Staying the Course: Navigating the Winds of Change
 
 
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Profit & Loss Account

Group
Group
Company
Company
Notes
2009
2008
2009
2008
N’000
N’000
N’000
N’000
GROSS EARNINGS
13,681,575
9,903,519
13,607,881
9,570,165
SECURITIES TRADING INCOME
19
13,223,365
8,459,365
13,223,365
8,284,921
DISCOUNT EXPENSE
-8,452,810
-6,669,328
-8,452,810
-6,669,328
NET DISCOUNT INCOME
4,770,555
1,790,366
4,770,555
1,615,593
Other income
20
458,210
1,443,825
384,516
1,285,244
5,228,765
3,234,191
5,155,071
2,900,837
Allowance for risk assets
21
571,275
103,079
533,758
113,155
NET EARNINGS
4,657,490
3,337,270
4,621,313
3,013,992
Operating expenses
22b
-1,218,381
-1,032,067
-1,125,643
-943,065
PROFIT BEFORE TAXATION
22a
3,439,109
2,305,203
3,495,670
2,070,927
Taxation
11
-647,571
-545,941
-656,051
-476,825
PROFIT AFTER TAXATION
2,791,538
1,759,262
2,839,619
1,594,102
APPROPRIATIONS:
Transfer to statutory reserve
16
425,943
239,115
425,943
239,115
Transfer to general reserve
17
2,365,595
1,520,147
2,413,147
1,354,987
Earnings per share 
23
85k
88k
76k
80k
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Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along. - Napoleon Hill

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