reserves

reserve earnings reserve reserve premium reserve total

N’000 N’000 N’000 N’000 N’000 N’000 N’000

GROUP

25. RESERVES

At1April2007 5,306,886 6,361,516 290,000 1,038,690 20,553,806 1,394,322 34,945,220

Onrevaluationofsecurities - - - - - 452,367 452,367

Fromshareexchange(merger) - - - -26,915,122 -26,915,122

Transferarisingfrommerger 10,824 (9,840) 51,000 - - - 51,984

Transferfromdeferredtax - - - - - (11,302) (11,302)

Dividendpaid (3,750,000) (3,750,000)

Fromprofitandlossaccount 2,162,399 5,422,425 - - - - 7,584,824

At 31 December 2007 7,480,109 8,024,101 341,000 1,038,690 47,468,928 1,835,387 66,188,215

At1April2006 3,680,035 4,718,869 290,000 1,038,690 18,795,921 562,667 29,086,182


Fromadditionalsharecapitalissue - - - - 1,757,885 - 1,757,885

Eliminatedondisposalofsubsidiary - (23,469) - - - - (23,469)

Transferfromdeferredtax - - - - - (42,832) (42,832)

Dividendpaid -(2,411,442) - - - -(2,411,442)


At 31 March 2007 5,306,886 6,361,516 290,000 1,038,690 20,553,806 1,394,322 34,945,220

BANK

At1April2007 5,288,845 5,726,121 - 1,038,690 20,553,806 -32,607,462


Fromshareexchange(merger) - - - -26,915,122 -26,915,122

Dividendpaid -(3,750,000) - - - -(3,750,000)


At 31 December 2007 7,371,375 6,835,356 - 1,038,690 47,468,928 332,384 63,046,733

At1April2006 3,680,035 4,383,673 - 1,038,690 18,795,921 -27,898,319

Fromadditionalsharecapitalissue - - - - 1,757,885 - 1,757,885

Dividendpaid -(2,411,442) - - - -(2,411,442)


At 31 March 2007 5,288,845 5,726,121 - 1,038,690 20,553,806 -32,607,462

In2006,thebankobtainedtheapprovalofshareholdersatanextraordinarygeneralmeetingandthesanctionoftheFederalHighCourt,

pursuanttopart(v)oftheCompaniesandAlliedMattersActCapC20LawsoftheFederationofNigeria2004,tocreateaspecialreservefromthe

balanceofitssharepremiumaccountforthepurposeofwritingoffthegoodwillofN9.75billionthatarosefromitsacquisitionofCharteredBank

andRegentBankduringtheyearended31March2006.Accordingly,thegoodwillofN9.75billionwassetoffagainstthespecialreserveaccount.

Similarly,in2007,thebankobtainedtheapprovalofshareholdersatanextraordinarygeneralmeetingtocreateaspecialreservefromthebalance

ofitssharepremiumaccountforthepurposeofwritingoffthegoodwillofN36.83billionthatarosefromitsacquisitionofStanbicNigeriaduring

theninemonth’sended31December2007.ThesanctionoftheFederalHighCourtwassubsequentlyobtainedand,accordingly,thegoodwillof

N36.83billionwassetoffagainstthespecialreserveaccount.

110 111




29. EMPLOYEESANDDIRECTORS

a)Employees

The average number of persons employed by the bank during the year by category:

Number Number Number Number

Executivedirectors 4 3 4 4

Management 199 169 169 159

Non-management 999 899 758 711

1,202 1,071 931 874

Staff costs for the above persons (excluding executive directors):

N’000 N’000 N’000 N’000

Salariesandwages 4,468,596 3,801,184 2,520,460 2,095,018

Retirementbenefit-Pension(Note28) 114,815 99,780 109,672 109,672

Retirementbenefit-ESBS(Note28) 76,748 66,410 87,008 87,008

4,660,159 3,967,374 2,717,140 2,291,698

The number of employees of the bank, including executive directors, who received emoluments in the following ranges were:

