GRTB.L Regulatory News (GRTB)

Statements of Financial Position as at 30 September 2014

Group

Sep 2014

Group

Dec 2013

Parent

Sep 2014

Parent

Dec 2013

N'million

N'million

N'million

N'million

ASSETS

Cash and cash equivalents

279,828

307,396

203,286

228,610

Loans and advances to banks

4,289

5,596

17

17

Loans and advances to customers

1,157,236

1,002,371

1,073,987

926,967

Financial assets held for trading

17,357

17,224

13,590

13,747

Derivatve financial assets

-

170

-

170

Investment securities:

- Available for sale

309,929

374,673

287,485

364,056

- Held to maturity

69,134

84,742

47,744

46,682

Assets pledged as collateral

42,507

28,443

42,507

28,441

Investment in subsidiaries

-

-

40,130

40,130

Property and equipment

74,228

68,306

67,102

61,420

Intangible assets

11,478

11,214

2,452

2,257

Deferred tax assets

3,229

1,946

-

-

Restricted Deposits and Other assets

266,017

200,766

252,350

191,869

TOTAL ASSETS

2,235,232

1,734,878

252,350

1,904,366

LIABILITIES

Deposits from banks

29,984

15,208

37

89

Deposits from customers

1,548,164

1,427,494

1,394,029

1,261,927

Derivative financial liabilities

-

4

-

4

Other liabilities

46,143

61,015

31,352

49,008

Current income tax liabilities

10,136

13,074

9,536

12,633

Deferred tax liabilities

7,139

5,066

7,001

4,784

Debt securities issued

163,257

156,498

13,677

13,233

Other borrowed funds

87,735

92,135

230,995

233,040

TOTAL LIABILITIES

1,892,558

1,770,494

1,686,628

1,574,719

CAPITAL AND RESERVES

Share capital

14,716

14,716

14,716

14,716

Share premium

123,471

123,471

123,471

123,471

Treasury shares

(3,987)

(2,047)

-

-

Retained earnings

50,587

41,381

46,649

47,558

Other components of equity

152,920

104,651

125,998

102,409

Capital and reserves attributable to equity holders of the parent entity

337,707

327,269

344,022

329,647

Non-controlling interests in equity

4,967

5,084

-

-

TOTAL EQUITY

342,674

332,353

344,022

329,647

TOTAL EQUITY AND LIABILITIES

2,235,232

2,102,847

2,030,650

1,904,366

Income Statements for the period ended 30 September 2014

Group Sep 2014

Group Sep 2013

Group Dec 2013

Parent Sep 2014

Parent Sep 2013

Parent Dec 2013

N'million

N'million

N'million

N'million

N'million

N'million

Interest income

148,187

136,967

185,383

134,007

128,326

172,433

Interest expense

(42,851)

(35,017)

(48,444)

(38,112)

(32,524)

(44,576)

Net interest income

105,336

101,950

136,939

95,895

95,802

127,857

Loan impairment charges

(6,287)

(2,653)

(2,886)

(5,749)

(2,292)

(2,913)

Net interest income after loan impairment charges

99,049

99,297

134,053

90,146

93,510

124,944

Fee and commission income

38,296

36,004

46,632

33,380

31,160

40,189

Fee and commission expense

(1,499)

(733)

(1,824)

(1,243)

(672)

(1,719)

Net fee and commission income

36,797

35,271

44,808

32,137

30,488

38,470

Net gains/(losses) on financial instruments classified as held for trading

9,381

5,168

7,686

6,931

3,480

5,396

Other income

3,374

3,851

2,963

5,173

4,666

3,582

Net impairment reversal on financial assets

234

-

119

234

-

119

Personnel expenses

(20,364)

(16,708)

(23,761)

(15,814)

(14,548)

(19,625)

General and administrative expenses

(17,382)

(16,346)

(22,550)

(15,282)

(14,822)

(20,078)

Operating lease expenses

(885)

(680)

(837)

(387)

(464)

(623)

Depreciation and amortization

(8,549)

(7,492)

(10,116)

(7,882)

(6,804)

(9,273)

Other operating expenses

(20,955)

(19,992)

(25,273)

(18,171)

(17,917)

(22,450)

Profit before income tax

80,700

82,368

107,091

77,085

77,589

100,462

Income tax expense

(13,957)

(13,126)

(17,067)

(12,030)

(12,085)

(14,916)

