Regulatory Alerts2009-10-27 | REF: BSD/DIR/GEN/CIR/03/024Publication of Un-Audited Accounts of Banks as at September 30, 2009
▅The company's financial performance in September 2009 shows improvements over the same period in 2008. The key highlights from the Profit & Loss statement are: - Net Interest and Discount income increased by a significant margin, contributing to higher Operating Income. - Despite an increase in Operating Expenses and Provision for Risk Assets, the Group's Net Profit before Tax & Exceptional rose year-over-year. - The Company witnessed a decline in taxation expenses, leading to an increase in Profit (loss) after tax before extra. - Despite having minority interests, the Group managed to record a higher Profit after tax and minority interest compared to the previous year. - Although there are some non-performing loans and advances, they make up a lesser portion of total loans and advances than in 2008. This suggests that loan management and risk assessment have improved over time.
09-46235401 09-46236418 October 26, 2009 Ref: BSD/DIR/GEN/CIR/03/024 CIRCULAR TO ALL BANKS Publication of Un-Audited Accounts of Banks as at September 30, 2009 Following the conclusion of the special examination on the deposit money banks in Nigeria, banks are hereby required to recognize the examiners' loan loss provision and fully provide for same in their accounts as at September 30, 2009. Therefore banks are required to publish their un-audited accounts as at September 30, 2009 latest by October, 2009. Banks are directed to adopt the attached format and ensure that their un-audited financial statements as at September 30, 2009 are published on or before the October 31, 2009 accordingly.
It should be noted that banks that have already published their September 2009 un-audited accounts are required to re-publish the accounts in line with the attached format. SAMUEL A. ONI DIRECTOR OF BANKING SUPERVISION
Format For Un-Audited Accounts As At September 30, 2009 Balance Sheet As At September 30, 2009
| GROUP | GROUP | BANK | BANK | |
|---|---|---|---|---|
| September | September | September | September | |
| ASSETS | 2009 | 2008 | 2009 | 2008 |
| Cash & Balances with CBN | X | X | X | X |
| Due from Other Banks & Fin. Inst | X | X | X | X |
| Short Term Investments | X | X | X | X |
| Bills Discounted | X | X | X | X |
| Loans and Advances | X | X | X | X |
| Advances under Finance Lease | X | X | X | X |
| Deferred Taxation | X | X | X | X |
| Other Assets | X | X | X | X |
| Long term Investments | X | X | X | X |
| Investment properties | X | X | - | - |
| Fixed Assets | X | X | X | X |
| Intangibles | X | X | X | X |
| Total Assets | Xx | Xx | Xx | xx |
| LIABILITIES Deposits | X | X | X | X |
| Due to other banks and fin. Inst | X | X | X | X |
| Taxation | X | X | X | X |
| Deferred Taxation | X | X | X | X |
| Dividend payable | X | X | X | X |
| Other Liabilities | X | X | X | X |
| Long Term Borrowings | X | X | X | X |
| X | X | X | X | |
| CAPITAL AND RESERVES Capital | X | X | X | X |
| Reserves | X | X | X | X |
| Total Capital and Reserves | X | X | X | X |
| Minority interest | X | X | ||
| Total Liabilities | Xx | Xx | Xx | Xx |
| Off Balance Sheet Engagements & Contingencies | X | X | X | X |
Profit And Loss For The Period Ended September 30, 2009
| ITEM | GROUP September 2009 | GROUP September 2008 | BANK September 2009 | BANK September 2008 |
|---|---|---|---|---|
| Gross Earnings | XX | XX | XX | XX |
| Interest and Discount income | x | x | X | X |
| Interest Expense | (x) | (x) | (x) | (x) |
| Net Interest and Discount income | x | x | X | X |
| Other income | x | x | X | X |
| Operating Income | x | x | X | X |
| Operating Expenses | (x) | (x) | (x) | (x) |
| Provision for Risk Assets | (x) | (x) | (x) | (x) |
| Net Profit before Tax & Exceptional | X | X | X | X |
| Items Exceptional Items | X | X | X | X |
| Net profit(loss) before tax | X | X | X | X |
| Taxation | (x) | (x) | (x) | (x) |
| Profit (loss) after tax before extra | x | x | X | X |
| ordinary items Extraordinary items (net of tax) | x | x | X | X |
| Minority Interest | (X) | (X) | ||
| Profit after tax and minority interest | X | X | X | X |
| Key Financial Information ITEM | GROUP September 2009 | GROUP September 2008 | BANK September 2009 | BANK September 2008 |
|---|---|---|---|---|
| Total non-performing loans and | x | x | X | X |
| advances Total non-performing loans to total | % | % | % | % |
| loans and advances EPS (Basic) | x | x | X | X |
| EPS (Diluted) | x | x | X | X |