Number Number Number Number

BelowN1,000,001 136 130 178 169

N1,000,001- N2,000,000 427 352 454 426

N2,000,001-N3,000,000 232 223 128 118

N3,000,001-N4,000,000 112 109 66 61

N4,000,001-N5,000,000 61 53 68 66

N5,000,001-N6,000,000 48 44 25 23

N6,000,001andabove 186 160 12 11

1,202 1,071 931 874

b)Directors

The remuneration paid to the directors of the bank was:

N’000 N’000 N’000 N’000

Feesandsittingallowances 73,557 71,155 62,570 61,693

Executivecompensation 183,061 148,984 186,179 159,335

256,618 220,139 248,749 221,028

Directorsotherexpenses 3,130 3,130 3,949 3,949

259,748 223,269 252,698 224,977

Fees and other emoluments disclosed

above include amounts paid to:

(i)thechairman 5,772 5,772 7,370 7,370

(ii)thehighestpaiddirector 50,668 50,668 54,614 54,614



N’000 N’000 N’000 N’000

26. MINORITYINTEREST At1April2007 184,122 - 126,390 -

Transferarisingfrommerger 6,063 - - -

Shareofcurrentyearprofit/(loss)

ofsubsidiarycompany 265,024 - 57,732 -

At31December2007 455,209 - 184,122 -

27. CONTINGENTLIABILITIESANDCOMMITMENTS

a)Legalproceedings

Asat31December2007,therewere122outstandinglegalproceedingswithclaimsamountingtoN4.15billion(March2007:N1.91billion).

Appropriateprovisionshavebeenmadebasedontheprobabilityoflossesarisingfromtheseproceedings.Thecredit-relatedcasesamountingto

N607.37million(March2007:N558million)havebeenprovidedforinlinewithprudentialguidelines.

b)Capitalcommitments

Asatthebalancesheetdate,thegrouphadacapitalcommitmentofN10.20millioninrespectoftheconstructionworkontheheadoffice

extension.(March2007:N109.55million).

c)Creditrelatedcommitments

Inthenormalcourseofbusinessthebankisapartytofinancialinstrumentswithoff-balancesheetrisk.Theseinstrumentsareissuedtomeetthe

creditandotherfinancialrequirementsofcustomers.Thecontractualamountsoftheoff-balancesheetfinancialinstrumentsare:

Guaranteedcommercialpapers-interbank 37,552,238 37,552,238 794,441 794,441

Guaranteedcommercialpapers-ownclients 3,938,509 3,938,509 2,048,876 2,048,876

Performancebonds,guaranteesandindemnities 1,948,165 1,948,165 1,107,476 1,107,476

Fiduciarydeposits/Lettersofcredit 12,820,360 12,820,360 1,736,922 1,736,922

56,259,272 56,259,272 5,687,715 5,687,715

Asatbalancesheetdate,therewerenooutstandingrelatedpartyoff-balancesheettransactions

28. RETIREMENTBENEFITS

TheGroupoperatesadefinedcontributionpensionschemeinlinewiththeprovisionsofthePensionReformAct2004,withcontributionsbasedon

theemployees’basicsalary,housingandtransportallowanceintheratio7.5%bytheemployeeand7.5%bytheemployer.Theamountcontributed

bytheemployer,andremittedtothePensionFundAdministrators,duringtheperiodwasN114.82million(March2007:N109.67million).

ForthelegacyIBTCCharteredBankPlcthegroupalsocontributes5%ofthesumthatconsistsofemployees’basic,housingandtransportallowance

towardsanendofservicebenefitscheme(ESBS).TheamountcontributedbytheemployerduringtheperiodwasN76.75million(March2007:

N87.00million).TheschemewasmanagedbyIBTCAssetManagementLtd(IAML)untiltheassetsweretransferredtoIBTCPensionManagersLtd

(IPML)inApril2007,inlinewiththedirectivefromtheNationalPensionCommission.Consequently,contributionstotheschemearenowmanaged

byIPMLonbehalfofthebeneficiarystaffas“voluntarypensioncontributions”inlinewiththeprovisionsofthePensionReformAct2004.

Thegroup’scontributionstotheseschemesarechargedtotheprofitandlossaccountintheperiodtowhichtheyrelate,andtheschemes’

assetsaregenerallyheldbypensionfundadministratorsonbehalfofthebeneficiarystaff.Consequently,thegrouphavenolegalorconstructive

obligationstopayfurthercontributionsifthefundsdonotholdsufficientassetstomeettherelatedobligationstoemployees.

