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First Bank of Nigeria Plc CHARTING | First Bank of Nigeria Plc CHARTING | Annual Report & Accounts December 2009 NEW FRONTIERS VISION | TRANSFORMATION | GROWTH First Bank of Nigeria Plc | Annual Report & Accounts December 2009 Contact details and feedback Head, Investor Relations Oluyemisi Lanre-Phillips Email: [email protected] Ph: +234 1 9052720 Shareholder enquiries Email: [email protected] Ph: +234 1 773086 www.firstregistrarsnigeria.com Customer enquiries Email: [email protected] Ph: 0700 FIRSTCONTACT Ph: +234 1 448 5500 Registered address Samuel Asabia House 35 Marina Lagos P.O. Box 5216 Nigeria www.firstbanknigeria.com Registration No. RC6290 NIGERIA | LONDON | JOHANNESBURG | PARIS | BEIJING About FirstBank Headquartered in Lagos, FirstBank has international presence through its subsidiary FBN Bank (UK) in London, United Kingdom and Paris, France and its offices in Johannesburg, South Africa and Beijing, China. With over Abbreviations 1.3 million shareholders across several countries, FirstBank is quoted on the Nigerian Stock Exchange and has an unlisted Global Depository Receipt (GDR) programme. The FirstBank Group provides a comprehensive range of retail and corporate solutions and through its subsidiaries contributes to national economic development through capital market ALCO Assets & Liabilities Management Committee KPI Key Performance Indicator operations, insurance brokerage, bureau de change, private equity/venture capital, pension funds ATM Automated Teller Machine KRI Key Risk Indicator management, registrarship, trusteeship, mortgages and microfinance. BARAC Board Audit and Risk Assessment Committee LAD Loans and Advances Drawing from experience that spans 116 years of dependable service, the Bank has continued BDO Business Development Office LASACS Large Scale Agricultural Credit Scheme to strengthen its relationships with customers, consolidating alliances with key sectors that have CAGR Cumulative Annual Growth Rate mbd million barrels a day been strategic to the well-being and growth of Nigeria. CAM Classified Assets Management Dept MDAs Ministries, Departments and Agencies FirstBank, the country’s most diversified financial services group, serves more than 5 million CAP Credit Analysis & Processing Dept MFBs Microfinance Banks customers through 570 locations in Nigeria. CBN Central Bank of Nigeria MFR Member of the Order of the Federal Republic CCO Chief Compliance Officer mni Member National Institute www.firstbanknigeria.com CON Commander of the Order of the Niger MPA Mortgage Plan Account Our Mission CPFA Closed Pension Fund Administrator MPC Monetary Policy Committee To remain true to our name by providing CRM Credit Risk Management MPR Monetary Policy Rate the best financial CRO Chief Risk Officer N Naira services possible CSA Children Savings Account NSE Nigerian Stock Exchange CSCS Central Securities Clearing System OFR Officer of the Federal Republic CSR Corporate Social Responsibility OPL Open Position Limit EAR Earnings At Risk ORM Operational Risk Management Division ED Executive Director OTC Over The Counter EPS Electronic Payment System PAT Profit After Tax EXCO Executive Committee PFA Pension Fund Administrator FBN BDC FBN Bureau de Change Ltd POS Point of Sale Our Vision Our Strategic FBN MB FBN Microfinance Bank Ltd RCSA Risk Control Self Assessment To be the clear Priorities FBN UK FBN Bank (UK) Ltd RDAS Retail Dutch Auction System leader and Nigeria’s • Growth bank of first choice • Service FCA Fellow of the Institute of Chartered RMD Risk Management Directorate Accountants of Nigeria Operational RTGS Real Time Gross Settlement System Excellence FFL First Funds Ltd • Performance SBU Strategic Business Unit FGN Federal Government of Nigeria Management SEC Securities and Exchange Commission • Talent FIRS Federal Inland Revenue Service SMEEIS Small and Medium Enterprise Equity FRNL First Registrars Nigeria Ltd Investment Scheme FSRCC Financial Sector Regulatory SMIEIS Small and Medium Industries Equity Coordinating Committee Investment Scheme FSS Financial Sector Strategy SRF Strategic Resource Function Our Brand Pillars FTNL First Trustees Nigeria Ltd TLP Total Loan Portfolio • Enterprise GCFR Grand Commander of the Order of the TSR Total Shareholder Return Federal Republic • Service Excellence VAR Value At Risk GDR Global Depository Receipt • Heritage WDAS Wholesale Dutch Auction System • Leadership ISMD Information Security Management Department www.firstbanknigeria.com/annualreport/dec2009/ Contents INTRODUCTION First Bank of Nigeria Plc | Annual Report & Accounts December 2009 BUSINESS REVIEW INTRODUCTION COMPANY INFORMATION Financial Highlights 2 Departmental Heads 164 Overview of FirstBank 4 Subsidiaries 167 Chairman’s Statement 6 Business Development Managers 171 Group Managing Director/ Audit Committee 175 Chief Executive Officer’s Review 10 Contact Information 176 FINANCIAL STATEMENTS Board of Directors 14 Branch Network 179 Awards 20 SHAREHOLDER INFORMATION BUSINESS REVIEW Global Depositary Receipts Programme 196 