Fidelity Bank Plc - The Nigerian Stock Exchange

Fidelity Bank Plc

Condensed Unaudited Financial Statements for the period ended, March 31, 2016

FIDELITY BANK PLC

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND SHAREHOLDERS ON THE BANK'S UNAUDITED RESULTS FOR THE PERIOD ENDED 31 MARCH 2016 INCOME STATEMENT FOR THE PERIOD ENDED 31 MARCH, 2016 31 March 2016 N'million

31 March 2015 N'million

31 December 2015 N'million

34,356

36,364

146,891

29,204 (13,100)

27,118 (14,730)

121,158 (60,294)

16,104

12,388

60,864

(739)

(1,020)

(5,764)

15,365

11,368

55,100

4,856 (495) 35 0 295 (16,031)

4,881 (512) (1,535) 0 4,365 (13,857)

17,237 (2,411) (291) 0 8,496 (64,107)

Share of profit / (loss) of associates accounted for using the equity method Profit before income tax from continuing operations

4,025

4,710

14,024

Profit before income tax from continuing operations

4,025

4,710

14,024

Income tax expense from continuing operations

(443)

(706)

(120)

Profit after income tax from continuing operations

3,583

4,003

13,904

PROFIT FOR THE PERIOD

3,583

4,003

13,904

Profit attributable to: Equity holders of the bank Non-controlling interests

3,583

4,003

13,904

49

55

48

NOTE Gross Earnings Interest and similar income Interest and similar expense

1 2

Net interest income Impairment charge for credit losses

3

Net interest income after impairment charge for credit losses Fee and commission income Fee and commission expense Net gains / (losses) from financial instruments classified as held for trading Net gains/(losses) on investment securities Other operating income Other operating expenses

Earnings per share for profit attributable to owners of the parent Basic (kobo)

SIGNED ON BEHALF OF THE BOARD OF DIRECTORS NNAMDI OKONKWO

EZINWA UNUIGBOJE

4 4 5 7 8

11

FIDELITY BANK PLC STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH, 2016

PROFIT FOR THE PERIOD Other comprehensive income: Items that may be reclassified subsequently to profit or loss: Net gains/(losses) on Available-for-sale financial assets - Unrealised net gains/(losses) arising during the period - Net reclassification adjustments for realised net gains/(losses) Tax effect of revaluation of equity financial assets Items that may not be reclassified subsequently to profit or loss Remeasurement Gains/(losses) Share of other comprehensive income of associates Tax effect of other comprehensive income of associates

Other comprehensive income for the period, net of tax

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Total comprehensive income attributable to: Equity holders of the bank Non-controlling interests




3,583

4,003

13,904

0 (3,512) 0 0

0 956 0 0

0 5,163 (783) 0

0 0 0

0 0 0

(2,667) 0 0

(3,512)

956

1,713

71

4,959

15,617

FIDELITY BANK PLC STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH, 2016 31 March 2016 N'million



240,948 53,173 590,133

276,837 18,810 546,881

185,332 79,942 578,203

15 15 15

10,873 126,349 168,131 40,544

19,312 112,962 132,116 38,221

4,070 116,607 180,736 40,930

16

51,089

51,089

45,902

1,281,240

1,196,228

1,231,722

18

784,549 2,332 876 62,981

797,539 524 1,410 106,450

769,636 2,332 0 58,568

19 20 21

9,189 51,854 97,161 88,269

7,594 45,571 0 59,070

9,431 51,854 66,264 90,121

1,097,211

1,018,157

1,048,206

14,481 101,272 12,822

14,481 101,272 15,725

14,481 101,272 8,797

23,016 764 0 33,480 (1,806) 184,029

20,930 764 0 23,950 949 178,071

23,016 764 0 33,480 1,706 183,516

184,029

178,071

183,516

1,281,240

1,196,228

1,231,722

ASSETS

Note

Cash and balances with central banks Due From Banks Loans and advances to customers Investments: Held for trading(Fair value through profit and loss) Available for sale Held to maturity Property and equipment Intangible assets Deferred tax asset Other assets Assets classified as held for sale