112 113


30b. SCHEDULEOFINSIDERRELATEDCREDITS

CRMS Name

Serial Branch Account Borrowers RC/SR/B ofRelated ApprovedCredit Outstanding Security Security

# NameofBorrower Code Number CodeNumber R/NID Relationship Interest LoanType DateGranted ExpiryDate Limit N’000 N’000 Status Int.Rate Nature ValueN’000

1 InternationalGlassLtd 5 1110506311 0001675 016028 Director B.I.Mahtani Overdraft 5-Dec-2006 2-Jun-2008 35,000 34,377 Performing 18% WarehouseStockand 1,739,000

DebentureonAssets

(upstampingand

TWAinprogress)

2 AutomotiveComponentsLtd 9 1110900211 0014664 040146 Director Gen.Wushishi Overdraft 30-May-2006 19-Apr-2008 20,000 18,733 Performing 18% Debentureon Stampedfor

N344,000,00.00 N88,000,000

Fixedand

FloatingAssets

3 VariousStaff Staff StaffLoans 1,302,697 Performing

55,000 1,355,807

31. CONTRAVENTIONOFBANKSANDOTHERFINANCIALINSTITUTIONSACT(1991) ANDCENTRALBANKOFNIGERIACIRCULARS

Therewerenocontraventionsduringtheperiod.

32. COMPARATIVES

Wherenecessary,comparativefigureshavebeenadjustedtoconformwithchangesinpresentationinthecurrentyear.Therewereno

changesinaccountingpolicythataffectoperatingprofit.

33. POSTBALANCESHEETEVENTS

Therewerenomajorpost-balancesheetevents.

30. RELATEDPARTYTRANSACTIONS

StanbicIBTCisasubsidiaryoftheStandardBankGroupLimited,andassuchisenteringintoarmslengthtransactionsandbanking

arrangementswithfellowsubsidiaries.Thenetindebtednesstofellowsubsidiariesat31December2007wasN65.3billion.

Thebankmanagestheoperationsofanothersubsidiary,IBTCAssetManagementLimited,underthetermsofamanagementandadvisoryservices

agreementforafee.

IncludedinloansandadvancesisanamountofN1.36billion(March2007:N1.12billion)representingcreditfacilitiestostaff,shareholdersand

companiesinwhichsomedirectorshaveinterests.Thesefacilitiesweregrantedatratesandtermscomparabletootherfacilitiesinthebank’s

portfolio.Thebalancesintheaccountsasat31December2007areasstatedasbelow.Therewerenonon-performinginsiderrelatedcredits.

34. UPDATEONTHEMERGEROFIBTCCHARTEREDBANKPLCANDSTANBICBANKNIGERIALIMITED

On22September2006,IBTCCharteredBankPlc(“IBTC”)signedaMemorandumofUnderstanding(MoU)withStandardBankGroupLimited

(representedbyStanbicAfricaHoldingsLimited(“SAHL”))andStanbicBankNigeriaLimited(“StanbicNigeria”)withaviewtoexploringthe

possibilityofmergingtheoperationsofIBTCandStanbicNigeria.TheMoUalsoprovidedforatenderofferthroughwhichSAHLwouldbuy

additionalsharesfromexistingIBTCshareholderswithaviewtoincreasingitsshareholdingintheenlargedIBTCto50.1%

Inaccordancewiththelaiddownproceduresfortransactionsofthisnature,applicationsforregulatoryapprovalswerefiledwiththeCentral

BankofNigeria(“CBN”),Securities&ExchangeCommission(“SEC”),TheNigerianStockExchange(“TheNSE”)andtheSouthAfricanReserve

Bank(“SARB”).Alloftheseagenciesgrantedtheirapprovals,whiletheSchemeofMergerandTenderOfferdocumentwasclearedbySEC.

TheFederalHighCourtalsograntedanorderdirectingthatmeetingsoftheshareholdersofIBTCandStanbicNigeriabeconvenedforthe

purposeofconsideringandifthoughtfit,approvingtheSchemeofMerger.

Allrequiredlegalprocesseswerefulfilledandthemergertookeffectfrom24September2007.