Operational Review 22 Share Statistics 196 Selected Products and Services 27 Shareholder Structure 196 Strategy 29 Dividend History 197 Performance 40 Financial Calendar 197 Operating Environment and Outlook 51 Share Capitalisation History 198 Financial Review 54 Notice of Annual General Meeting Risk Management Disclosure 62 Forms COMPANY INFORMATION COMPANY Corporate Social Responsibility 89 Proxy Form E-Dividend Form FINANCIAL STATEMENTS CSCS Account Notification Form Directors’ Report 94 Shareholder Online Access Registration Form Corporate Governance 99 E-Share Notifier Subscription Form Directors and Advisers 105 Stockbroker E-Lodgement Activation Form Report of the External Consultant on the Board Appraisal 106 Report of the Independent Joint Auditors 107 Report of the Audit Committee 108 Statement of Significant Accounting Policies 109 SHAREHOLDER INFORMATION Balance Sheet 115 Profit and Loss Account 116 Cash Flow Statement 117 Notes to the Financial Statements 118 Financial Risk Analysis 150 Group Statement of Value Added 159 Bank Statement of Value Added 160 Group Five-year Financial Summary 161 Glossary 215 Bank Five-year Financial Summary 162 Abbreviations Inside back cover First Bank of Nigeria Plc Annual Report & Accounts December 2009 1 INTRODUCTION | Financial Highlights Financial Highlights for the year ended 31 December 2009 GROUP BANK TOTAL ASSETS TOTAL ASSETS N‘bn N‘bn 763 2,172 1,772 885 1,667 2,010 540 617 1,528 1,165 Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 December 2009 December 2009 N2,172 billion (USD14,718 million) N1,772 billion (USD12,008 million) March 2009: N2,010 billion (USD13,842 million) March 2009: N1,667 billion (USD11,484 million) GROSS EARNINGS GROSS EARNINGS N‘bn N‘bn 185 218 175 196 61 67 156 131 79 90 Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 December 2009 December 2009 N196 billion (USD1,331 million) N175 billion (USD1,188 million) March 2009: N218 billion (USD1,503 million) March 2009: N185 billion (USD1,275 million) DEPOSIT LIABILITIES DEPOSIT LIABILITIES N‘bn N‘bn 1,237 1,339 449 391 1,194 1,072 662 700 582 598 Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 December 2009 December 2009 N1,339 billion (USD9,073 million) N1,237 billion (USD8,378 million) March 2009: N1,194 billion (USD8,226 million) March 2009: N1,072 billion (USD7,382 million) PROFIT BEFORE TAXATION PROFIT BEFORE TAXATION N‘bn N‘bn 54 46 48 38 12 8 26 22 20 22 Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 December 2009 December 2009 N12 billion (USD78 million) N8 billion (USD52 million) March 2009: N28 billion (USD191 million) March 2009: N46 billion (USD318 million) Exchange rate as at March 2009: 1 US Dollar (USD) = 145.2 Nigerian Naira. Exchange rate as at December 2009: 1 US Dollar (USD) = 147.6 Nigerian Naira. 2 First Bank of Nigeria Plc Annual Report & Accounts December 2009 www.firstbanknigeria.com/annualreport/dec2009/ INTRODUCTION The Group The Bank 9 months to 12 months to 9 months to 12 months to Dec 2009 Mar 2009 Dec 2009 Mar 2009 Note N’million N’million N’million N’million Major balance sheet items BUSINESS REVIEW Total assets and contingencies 3,144,947 2,706,292 2,203,770 1,982,395 Total assets 2,172,346 2,009,914 1,772,454 1,667,422 Loans and advances 1,078,452 740,397 1,022,486 684,107 Deposits 1,339,142 1,194,455 1,236,599 1,071,836 Share capital 14,504 12,432 14,504 12,432 Shareholders’ funds 309,558 337,405 317,487 351,054 Major profit and loss account items Gross earnings 196,408 217,630 175,355 184,536 FINANCIAL STATEMENTS Charge for doubtful accounts (40,624) (19,439) (41,462) (13,959) Profit before exceptional item and taxation 11,585 53,799 7,689 46,110 Exceptional item - (26113) - - Profit after exceptional item before taxation 11,585 27,686 7,689 46,110 Information technology development levy (107) (526) (76) (461) Taxation (8,289) (14,591) (6,338) (10,575) Profit after taxation 3,189 12,569 1,275 35,074 Dividend Declared 2,900 33,565 2,900 33,565 COMPANY INFORMATION COMPANY Information per 50k ordinary share Earnings (basic) N N N N Basic 0.11 0.51 0.04 1.41 Adjusted 0.11 0.51 0.04 1.41 Net assets 10.67 13.57 10.94 14.12 Total assets – actual 74.89 80.84 61.10 67.06 – adjusted - - - - Stock Exchange quotation at 31 March - - 14.05 15.80 SHAREHOLDER INFORMATION Ratios % % % % Cost to income 73.43 66.35 71.97 67.75 Return on assets 0.53 2.68 0.43 2.77 Return on shareholders’ funds 1.03 3.73 0.40 9.99 Capital adequacy 15.8 24.69 21.33 30.24 Number of branches/agencies and subsidiaries 610 536 570 510 Number of staff 8,757 8,537 8,221 8,203 Number of shares in issue (million) 29,008 24,864 29,008 24,864 First Bank of Nigeria Plc Annual Report & Accounts December 2009 3 INTRODUCTION | Overview of FirstBank Overview of FirstBank GROUP STRUCTURE The FirstBank Group comprises 10 subsidiaries, spanning asset management, investment banking, capital markets, insurance, microfinance, private equity and foreign exchange trading – making it one of the most diversified financial conglomerates on the continent.
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