Last Updated : 5/10/2007
 Financial Statement 

                BALANCE SHEET                     

As at 31 March, 2007

                                                                                                  Group                                                        Bank

 

 

2007

 

2006

 

2007

 

2006

Assets

 

N"OOO

 

N'OOO

 

N'OOO

 

N"OOO

Cash

 

2.833.525

 

4.585.838

 

2.757.744

 

4,457,312

Short-term investments

 

 166,557

 

150.744

 

166.557

 

150.744

Due from banks

 

54.913,185

 

51.839.839

 

46.655.641

 

47.764.357

Bills discounted

 

36.578.584

 

26,096.525

 

36.578.584

 

26.096,525

Loans and advances

 

61.366.431

 

30. 172,239

 

71.322.541

 

37.263.946

Other assets

 

21,873.864

 

14.822.668

 

15,001.441

 

6,931.954

Long-term investments

 

1.721.293

 

3.048,998

 

3.289,076

 

1,621 ,334

Fixed assets

 

7.605.102

5.136.515

8.949.979

4.770.391

 

 

187,078.541

 

135.853.566

 

182.721.563

 

129.076.563

Deferred Charges:

 

 

 

 

 

 

 

 

Goodwill on consolidation

 

-

2.193.679

 

-

 

2.193.679

Total assets

 

187,078.541


138.047.245


182.721.563


131.270.242

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits and other accounts

 

135.645.083

 

88.435.310

 

142.276.727

 

91.895.758

Due to banks

 

 617,598

 

2,920,005

 

617,598

 

2,920,005

Other liabilities

 

16.252.206  

 

15.515.896

 

9.011.480

 

7.983,284

Tax payable

 

2,231,999

 

821,725

 

1,661,716

 

726,212

Deferred taxation

 

1,009. 752

 

837,284

 

858.019

 

685.552
Total liabilities

 

155.758.638

108.530.220

154.425.540

 

104.210.811

Capital and Reserves

 

 

 

 

 

 

 

 

Share capital

 

2,554.216

 

2.554,216

 

2,554.216

 

2.554.216

Share premium

 

14,706.662

 

16.941.191

 

14.706.662

 

16.941.191

Bonus issue reserve

 

510.843

 

-

 

510.843

 

-

Other reserves

 

10.433.575

 

7.367.698

 

8.083.700

 

5.470.534

Small Scale Industries Reserve

 

1.347.079  

 

999,967

 

1.347.079  

 

999,967

Core capital

 

 

29.552,375

 

 

27.863,072

 

 

27.202.500

 

 

25.965.908

Fixed assets revaluation reserve

 

1.221,638

 

1.221,838

 

1.093,523

 

1.093.523

Shareholders' funds

 

30.774.013

 

29.084.710

 

28.296,023

 

27.059,431

Minority interest

 

547.890

 

432.315

 

-

 

-

 

 

31.321.904

 

29.517.025

 

28.296.023

 

27.059.431

 

 


187.078.541

 


138,047.245

 


182,721.563

 


131,270,242

 

 

 

 

 

 

 

 

 

Contingent liabilities and other obligations on behalf of customers and customer’s liability thereof.

 

 48,233,499

 

 43.790.823

 

 34.687,156

 

27.623.100

 

 

 

 

 

 

 

 

 
The financial statements were approved by the Board of Directors on the 9 July 2007 and signed on its behalf:…………………………………………………………………….)   Chairman
 
ALHAJI ALIYU K. BELGORE
…………………………………………………………………….)   Group Managing Director

SEBASTIAN ADIGWE

   

PROFIT AND LOSS ACCOUNT

Group

Bank

 

2007

2006

2007

2006

 

N"OOO

N"OOO

N.OOO

N"OOO

Gross earnings

27.537.678

15.636.798

24.662.685

14,645.245

Profit before exceptional

 

 

 

 

item and taxation

9.135.530

3.983.107

6,928.076

3,694.783

Exceptional items - restructuring cost

(1.847.235)

-

(1.847.235)

 

Taxation

(2.092,089)

(1,299.169)

(1,609.720)

(1.211.651 )

Profit after taxation

5.196,206

2,683.938

3.471.121

2,483,132

Minority Interest

(115,575)

(59.133)

 

 

 

5.080.631

2.624.805

3.471,121

2,483,132

Appropriations

 

 

 

 

Transfer to statutory reserves

(520.668)

(744.940)

(520,668)

(744.940)

Transfer to small scale Industries

 

 

 

 

Reserves

(347.112)

(248.313)

(347.112)

(248.313)

 

 

 

 

Transfer to general reserve

4,212.851

1,631.552

2.803.341

1,489.879

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Report of the Auditors
TO THE MEMBERS OF AFRIBANK NIGERIA PLC
 
Report on the Financial Statements
We have audited the accompanying financial statements of Afribank Nigeria Pic, as at 31 March 2007, set out on pages 46 to 85 which have been prepared on the basis of the significant accounting policies on pages 46 to 49 and other explanatory notes on pages 53 to 81.

Directors' Responsibility for the Financial Statements
The Directors are responsible for the preparation and fair presentation of these financial statements in accordance with the Companies and Allied Matters Act CAP C20 LFN 2004, Banks and Other Financial Institutions Act CAP B3 LFN 2004. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
 
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.

 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We draw your attention to note 31.2 on page 76 of these financial statements in respect of goodwill on consolidation that was charged to the special reserve account created from the share premium account. The Bank obtained the approval of shareholders at the last annual General Meeting to create a special reserve from the share premium account and to write-off the goodwill of N2.l94 billion against the special reserve. The sanction of the Federal High Court has been obtained in accordance with Companies and Allied Matters Act CAP C20 LFN 2004.
 
Opinion
Except for the effects of the amounts charged directly to the general reserve, in our opinion, the Group and the Bank have kept proper accounting records and the financial statements are in agreement with the records in all material respects and give in the prescribed manner, information required by the Companies and Allied Matters Act CAP C20 LFN 2004 and the Banks and Other Financial Institutions Act CAP B3 LPN 2004. The financial statements give a true and fair view of the financial position of Afribank Nigeria Plc as at 31 March 2007, and of its financial performance and its cash flows for the year then ended in accordance with the Statement of Accounting Standards issued by the Nigerian Accounting Standards Board and relevant International Financial Reporting Standards.

Report on Other Legal and Regulatory Requirements
In accordance with circular BSD/1/2004 issued by the Central Bank of Nigeria, details of insider-related credits are as disclosed in note 34.

The Bank contravened certain provisions of the Banks and Other Financial Institutions Act CAP B3 LFN 2004. The particulars thereof and the penalties paid thereon are set out in Note 30.
 
Chartered Accountants
Lagos, Nigeria
9 July 2007