The computation of the goodwill arising from the merger are as detailed below:

N’000

Purchaseconsideration(6,250,000,000sharesatN10.70)(ex-div) 66,875,000

Less:NetassetsofStanbicNigeria(perauditedterminalaccounts) (30,040,122)

Goodwill 36,834,878

Less:Amounttransferredtospecialreserveaccount(Note25b) (36,834,878)

-

ThepurchaseconsiderationisbasedontheopenmarketpriceofIBTCsharesatthedateofacquisition.

114 115


Maturities of risk assets and deposit liabilities as at 31 December 2007 - Bank

0-30 1-3 3-6 6-12 Over12

days months months months months Total

N’000 N’000 N’000 N’000 N’000 N’000

ASSETS

Investments 6,227,982 13,464,108 11,904,351 34,861,673 2,269,126 68,727,240

Loansandadvances 21,487,033 5,528,078 8,186,984 30,076,660 14,356,935 79,635,690

Advancesunderfinanceleases 113 - 43,077 65,233 1,535,673 1,644,096

Otherassets 521,606 3,676,996 745,798 8,169,869 309,459 13,423,728

Total risk assets 28,236,734 22,669,182 20,880,210 73,173,435 18,471,193163,430,755

LIABILITIES

Deposits,currentandotheraccounts 28,523,888 9,579,559 4,526,195 5,135,354 24,690,226 72,455,222

Net liquidity gap (287,154) 13,089,623 16,354,015 68,038,081 (6,219,033) 90,975,533

Thetablesaboveanalyseassetsandliabilitiesofthebankintorelevantmaturitygroupingsbasedontheremainingperiodatbalancesheetdateto

thecontractualmaturitydate.Thematchingandcontrolledmismatchingofthematuritiesandinterestratesofassetsandliabilitiesisfundamental

tothemanagementofthebank.Itisunusualforbanksevertobecompletelymatchedsincebusinesstransactedisoftenofuncertaintermsandof

differenttypes.Anunmatchedpositionpotentiallyenhancesprofitability,butcanalsoincreasetheriskoflosses.

36. STATEMENTONSEGMENTALREPORTING

Thedirectorsconfirmthattheconsolidatedfinancialstatementcomplieswiththeinformationreportedtothebank’sboardofdirectors,andtop

management,forthepurposesofevaluatingunits’pastperformanceasitrelatestoperformanceofthebankanditssubsidiariesduringtheperiod.

0-30 1-6 6-12 1-5 Over5

days months months years years Total

N’000 N’000 N’000 N’000 N’000 N’000

35. LIQUIDITYRISK

Maturitiesofassetsandliabilitiesasat31December2007-Bank

ASSETS

Cashandshorttermfunds 4,140,766 8,895,086 - - - 13,035,852

Duefromotherbanks 56,777,604 15,022,670 - - - 71,800,274

Treasurybills 1,856,992 14,168,850 31,536,845 - - 47,562,687

Investments 6,227,982 25,368,459 34,861,673 2,269,126 - 68,727,240

Loansandadvances 21,487,033 13,715,062 30,076,660 14,356,935 - 79,635,690

Advancesunderfinanceleases 113 43,077 65,233 1,535,673 - 1,644,096

Otherassets 521,606 4,422,794 8,169,869 309,459 - 13,423,728

Equipmentonlease - - - 345,381 - 345,381

Fixedassets - - - 3,703,328 4,641,718 8,345,046

Total assets 91,012,096 81,635,998104,710,280 22,519,902 4,641,718304,519,994

LIABILITIES

Deposits,currentandotheraccounts 28,523,888 14,105,754 5,135,354 24,690,227 - 72,455,223

Duetootherbanks 879,046 65,972,891 - - - 66,851,937

Taxationpayable - - 3,612,948 - - 3,612,948

Otherliabilities 8,725,109 12,044,076 40,824,649 - - 61,593,834

Deferredtaxation - - - 51,107 - 51,107

Longtermloans - - -27,533,212 -27,533,212

Total liabilities 38,128,043 92,122,721 49,572,951 52,274,546 -232,098,261

Net liquidity gap at 31 December 2007 52,884,053(10,486,723) 55,137,329(29,754,644) 4,641,718 72,421,733