Profit for the period from continuing operations

66,743

69,242

90,024

65,055

65,504

85,546

Profit for the period from discontinued operations

-

-

-

-

-

-

Profit for the period

66,743

69,242

90,024

65,055

65,504

85,546

Profit attributable to:

Equity holders of the parent entity (total)

66,274

68,949

89,599

65,055

65,504

85,546

- Profit for the period from

continuing operations

66,274

68,949

89,599

65,055

65,504

85,546

- Profit for the period from

discontinued operations

-

-

-

-

-

-

Non-controlling interests (total)

469

293

425

-

-

-

- Profit for the period from

continuing operations

469

293

425

-

-

-

- Profit for the period from

discontinued operations

-

-

-

-

-

-

66,743

69,242

90,024

65,055

65,504

85,546

Statements of comprehensive income for the period ended 30 September 2014

Group Sep 2014

Group Sep 2013

Group Dec 2013

Parent Sep 2014

Parent Sep 2013

Parent Dec 2013

N'million

N'million

N'million

N'million

N'million

N'million

Profit for the period

66,743

69,242

90,024

65,055

65,504

85,546

Other comprehensive income not to be reclassified to profit or loss in subsequent periods:

- Actuarial gains and losses

-

-

656

-

-

656

- Income tax relating to actuarial gains and losses

-

-

(197)

-

-

(197)

Total comprehensive income for the period from discontinued operations

-

-

459

-

-

459

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

- Foreign currency translation

differences for foreign operations

(4,664)

993

(1,040)

-

-

-

- Income tax relating to Foreign

currency translation differences

for foreign operations

1,399

(298)

312

-

-

-

- Net change in fair value of

available for sale financial assets

(1,116)

3,992

4,080

(923)

3,992

3,887

- Income tax relating to net

change in fair value of available

for sale financial assets

335

(1,197)

(1,224)

276

(1,197)

(1,166)

Other comprehensive income for the period, net of tax

(4,046)

3,490

2,587

(647)

2,795

3,180

Total comprehensive income for the period

62,697

72,732

92,611

64,408

68,299

88,726

Profit attributable to:

Equity holders of the parent entity (total)

62,411

72,456

92,329

64,408

68,299

88,726

- Total comprehensive income for

the period from continuing

operations

62,411

72,456

92,329

64,408

68,299

88,726

 - Total comprehensive income for

the period from discontinued

operations

-

-

-

-

-

-

Non-controlling interests (total)

286

276

282

-

-

-

 - Total comprehensive income for

the period from continuing

operations

286

276

282

-

-

-

- Total comprehensive income for

the period from discontinued

operations

-

-

-

-

-

-

Total comprehensive income for the period

62,697

72,732

92,611

64,408

68,299

88,726

Earnings per share for the profit from continuing operations attributable to the equity holders of the parent entity during the period (expressed in naira per share):

 - Basic

2.35

2.44

3.17

2.21

2.23

2.91

 - Diluted

2.35

2.44

3.17

2.21

2.23

2.91

Earnings per share for the profit from discontinued operations attributable to the equity holders of the parent entity during the period (expressed in naira per share):

 - Basic

-

-

-

-

-

-

 - Diluted

-

-

-

-

-

-

Total impaired Loans and Advances (N'million)

38,697

30,350

36,989

31,301

24,154

27,707

Total impaired Loans and Advances to Loans and Advances (%)

3.25%

3.21%

3.58%

2.85%

2.71%

2.93%

Gross Earnings

199,238

181,990

242,665

179,492

167,630

221,600

Key Ratios

Sept-14

Sept-13

ROE (Post tax)

26.37%

31.10%

ROA (Post tax)

4.10%

5.11%

Net interest margin

8.21%

8.47%

Cost-to-income ratio

45.78%

42.64%

Loans to deposits

73.60%

71.93%

Liquidity ratio

42.96%

43.99%

Capital adequacy ratio

18.36%

20.80%

NPL/Total Loans

3.25%

3.21%

Cost of risk

0.77%

0.41%

Coverage (with Reg. Risk Reserves)

120.84%

114.85%

GTBank

Muyiwa Teriba, Head, Investor Relations

ir@gtbank.com

+234-1-4484156

Lola Odedina, Head, Communications & External Affairs

+234-1-2715227

Pascal Or

corpaff@gtbank.com

Instinctif Partners

+44 20 7457 2020

Tony Friend

Antonia Gray