12,13 14

TOTAL ASSETS

LIABILITIES Deposits from customers Current income tax liability Deferred income tax liability Other liabilities Liabilities included in assets classified as held for sale Retirement benefit obligations Other Borrowed Funds On-Lending Facilities Debt Issued Securities

TOTAL LIABILITIES

EQUITY Share capital Share premium Retained earnings Other reserves Statutory reserve SSI Reserve Contingency reserve Non-distributable reserve Revaluation reserve

17

Non-controlling interest Total equity

TOTAL EQUITY & LIABILITIES

Fidelity Bank Plc STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2016 Share

At 31 December 2014

capital N'million 14,481

Share premium N'million 101,272

Attributable to equity holders Small scale Retained investment Statutory earnings N'million 11,721

reserve N'million 20,930

reserve N'million 764

Contingency reserve N'million -

Profit for the year Other comprehensive income

-

-

13,904

-

-

-

Unrealised net gains/(losses) arising during the year

-

-

-

-

-

-

13,904 (5,213) (11,615) 8,796

2,086 23,017

764

-

Net reclassification adjustments for realised net gains/(losses) Remeasurement loss Total comprehensive income Dividend Transfer between reserves At 31 December 2015 14,481

101,272

NDR N'million 23,950

-

Revaluation reserve N'million (7)

Total equity N'million 173,111

-

13,904 -

0

5,163

5,163

0 9,530 33,480

(783) (2,667) 1,713 1,706

(783) (2,667) 15,617 (5,213) 183,515

Profit for the year Other comprehensive income

-

-

4,025

-

-

-

-

-

4,025 -

Unrealised net gains/(losses) arising during the year

-

-

-

-

-

-

-

(3,512)

(3,512)

Net reclassification adjustments for realised net gains/(losses) Arising during the year Actuarial losses (Note 27) Total comprehensive income Dividend Transfer between reserves

-

-

4,025 -

-

-

-

-

(3,512) -

-

12,821

23,017

764

-

33,480

(1,806)

As at 31 March, 2016

14,481

101,272

513 184,029

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2016 31 March 2016 N'million

Note


Operating Activities Cash flow generated/ (used in) from operations Income taxes paid Interest received Retirement benefits paid Interest paid

2,384 29,204 (641) (13,100)

60,093 (917) 108,144 (1,997) (58,191)

Net cash flows (used)/ from operating activities

17,847

107,132

Investing activities Purchase of property, plant and equipment Proceeds from sale of property and equipment Purchase of intangible assets Proceeds from sale of unquoted securities Acquisition of investment securities Redemption of HTM financial assets at maturity Proceeds from sale of AFS financial assets Dividend received

(1,768) 62 (4) 0 (124,391) 51,985 48,007 -

(5,920) 151 (739) 1,309 (148,701) 2,112 17,023 1,393

(26,108)

(133,372)

Financing activities Dividend paid Repayment of long term borrowings Proceeds of debt issued and other borrowed funds

(1,852) -

(5,213) (26,268) 41,059

Net cash flows from Financing activities

(1,852)

9,578

Increase in cash and cash equivalents

(10,112)

(16,662)

Net cash flows (used)/from investing activities

Cash and cash equivalents at begining of year

114,135

Net foreign exchange difference on cash and cash equivalents Cash and cash equivalents at end of year

13

104,023

126,743 4,054 114,135

FIDELITY BANK PLC NOTES TO THE FINANCIAL STATEMENTS 31 March 2016 N'million



Loans and advances to customers

19,741

17,364

80,267

Treasury bills and other investment securities: -Held For Trade -Available For Sale -Held To Maturity Advances under finance lease Placements and short term funds

1,282 2,707 4,294 1,057 122

2,175 2,265 3,838 1,206 271

12,387 14,150 8,723 4,566 1,065

29,204

27,118

121,158




8,783 3,029 219 1,061 7 13,100

10,732 1,055 985 804 1,154 14,730

44,745 10,815 621 3,963 150 60,294

(739)

(1,020)

(5,764)




