Analysis of Bank Statement

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Guaranty Trust Bank Plc and Subsidiary Companies
Consolidated Financial Statements – 29 February 2008
Together with Auditors’ Reports
GUARANTY TRUST BANK PLC
Orange Rules
Guaranty Trust Bank Plc and Subsidiary Companies
Consolidated Financial Statements – 29 February 2008
Together with Auditors’ Reports
Contents
Page
Consolidated financial statements
Consolidated balance sheet 1
Consolidated income statement 2
Consolidated statement of recognised income and expense 3
Consolidated statement of cash flows 4
Notes to the consolidated financial statements 5
Independent auditors’ report 73
Guaranty Trust Bank Plc and Subsidiary Companies
Consolidated Financial Statements – 29 February 2008
Together with Auditors’ Reports
1
Consolidated balance sheet
As at 29 February
In thousands of Nigerian Naira Notes 2008 2007
Assets
Cash and cash equivalents 4, 18 110,594,499 112,321,378
Trading assets 7, 19 156,880,152 8,663,110
Pledged assets 7, 20 91,128,364 55,532,740
Derivative assets held for risk management 7, 11 2,332,281 - Loans and advances to banks 4, 7, 21 8,166 105,710
Loans and advances to customers 4, 7, 22 291,341,275 116,843,027 Investment securities 4, 7, 23 9,923,743 132,632,773
Trading properties under development 24 12,062,730 -
Property and equipment 25 29,582,942 17,647,141
Intangible assets 26 2,091,238 1,501,292
Deferred tax assets 27 20,649 49,874
Other assets 28 26,687,388 31,535,276
Total assets 732,653,427 476,832,321
Liabilities
Deposits from banks 4, 7, 29 75,655,473 34,259,548
Deposits from customers 4, 7, 30 373,727,004 309,167,352
Debt securities issued 4, 7, 31 40,698,171 44,967,782
Current tax liabilities 5,851,198 3,486,165
Deferred tax liabilities 27 1,992,477 -
Other liabilities 32 57,675,150 22,218,429
Other borrowed funds 4, 7, 33 15,401,436 13,380,054
Total liabilities 571,000,909 427,479,330
Equity
Share capital and share premium 35 125,916,273 25,391,928
Retained earnings 35 4,300,755 2,150,460
Other reserves 28,100,415 19,149,072
Total equity attributable to equity holders of the Bank 158,317,443 46,691,460 Minority interest 35 3,335,075 2,661,531
Total equity 161,652,518 49,352,991
Total liabilities and equity 732,653,427 476,832,321
The notes on pages 5 to 72 are an integral part of these consolidated financial statements. Guaranty Trust Bank Plc and Subsidiary Companies
Consolidated Financial Statements – 29 February 2008
Together with Auditors’ Reports
2
Consolidated income statement
For the year ended 29 February
In thousands of Nigerian Naira Note 2008 2007
Interest income 8 54,167,811 32,305,655
Interest expense 8 (18,804,917) (12,940,938)
Net interest income 35,362,894 19,364,717
Fee and commission income 9 17,755,661 13,584,375
Net trading income 10 6,085,959 1,650,488
Net gain from derivative financial instruments at
fair value 11 2,332,281 -
Other operating (expenses)/income 12 (1,305,114) 803,152
Premium from insurance contracts 1,851,440 1,067,486
Premium ceded to re-insurers (681,388) (456,470)
26,038,839 16,649,031
Operating income 61,401,733 36,013,748
Net impairment loss on financial assets 13 (1,526,685) (1,073,584) Personnel expenses 14 (11,064,478) (6,122,701)
Claims and benefits incurred on insurance contracts (362,741) (118,443) Depreciation and amortisation (3,644,466) (2,272,769)
Other operating expenses 15 (17,657,939) (11,794,748)
Profit before income tax 27,145,424 14,631,503
Income tax expense 16 (6,454,919) (2,124,410)
Profit for the period 20,690,505 12,507,093
Attributable to:
Equity holders of the Bank 20,321,475 12,306,386
Minority interest 369,030 200,707
20,690,505 12,507,093
Basic earnings per share (Naira) 17 1.63 1.23
The notes on pages 5 to 72 are an integral part of these consolidated financial statements. Guaranty Trust Bank Plc and Subsidiary Companies
Consolidated Financial Statements – 29 February 2008
Together with Auditors’ Reports
3
Consolidated statement of...
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