As at 31 March 2007

Totalassets 50,004,484 66,343,474 8,432,250 26,723,558 6,116,825 157,620,591

Totalliabilities 29,482,824 32,514,854 18,345,909 26,111,858 -106,455,445

Net liquidity gap 20,521,660 33,828,620 (9,913,659) 611,700 6,116,825 51,165,146

Forninemonthsended31December2007

116 117

Statementofvalueadded



N’000 % N’000 % N’000 % N’000 %

Netoperatingincome 22,618,769 18,872,568 15,877,304 12,990,610

Administrativeoverhead (3,753,034) (3,033,617) (3,500,844) (2,598,047)

Value added 18,865,735 100 15,838,951 100 12,376,460 100 10,392,563 100

DISTRIBUTION

Employees & directors

Salariesandbenefits 4,919,907 26 4,190,644 26 2,969,838 24 2,516,675 24

Government

Taxation 3,142,280 17 1,854,639 12 1,672,741 14 822,032 8

The Future

Assetreplacement

(depreciation) 910,017 808,220 797,931 705,092

Expansion

(retainedinthebusiness) 7,849,848 6,941,765 5,762,141 5,362,700

Provisionforlosses 2,043,683 2,043,683 1,173,809 986,064

10,803,548 57 9,793,668 62 7,733,881 62 7,053,856 68

18,865,735 100 15,838,951 100 12,376,460 100 10,392,563 100

Thedirectorshaveproposedadividendof25kobopershareamountingtoaproposeddistributiontoshareholdersof25%ofthe

valueadded

118 119

Group Bank Group Bank Group Bank Group Bank Group Bank

fortheninemonthsended31December2007 2007 2007 2006 2006 2005 2005 2004 2004

N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000

ASSETSEMPLOYED

Cashandshorttermfunds 13,037,811 13,035,852 10,831,864 10,831,345 6,256,812 6,256,364 903,478 903,478 998,748 998,748

Duefromotherbanks 79,578,685 71,800,274 46,873,035 46,090,030 12,217,077 12,165,525 9,336,703 7,948,288 9,635,258 9,599,239

Treasurybills 47,562,687 47,562,687 13,955,885 13,955,885 28,131,366 27,996,366 9,481,161 9,481,161 4,374,949 4,374,949

Investment 73,050,364 68,727,240 32,993,307 29,297,783 9,066,920 4,660,416 5,388,987 210,000 6,002,215 563,457

Loansandadvances 79,464,605 79,635,690 36,606,845 35,590,358 48,274,519 50,067,653 12,492,336 13,487,436 8,964,546 9,479,862

Advancesunderfinanceleases 1,644,096 1,644,096 313,960 313,960 852,583 852,583 - - - -

Otherassets 11,761,803 13,423,728 3,014,009 4,876,533 2,976,000 3,545,130 697,535 1,710,620 824,985 1,057,425

Equipmentonlease 345,381 345,381 484,062 484,062 75,833 75,833 102,083 102,083 - -

Fixedassets 8,661,669 8,345,046 6,217,470 5,958,062 5,374,736 5,204,454 748,733 724,598 811,606 798,206

315,107,101 304,519,994 151,290,437 147,398,018 113,225,846 110,824,324 39,151,016 34,567,664 31,612,307 26,871,886

FINANCEDBY

Sharecapital 9,375,000 9,375,000 6,250,000 6,250,000 6,028,604 6,028,604 2,935,492 2,935,492 2,000,000 2,000,000

Reserves 66,188,215 63,046,733 34,945,220 32,607,462 26,674,740 25,486,876 12,718,734 11,339,723 5,837,620 3,794,420

Proposeddividend - - - - 2,411,442 2,411,442 1,174,197 1,174,197 500,000 500,000

Minorityinterest 455,209 - 184,122 - 126,390 - 208,000 - - -

Deposits,currentandotheraccounts 71,390,744 72,455,223 68,031,030 72,896,047 55,492,311 57,073,332 10,163,238 10,885,811 9,582,308 10,543,648

Duetootherbanks 67,298,123 66,851,937 5,840,078 5,840,015

Taxationpayable 5,640,502 3,612,948 2,212,558 1,334,981 2,008,650 1,552,150 1,077,148 800,632 664,205 497,166

