Profit and Loss Account

for the period ended 31 December 2009

		The Group		The Bank
	Note	9 months to 31 Dec 2009 N'million	12 months to 31 Mar 2009 N'million	9 months to 31 Dec 2009 N'million	12 months to 31 Mar 2009 N'million
Gross earnings		196,408	217,630	175,355	184,536
Interest and similar income	3	162,041	176,332	145,100	146,996
Interest and similar expense	4	(65,884)	(56,652)	(56,167)	(43,587)
Net interest income		96,157	119,680	88,933	103,409
Fee and commission income	5	28,120	34,019	24,603	29,154
Fee and commission expense		(56)	(39)	(56)	(39)
Net fee and commission income		28,064	33,980	24,547	29,115
Foreign exchange income		4,128	2,949	3,025	2,857
Trusteeship income		51	1	-	-
Income from investments	6	1,316	1,007	1,876	3,083
Other income		808	3,361	807	2,485
		6,303	7,318	5,708	8,425
Operating income		130,524	160,978	119,188	140,949
Operating expenses	7	(78,339)	(87,740)	(70,037)	(80,880)
Group's share of associate's results		24	-	-	-
Diminution in asset values	13	(40,624)	(19,439)	(41,462)	(13,959)
Profit before exceptional item and taxation		11,585	53,799	7,689	46,110
Exceptional item	19.1	-	(26,113)	-	-
		11,585	27,686	7,689	46,110
Taxation	8	(8,396)	(15,117)	(6,414)	(11,036)
Profit after taxation		3,189	12,569	1,275	35,074
Profit attributable to the group		3,189	12,569	1,275	35,074
Appropriated as follows:
Statutory reserve	32	236	5,368	191	5,261
Small & Medium Scale Industries Equity Investment Scheme (SMIEIS) Reserve	32	64	1,754	64	1,754
Bonus issue reserve	32
Retained earnings reserve	32	2,889	5,446	1,020	28,059
		3,189	12,569	1,275	35,074
Earnings per share (basic) (kobo)	37	10.99	50.55	4.40	141.06