2,059 414 366 205 207 222 356 196 104 200 99 155 84 55 135 4,856

501 580 648 238 366 332 261 58 151 65 148 49 151 53 1,281 4,881

6,180 2,143 1,365 1,116 1,006 1,005 978 685 642 408 491 241 273 231 473 17,237

Fee and commission expense

(495)

(512)

(2,411)

Net fee and commission income

4,361

4,369

14,826

1.0 Interest and similar income

2.0 Interest and similar expense

Term deposits Debt issued and other borrowed funds Current accounts Savings deposits Inter-bank takings

3.0 Impairment charge

4.0 Net fee and commission income Commision on E-banking activities Commissions on turnover Commission on travellers cheque and foreign bills Commision and fees on banking services Commision and fees on NXP Credit related fees ATM charges Remittance fees Letters of credit commissions and fees Commission on fidelity connect Commissions on off-balance sheet transactions Collection fees Telex fees Cheque issue fees Other fees and commissions Fee and commission income

5.0 Net gains from financial instruments classified as held for trading through profit and loss Net gains arising from: Bonds Treasury bills




97 (61) 35

365 (1,900) (1,535)

(287) (4) (291)




180 0 0 (9) 125 295

4,075 219 0 (6) 77 4,365

6,213 1,393 86 (57) 861 8,496




1,524 2,065 1,166 881 576 697 317 59 177 0 56 29 136 149 82 30 80 100 116 61 49 57 110 47 313 6,116 1,038 16,031

1,524 623 1,029 834 503 354 307 110 105 0 166 42 56 105 44 27 64 94 139 42 54 96 92 47 325 6,123 951 13,857

5,935 5,845 3,332 3,533 2,457 1,627 1,295 650 606 545 434 432 407 531 251 111 319 395 591 218 315 346 372 150 2,300 27,125 3,985 64,107




5,476

5,483

25,062

0 641 6,116

0 641 6,123

0 2,063 27,125

6.0 Loss on investment securities

Equities investment in subsidiaries that were disposed

7.0 Other operating income

Net foreign exchange gains Dividend income Profit on disposal of unquoted securities Profit/loss on disposal of investment property Other income

8.0 Other operating expenses

Banking sector resolution cost Marketing, communication & entertainment Deposit insurance premium Contractor compensation Repairs and maintenance Computer expenses Security expenses Training expenses Corporate finance expenses Litigations and claims Bank charges Legal expenses Consultancy expenses Travelling and accomodation Telephone expenses Postage and courier expenses Insurance expenses Office expenses Cash movement expenses Stationery expenses Rent and rates Directors' emoluments Electricity Auditors' remuneration Other expenses Personnel expenses Depreciation

9.0 Personnel expenses

Salaries and wages Pension costs (Note 27): - Staff Gratuity Plan - Staff Retirement benefit plan

11.0 Earnings per share




49

55

48




26,411 24,439 50,850 190,098 240,948

75,457 1,317 76,775 200,063 276,837

20,335 13,858 34,193 151,139 185,332

11.0 Basic and Dilluted Basic earnings per share is calculated by dividing the net

Profit/(loss) attributable to equity holders of the Bank Weighted average number of ordinary shares in issue Basic& Diluted earnings per share (expressed in kobo per share per annum)

12.0 Cash and balances with central bank

Cash Balances with central bank other than mandatory reserve deposits Included in cash and cash equivalents Mandatory reserve deposits with central bank Carrying amount

Cash and Cash Equivalents Cash and cash equivalents comprise balances with less than three months' maturity from the date of acquisition, including cash in hand, deposits held at call with other banks and other short-term highly liquid investments with original maturities less than three months.

13.0 Cash and balances with central bank Loans and advances to banks Total cash and cash equivalents

14.2 Loans and advances to customers

Overdrafts Term loans Advances under finance lease Other loans Impairment

14.3 Nature of security in respect of loans and advances:

Secured against real estate Secured by shares of quoted companies Secured others Advances under finance lease Unsecured Gross loans and advances to customers

