Quarter 1 - financial statement for 2026

Note

31-Mar-26

₦'million

31-Dec-25

₦'million

31-Mar-26

₦'million

31-Dec-25

₦'million

Assets

Cash and cash equivalents

6

2,214,640

1,697,476

29,247

34,673

Pledged assets

7

283,874

109,846

-

-

Trading assets

8

2,300,689

862,164

-

-

Derivative assets

9

70,532

78,110

-

-

Financial investments

10

1,304,400

1,485,571

1,267

1,225

Loans and advances

11

2,830,971

3,841,749

-

-

Loans and advances to banks

11

349,325

1,465,614

-

-

Loans and advances to customers

11

2,481,646

2,376,135

-

-

Other assets

12

554,762

404,132

17,017

20,090

Investment in subsidiaries

-

-

241,351

238,851

Reinsurance assets

14

1,462

1,165

-

-

Property and equipment

15

123,835

123,569

7,769

7,268

Right of use assets

17

8,318

6,956

828

436

Intangible assets

16

2,657

2,937

-

-

Deferred tax assets

13

7,089

6,435

-

-

Total assets

9,703,229

8,620,110

297,479

302,543

Equity and liabilities

Equity

1,259,749

1,123,903

284,464

287,217

Equity attributable to ordinary shareholders

1,248,097

1,113,484

284,464

287,217

Ordinary share capital

18

7,951

7,951

7,951

7,951

Share premium

18

247,055

247,055

247,055

247,055

Reserves

993,091

858,478

29,458

32,211

Non-controlling interest

11,652

10,419

-

Liabilities

8,443,480

7,496,207

13,015

15,326

Trading liabilities

8

2,028,093

588,704

-

-

Derivative liabilities

9

5,905

14,881

-

-

Current tax liabilities

219,436

176,686

180

170

Deposits and current accounts

19

4,607,410

4,781,456

-

-

Deposits from banks

19

526,395

409,672

-

-

Deposits from customers

19

4,081,015

4,371,784

-

-

Other borrowings

20

538,311

545,257

-

-

Debt securities issued

21

178,533

340,678

-

-

Provisions

23

48,528

15,150

-

-

Other liabilities

22

730,816

957,951

12,835

15,156

Insurance contract liabilities

14

82,456

72,429

Deferred tax liabilities

13

3,992

3,015

-

-

Total equity and liabilities

9,703,229

8,620,110

297,479

302,543

135,830 149,890

18

(5)

186,321 180,471

42

22

(50,491) (30,581)

(24)

(27)

130,305 53,124

1,832

1,242

75,443 60,287

1,831

1,224

83,142 63,774

1,831

1,224

(7,699) (3,487)

-

-

(1,161) (765)

-

-

2,125 (2,844)

-

-

(200) 56

-

-

(6,682) 2,583

-

-

3,596 (560)

-

-

55,161 (6,974)

-

-

862 576

1

18

Note

3 months

31-Mar-26

₦'million

3 months

31-Mar-25

₦'million

3 months

31-Mar-26

₦'million

3 months

31-Mar-25

₦'million

Profit for the period

114,922

82,062

(2,753)

(4,434)

Other comprehensive income

Items that will never be reclassified to profit or loss

Movement in fair value reserve (equity instruments):

31

-

-

-

Net change in fair value

31

-

-

-

Related income tax

-

-

-

-

Items that are or may be reclassified subsequently to profit or loss:

Movement in debt instruments measured at fair value through other comprehensive income (OCI)

20,893

3,046

-

-

Net change in fair value of financial assets at FVOCI

20,999

2,799

-

-

Realised fair value adjustments on financial assets at FVOCI reclassified to income statement

(147)

-

-

-

Expected credit loss on debt financial assets at FVOCI

41

247

-

-

Income tax on other comprehensive income

-

-

-

-

Other comprehensive income for the period, net of tax

20,924

3,046

-

-

Total comprehensive income for the period

135,846

85,108

(2,753)

(4,434)

Total comprehensive income attributable to:

1,233

134,613

1,027

84,081

-(2,753)

-(4,434)

Non-controlling interests

Equity holders of the parent

135,846

85,108

(2,753)

(4,434)