Otherliabilities 66,784,442 61,593,834 27,438,315 22,478,519 16,729,363 14,762,115 7,859,812 4,715,372 9,657,704 6,785,641

Deferredtaxation 441,654 51,107 780,262 382,142 416,702 172,161 357,395 59,437 693,470 74,011

Longtermloans 27,533,212 27,533,212 5,608,852 5,608,852 3,337,644 3,337,644 2,657,000 2,657,000 2,677,000 2,677,000

315,107,101 304,519,994 151,290,437 147,398,018 113,225,846 110,824,324 39,151,016 34,567,664 31,612,307 26,871,886

Acceptancesandguarantees 56,259,272 56,259,272 5,687,715 5,687,715 3,900,173 1,367,860 2,377,939 2,377,939 3,864,380 3,864,380

Fiveyearfinancialsummary

120 121

Fiveyearfinancialsummary

Group Bank Group Bank Group Bank Group Bank Group Bank

fortheninemonthsended31December2007 2007 2007 2006 2006 2005 2005 2004 2004

N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000

PROFITANDLOSSACCOUNT

Netoperatingincome 22,618,769 18,872,568 15,877,304 12,990,610 8,862,585 8,164,014 5,004,828 4,250,440 3,072,328 2,445,369

Operatingexpensesandprovisions (11,626,641) (10,076,164) (8,442,422) (6,805,878) (3,195,848) (2,745,764) (1,683,533) (1,237,890) (1,022,412) (734,822)

Profitbeforetaxation 10,992,128 8,796,404 7,434,882 6,184,732 5,666,737 5,418,250 3,321,295 3,012,550 2,049,916 1,710,547

Taxation (3,142,280) (1,854,639) (1,672,741) (822,032) (1,679,354) (1,294,230) (876,662) (654,395) (463,685) (302,145)

Profitaftertaxation 7,849,848 6,941,765 5,762,141 5,362,700 3,987,383 4,124,020 2,444,633 2,358,155 1,586,231 1,408,402

Proposeddividend - - - - - - (1,174,197) (1,174,197) (500,000) (500,000)

Transfertoreserves 7,849,848 6,941,765 5,762,141 5,362,700 3,987,383 4,124,020 1,270,436 1,183,958 1,086,231 908,402

