Last Updated : 9/8/2010
 Financial Statement 

AFRIBANK NIGERIA PLC
Balance Sheet
As at 31 March 2008
Group Bank
2008 2007 2008 2007
N'000 N'000 N'000 N'000
Assets
Cash       7,787,852       2,833,525       7,748,134        2,757,744
Short-term investments        6,275,834          166,557                      -             166,557
Due from banks  146,387,257     54,913,185  128,257,867     46,655,641
Bills discounted     45,208,664     36,578,584     45,208,664     36,578,584
Loans and advances  104,226,389     61,386,431  119,315,630     71,322,541
Other assets     30,500,625     21,411,828     23,009,493     15,001,441
Long-term investments       2,518,374       2,183,329       3,439,238        3,289,076
Fixed assets       9,365,377       7,605,102       8,712,803        6,949,979
Total assets  352,270,372  187,078,541  335,691,829  182,721,563
Liabilities
Deposits and
other accounts      217,977,136

 

   135,645,083   278,476,093   142,276,727  
Due to banks       1,814,031          617,598       1,814,031           617,598
Other liabilities     85,504,202     16,252,206     14,991,925        9,011,480
Tax payable       5,658,772       2,231,999       4,478,391        1,661,716
Deferred taxation       1,114,234       1,009,752       1,044,418           858,019
Total liabilities 312,068,375 155,756,638  300,804,858  154,425,540
Capital and reserves
Called up share capital       3,065,059       2,554,216       3,065,059        2,554,216
Share premium     14,706,662     14,706,662     14,706,662     14,706,662
Bonus issue reserve       1,688,353          510,843       1,688,353           510,843
Other reserves     16,685,240     10,433,575     12,173,947        8,083,700
Small and medium scale 
industries reserves       2,159,427       1,347,079       2,159,427        1,347,079
Core capital 38,304,741 29,552,375     33,793,448     27,202,500

Fixed assets

revaluation              1,221,638
reserve
        1,221,638        1,093,523        1,093,523        
Shareholders' funds 39,526,379 30,774,013     34,886,971     28,296,023
Minority interest          675,618          547,890                      -                         -  
    40,201,997     31,321,903     34,886,971     28,296,023
 352,270,372  187,078,541  335,691,829  182,721,563
Contingent liabilities and other
obligations on behalf of customers 
and customers' liability thereof     52,044,715

 

48,233,499

          12,739,061     34,687,156
Approved by the Board of Directors on 29 July, 2008 and Signed on its behalf by:
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Osa Osunde Sebastian Adigwe
Chairman Group Managing Director
Profit and Loss Account
For the Year Ended 31 March 2008
Group Bank
2008 2007 2008 2007
N'000 N'000 N'000 N'000
Gross earnings     49,195,639     27,537,678     43,325,737     24,662,685
Profit before exceptional item 
 and taxation     15,116,261       9,135,530     12,361,091        6,928,076
Exceptional item                      -       (1,847,235)                      -        (1,847,235)
Information technology levy          (149,119)                      -           (123,611)                       -  
Taxation     (4,933,934)     (2,092,089)     (4,114,002)      (1,609,720)
Profit after taxation     10,033,208       5,196,206       8,123,478        3,471,121
Minority interest         (127,728)         (115,575)                      -                         -  
      9,905,481       5,080,631       8,123,478        3,471,121
Appropriations
Transfer to statutory reserve     (1,218,522)         (520,668)     (1,218,522)         (520,668)
Transfer to small scale
industries reserve         (812,348)         (347,112)         (812,348)         (347,112)
       
Transfer to general reserve 7,874,611 4,212,851       6,092,608 2,603,341