31 March 2016 N'million 50,850 53,173 104,023

31 March 2015 N'million 76,775 18,810 95,585

31 December 2015 N'million 34,193 79,942 114,135




67,531 514,080 29,562 476 (21,516) 590,133

87,170 445,517 22,943 9,108 (17,857) 546,881

78,446 495,528 22,640 2,364 (20,776) 578,202

15.0 Investments Debt and equity securities 15.1 Fair value through profit and loss Treasury bills - At fair value through profit and loss Federal Government bonds - At fair value through profit and loss Corporate Bonds-At fair value through profit and loss State Bonds- At Fair value through profit and loss Listed equity investments - At fair value through profit and loss

15.2 Available for sale Treasury bills - Available-for-sale (At fair value) Federal Government bonds - Available-for-sale (At fair value) State bonds - Available-for-sale (At fair value) FMB Zero Coupoun Bonds Corporate Bonds- Available -for-Sale Equity investments - Available-for-sale (At fair value)-gross

15.3 Held to maturity Treasury Bills- Held-to Maturity Federal Government bonds - Held-to-maturity (At amortised cost) State Government bonds - Held-to-maturity (At amortised cost) Corporate Bonds- Held To Maturity AMCON - Held-to-maturity (At amortised cost) Total investments




9,091 1,782 0 0

24,249 (4,957) 0 20

0 238 0 3,832

10,873

19,312

4,070

83,711 26,009 8,831 0 0 7,799 126,349

89,299 2,628 9,045 3,472 0 8,519 112,962

71,750 32,186 5,428 0 0 7,243 116,607

85,891 60,459 5,631 16,150 0 168,131 305,353.94

90,435 19,598 5,946 16,138 0 132,116 264,390.38

95,481 63,313 5,795 16,147 0 180,736 301,413.00



16 9 25

16 9 25.7

2 6 8.5

31 March 2016 N'million 10,160 7,144

31 March 2015 N'million 11,354 23,372

31 December 2015 N'million 27,780 12,364

17,304

34,726

40,144

34,945 209 35,154 (1,370) 33,785 51,089

17,308 193 17,501 (1,138) 16,363 51,089

6,580 560 7,140 (1,382) 5,758 45,902




Demand Savings Term Domicilliary Others

297,672 135,078 273,416 70,552 7,830 784,549

282,417 105,581 262,487 117,183 29,872 797,539

269,495 119,140 321,947 54,391 4,663 769,636

Current Non-current

784,549

797,539

769,636

784,549

797,539

769,636




1,796 24,882 1,243 7,144 14,672 13,245 62,981

12,659 28,180 1,195 23,372 3,794 37,251 106,450

5,607 33,485 2,866 12,364 1,945 2,301 58,568

15.4 Pledged assets


Treasury Bills and Bonds are pledged to the Nigerian Inter The nature and carrying amounts of the assets pledged as collaterals are as follows:

Treasury bills Federal Government bonds Other assets

16.0 Financial assets Sundry receivables Non-Propreitory assets Others Less: Specific allowances for impairment Non financial assets Prepayments Other non financial assets Specific allowances for impairment Total

17.0 Deposits from customers

18.0 Other liabilities

Customer deposits for letters of credit Accounts payable Manager's cheque Non-Propreitory Liabilities Provisions Other liabilites/credit balances

Provisions include staffs year end bonus and other provisions of which there is a constructive and legal obligation on the part of the bank.

19.0 Other Borrowed Funds

Long term loan from SCB London Long Term loan from PROPACO Long term loan from African Development Bank (ADB) (see note 28.4) Long term loan from Citibank and HSBC London European Invest AFDB

20.0 On-Lending Facilities

Central Bank of Nigeria - Salary Bailout facilities Central Bank of Nigeria - Excess Crude Account Central Bank of Nigeria - Real Sector Funds

21.0 Debt Issued Securities 6.875% EuroBond 16.48% Local Bond




0 7,960 14,925 24,875 4,094 0 51,854

6,368 6,368 7,960 24,875 0 0 45,571

0 7,960 14,925 24,875 4,094 0 51,854


31 March 2,015 N'million

31 December 2,015 N'million

66,076 29,985 1,100 97,161

0 0 0 0

56,264 10,000 0 66,264


31 March 2,015 N'million

31 December 2,015 N'million

59,551 28,718 88,269

59,070 0 59,070

61,071 29,050 90,121