STATISTICALINFORMATION

Grossinterestmargin% 61 61 58 59 67 70 47 46 25 25

Shareholders’funds%totalassets 24 24 27 26 31 31 40 41 25 22

%Loansandoverdrafts/totalassets 25 26 24 24 43 45 32 39 28 35

%Loansandoverdrafts/deposits 111 110 54 49 87 88 123 124 94 90

%Provision/Loansandoverdrafts 13 13 19 19 14 14 1 1 2 1

Earningspershare(EPS)-actual 42k 37k 46k 43k 33k 34k 42k 40k 79k 70k

Earningspershare(EPS)-basic 71k 63k 47k 44k 56k 57k 55k 54k 79k 70k

Earningspershare(EPS)-adjusted 42k 37k 31k 29k 32k 33k 20k 19k 13k 11k

Earningspershare(EPS)-diluted 42k 37k 46k 43k 32k 33k 39k 37k 65k 58k

Averagenumberofemployees 1,202 1,071 931 874 783 729 100 100 93 93

122 123

ABIASTATE

1. AbaMainBranch

7Aba-OwerriRoad

PMB7477,Aba

Tel:082-227144,226369

Fax:082-222622

2. AbaMarketBranch

7DuruRoad

OffCemetaryRoad,Aba

Tel:082-227868,225231

Fax:082-220369

ADAMAWASTATE

3. YolaBranch

1MuhammedMustaphaWay

Jimeta,Yola

Tel:075-627008

Fax:085-627564

AKWAIBOMSTATE

4. UyoBranch

65BNwanibaRoad,Uyo

Tel:085-204319,204006

Fax:085-204178

ANAMBRASTATE

5. OnitshaBranch

13BrightStreet,Onitsha

Tel:046-410111

Fax:046-2708887

BAUCHISTATE

6. BauchiBranch

16YandokaRoad,Bauchi

Tel:077-546475

Fax:077-546454

BORNOSTATE

7. MaiduguriBranch

38BagaRoad,Maiduguri

Tel:076-230560,236105

Fax:076-230562

BENUESTATE

8. MakurdiBranch

12AliAkiluRoad,Makurdi

Tel:044-534712,534709

Fax:044-534707

CROSSRIVERSTATE

9. CalabarBranch

71NdidemUsangIsoRoad,Calabar

Tel:087-239171

Fax:087-239134

DELTASTATE

10. WarriBranch

98Effurun-WarriRoad

Tel:053-254481,256902

Fax:053-256903

EDOSTATE

11. BeninCityBranch

71AkpakpavaStreet,Benin

Tel:052-467072,467172

Fax:052-255652

ENUGUSTATE

12. EnuguBranch

252OguiRoad

EbeanoHousingEstate,Enugu

Tel:042-254806

Fax:042-254381

FEDERALCAPITAL TERRITORY(ABUJA)

