financial statements for the nine months ended 31...
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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:
Statementofsignificantaccountingpolicies
Leaseholdland OverthelifeoftheleaseBuilding 25yrsMotorvehicles 4yrsFurniture,fittings&equipment 4yrsComputerequipment&software 3yrsLeaseholdassets,machinery&equipment Overthelifeofthelease
86 87
Statementofsignificantaccountingpolicies
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.
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
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
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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:
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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.
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
Notestothefinancialstatements
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
Analysis by geographical location:
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
Analysis by geographical location:
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
Notestothefinancialstatements
9. EARNINGSPERSHARE
Earningspershare(actual)iscalculatedbydividingtheprofitaftertaxbythenumberofsharesinissueduringtheperiod,whileearningspershare
(basic)iscalculatedbyusingtheweightedaveragenumberofsharesinissueduringtheperiodasthedenominator.Earningspershare(adjusted)is
calculatedbyusingthenumberofsharesinissueduringthecurrentperiodasdenominatorforalltheperiods,whileearningspershare(diluted)is
calculatedbyadjustingthenumberofsharesinissueduringtheperiodwiththeeffectsofallpotentialordinaryshares.
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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)
Transfersarisingfrommerger 979,428 979,428 - -
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
Notestothefinancialstatements
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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%).
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
-77,378,670ordinarysharesofN1each. 24,483 24,483 24,483 24,483
NigeriaInterbankSettlementSystemPlc
-105,400,582ordinarysharesofN1each. 105,401 105,101 52,583 52,583
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
Notestothefinancialstatements
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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)
Transferarisingfrommerger 250,354 250,354 - -
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 - -
Transferarisingfrommerger 61,154 61,154 - -
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)
Transfersarisingfrommerger 31,899 31,899 - -
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)
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
Maturingbetween3to6months 8,186,984 8,186,984 2,566,709 2,566,709
Maturingbetween6to12months 30,076,660 30,076,660 7,210,131 7,210,131
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
Notestothefinancialstatements
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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).
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
Analysis by maturity:
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
Notestothefinancialstatements
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
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
At end of the period 289,619 289,619 150,938 150,938
Net book amount:
At end of the period 345,381 345,381 484,062 484,062
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
Notestothefinancialstatements
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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.
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
Analysis by maturity:
Maturingwithin1month 27,459,409 28,523,888 17,732,459 22,597,476
Maturingbetween1to3months 9,579,559 9,579,559 21,418,250 21,418,250
Maturingbetween3to6months 4,526,195 4,526,195 4,927,489 4,927,489
Maturingbetween6to12months 29,825,581 29,825,581 23,952,832 23,952,832
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
Notestothefinancialstatements
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
Onrevaluationofsecurities - - - - - 874,487 874,487
Fromadditionalsharecapitalissue - - - - 1,757,885 - 1,757,885
Eliminatedondisposalofsubsidiary - (23,469) - - - - (23,469)
Transferfromdeferredtax - - - - - (42,832) (42,832)
Dividendpaid -(2,411,442) - - - -(2,411,442)
Fromprofitandlossaccount 1,626,851 4,077,558 - - - - 5,704,409
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
Onrevaluationofsecurities - - - - - 332,384 332,384
Fromshareexchange(merger) - - - -26,915,122 -26,915,122
Dividendpaid -(3,750,000) - - - -(3,750,000)
Fromprofitandlossaccount 2,082,530 4,859,235 - - - - 6,941,765
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)
Fromprofitandlossaccount 1,608,810 3,753,890 - - - - 5,362,700
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
Notestothefinancialstatements
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
Notestothefinancialstatements
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
Notestothefinancialstatements
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
9 months ended 12 months ended 31 December 2007 31 March 2007
Group Bank Group Bank
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
VictoriaIsland,Lagos
Tel:01-2620382,2701484
Fax:01-2701480
28. AdetokunboAdemolaBranch
76AdetokunboAdemolaStreet
VictoriaIsland,Lagos
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
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