·           Gross Earnings of N49.4 billion, down by 13% compared with prior year  (N56.9 billion June 2009)

·           Total Operating Income of N37.1billion, down 3% (N38.2 billion in June 2009)

·           Net loan loss provisions of N3.6billion, down 56% (N8.2 billion in June 2009)

·           Profit before tax of N9.8billion, up 14% (N8.5 billion in June 2009)

·           Cost to income ratio of 64% on enlarged cost base of additional subsidiaries

·           EPS of 37 kobo (39 kobo in June 2009)

·           Interim dividend per share of 20k per share

 

Balance Sheet

 

·           Total Assets and Contingents of N925.6 billion, up 11% (N831.8 billion Dec 2009)

·           Loans and Advances of N416billion, up 7% (N388 billion Dec 2009). Quarter on Quarter growth of 15% (N362.8 billion in March 2010)

·           Customer deposits of N433 billion, down 2% (N442.7 billion Dec 2009) as a result of a deliberate decision to reduce costs of funds

·           Strong Capital adequacy and Liquidity ratio of 28% and 40% respectively

·           NPL ratio of 12% (Dec 2009: 19%)

·           Coverage ratio of 74% (December 2009: 37%)

 

Operational Highlights(Nigeria)