13. GarkiBranch(Area3)

Plot437No.8LangtangClose

OffTafawaBalewaWay

Tel:09-2340667

Fax:09-2342012

14. GarkiBranch(Area7)

Plot593RingimClose,Garki

P.M.B337,Abuja

Tel:09-2346232,2346234

Fax:09-2344456

15. MaitamaBranch

Plot2777CadastralZoneA6

MaitamaDistrict,Abuja

P.M.B.337,Abuja

Tel:09-4134487,4137406

Fax:09-4134485

16. NSITF/LabourHouse

CentralBusinessDistrict

Abuja,F.C.T

Tel:09–2342464–5,6710524,

6702926

Fax:4613751

IMOSTATE

17. OwerriBranch

8WethedralRoad,Owerri

Tel:083-231170

Fax:083-234143

KADUNASTATE

18. KadunaBranch

14AhmaduBelloWay

P.O.Box10113,Kaduna

Tel:062-247662,247658

Fax:062-247662

19. ZariaBranch

9KadunaRoad,Zaria

Tel:069-333301,333302

Fax:069-335300

KANOSTATE

20. KanoBranch

13EBelloRoad

P.O.Box3507,Kano

Tel:064-639896,639897

Fax:064-634106

21. 3,BankRoad,Kano

Tel:064–646984–9

Fax:208210

KASTINASTATE

22. KastinaBranch

193IBBWay,Kastina

Tel:065-432884,430255

Fax:065-431387

KWARASTATE

23. IlorinBranch

11UnityRoad,Ilorin

Tel:031-742138

Fax:031-229564

LAGOSSTATE

24. HeadOfficeBranch

I.B.T.C.Place

WalterCarringtonCrescent

P.O.Box71707,

VictoriaIsland-Lagos

Tel:01-2626520,2712400

Fax:01-2626541,2626542

25. Plot688,AmoduTijaniClose

(OffSanusiFafunwaStreet),

VictoriaIsland,Lagos

Tel:01–2709660–9

Fax:01–2709677

26. GroundFloor,CentagePlaza

14,AllenAvenueStreet

Ikeja,Lagos

27. IdejoBranch

Plot1712IdejoStreet


Tel:01-2620382,2701484

Fax:01-2701480

28. AdetokunboAdemolaBranch

76AdetokunboAdemolaStreet


Tel:01-2701174,2702096

Fax:01-2702098

29. AfribankBranch

ChurchgateBuilding

PC30AfribankStreet,

VictoriaIsland

Tel:01-2703482,2618603

Fax:01-2629455

Branchnetwork

30. MuriOkunolaBranch

Plot226AMuriOkunolaStreet

VictoriaIslandAnnex

Tel:01-2701415,2701417

Fax:01-2701597

31. AwolowoRoadBranch

85AwolowoRoad,Ikoyi

Tel:01-2707482,2707483

Fax:01-2707480

32. MartinsStreetBranch

19MartinsStreet,LagosIsland

Tel:01-2640312,2640316

Fax:01-2640311

33. NnamdiAzikiweStreetBranch

106NnamdiAzikiweStreet

LagosIsland

Tel:01-8151647,2640380

Fax:01-2640381

34. OffinRoadBranch

25OffinRoad,Apongbon

Tel:01-2711780,2711781

Fax:01-2711783

35. IdumagboBranch

61IdumagboAvenue

Tel:01-2640449,2646780

Fax:01-2640049

36. YinkaFolawiyoPlazaBranch

38WarhouseRoad,Apapa

Tel:01-2707784,2707782

Fax:01-2707780

37. WarehouseRoadBranch,Apapa

10/12WarehouseRoad,Apapa

Tel:01-2716213,5458748

Fax:01-5451909

38. AllenAvenueBranch

80AllenAvenue,Ikeja

Tel:01-2707667,2707668

Fax:01-2707706

39. ToyinStreetBranch

36AToyinStreet,Ikeja

Tel:01-2715458,2715459

Fax:01-4974354

40. ObaAkranAvenueBranch

20ObaAkranAvenue,Ikeja

Tel:01-2707941,2707942

Fax:01-2700915

41. AlausaBranch

ElephantHouse,Alausa-Ikeja

Tel:012708713,2708714

Fax:012708715

42. M/MAirportRoadBranch

MuritalaMohammedAirport

Tel:01-2711441

Fax:01-2711440

43. SurulereBranch

39AdeniranOgunsanyaStreet

Tel:01-2703123,2703124

Fax:01-2703122

44. AlabaBranch

H48/H49

AlabaInt’lMarket,Ojo

Tel:01-2814301

Fax:01-2814302

45.TradeFairBranch

ObasanjoHall/Hall2

ASPAMDAPlaza

InternationalTradeFairComplex

Tel:01-7739961,3426704

46.BalogunBusiness

AssociationBranch

Plaza3APortionC

OppositeSokotoPlaza

TradeFairComplex

Tel:01-3455420,3455421

47. NPABranch

AccountBlock

NigerianPortAuthority

WharfRoad,Apapa

Tel:01-2708886,2708887

Fax:01-2708885

48. TincanIslandBranch

Suite7&27Container

ComplexApapa

Tel:01-7747294,8712195

NIGERSTATE

49. MinnaBranch

PaikoRoad,Minna

Tel:066-223528

Fax:066-222231

OGUNSTATE

50. AbeokutaBranch

2ALantoroRoad,Isale-Ake

Abeokuta

Tel:039-244753

Fax:039-242736

ONDOSTATE

51. AkureBranch

GreatNigeriaInsuranceHouse

Owo/AdoEkitiRoad,Akure

Tel:034-234250,241535

Fax:034-243252

OSUNSTATE

52. Ile-IfeBranch

5Obalufon-LagereRoad

BesideCatholicChurch

LagereJunction,Ile-Ife

Tel:036-231103

Fax:036-233560

OYOSTATE

53. GbagiBranch

15JimohOdutolaStreet

Ogunpa/Dugbe,Ibadan

Tel:02-2412172,2412458

Fax:02-2412910

54. IwoBranch

BaloonHouse,IwoRoad

Ibadan

Tel:02-8108293

Fax:02-8108292

55. IbadanMainBranch

UCH-SecretariatRoad

ByTotalGarden,Ibadan

Tel:02-2411902,2411920

Fax:02-2412171

PLATEAUSTATE

56. JosBranch

34AhmaduBelloWay,Jos

Tel:073-458568,458570

Fax:073-458569

RIVERSSTATE

57. 133A,OluObasanjoRoad,GRA

PortHarcourt

Tel:084–231113,463046,235413

Fax:46304750.

58. P/HAirportBranch

InternationalAirport,

PortHarcourt

Tel:084-231927,785874

59. OluObasanjoBranch

58OluObasanjoRoad

PortHarcourt

Tel:084-230247

Fax:080-230515

60. TransAmadiBranch

7TransAmadiRoad

P.M.B11511,PortHarcourt

Tel:084-237543,237541

Fax:084-233136

SOKOTOSTATE

61. SokotoBranch

8MaiduguriRoad

P.M.B.2375,Sokoto

Tel:060-239629

Fax:060-239628

124

DesignedandProducedbyCreativeInterpartners,London

E-mail:[email protected]

PhotographybyWilliamCurtis

financial statements for the nine months ended 31...

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