Note

Group

Ordinary share capital

₦'million

Share premium

₦'million

Statutory credit risk reserve

₦'million

Fair value through OCI

reserve

₦'million

AGSMEIS

reserve

₦'million

Other regulatory

reserves

₦'million

Retained earnings

₦'million

Ordinary Non-shareholders' controlling equity interest

₦'million ₦'million

Total equity

₦'million

Balance at 1 January 2026

Total comprehensive income for the period Profit for the period

Other comprehensive income after tax for the period

Net change in fair value on debt financial assets at FVOCI Net change in fair value on equity financial assets at FVOCI Realised fair value adjustments on financial assets at FVOCI Expected credit loss on debt financial assets at FVOCI Income tax on other comprehensive income

7,951

247,055

21,610

16,269

45,071

189,209

586,319

1,113,484

10,419

1,123,903

20,924

-

113,689

134,613

1,233

135,846

-

-

-

20,924

-

-

113,689

-

113,689

20,924

1,233

-

114,922

20,924

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20,999

31

(147)

41

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20,999 -

31 -

(147) -

41 -

- -

20,999

31

(147)

41

-

Transfer to statutory reserve Transfer to AGSMEIS

Transactions with shareholders, recorded directly in equity Equity-settled share-based payment transactions Increase in paid-up capital (bonus issue)

Dividends paid to equity holders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Balance at 31 March 2026

7,951

247,055

21,610

37,193

45,071

189,209

700,008

1,248,097

11,652

1,259,749

Balance at 1 January 2025

6,479

102,780

9,106

8,327

29,147

134,019

372,032

661,890

8,758

670,648

Total comprehensive income/(loss) for the period Profit for the period

Other comprehensive income after tax for the period

Net change in fair value on debt financial assets at FVOCI Net change in fair value on equity financial assets at FVOCI Realised fair value adjustments on financial assets at FVOCI Expected credit loss on debt financial assets at FVOCI

Income tax on other comprehensive income

3,045

81,036

84,081

1,027

85,108

-

-

-

3,045

-

-

81,036

-

81,036

3,045

1,026

1

82,062

3,046

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,798

-

-247

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,798

-

-247

-

1

-

-

-

-

2 799

-

-247

Transfer to statutory reserves Transfer to AGSMEIS

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transactions with shareholders, recorded directly in equity Equity-settled share-based payment transactions Increase in paid-up capital (scrip issue)

Dividends paid to equity holders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Company

Ordinary share capital

₦'million

Share premium

₦'million

Retained earnings

₦'million

Ordinary shareholders'

equity

₦'million

Balance at 1 January 2026

Total comprehensive income for the period Profit for the period

Transactions with shareholders, recorded directly in equity Equity-settled share-based payment transactions

Increase in paid-up capital (bonus issue) Dividends paid to equity holders

7,951

-

247,055

-

32,211

(2,753)

287,217

(2,753)

-

-

-

-

(2,753)

-

(2,753)

-

-

-

-

-

-

-

-

-

-

-

-

-

Balance at 31 March 2026

7,951

247,055

29,458

284,464

Balance at 1 January 2025

6,479

102,780

4,896

114,155

Total comprehensive income/(loss) for the period

-

-

(4,434)

(4,434)

Profit for the period

-

-

(4,434)

(4,434)

Transactions with shareholders, recorded directly in equity

-

-

-

-

Equity-settled share-based payment transactions

-

-

-

-

Transfer of vested portion of equity settled share based payment to retained earnings

-

-

-

-

Increase in paid-up capital (scrip issue)

-

-

-

-

Dividends paid to equity holders

-

-

-

-

Balance at 31 March 2025

6,479

102,780

462

109,721

31-Mar-26

₦'million

31-Mar-25

₦'million

31-Mar-26

₦'million

31-Mar-25

₦'million

Net cash flows from operating activities

367,508

(132,071)

(1,335)

(1,176)

Cash flows used in operations

184,915

(282,399)

(1,353)

(1,171)

Profit before tax

165,358

116,415

(2,744)

(4,428)

Adjusted for:

(127,543)

(149,476)

639

498

Net impairment charge/(write-back) on financial assets

28.7

2,872

(3,449)

-

-

Depreciation of non-current assets

28.8

5,413

3,782

545

351

Amortisation of right of use assets

17

246

647

113

160

Dividends included in other revenue

28.6

(241)

(487)

-

-

Interest expense

50,491

30,581

24

27

Interest income

(186,321)

(180,471)

(42)

(22)

Profit on sale of property and equipment

(3)

(79)

(1)

(18)

(Increase)/Decrease in assets

24.1

(978,832)

(479,898)

3,073

56

Decrease/(Increase) in deposits and other liabilities

24.2

1,125,932

230,560

(2,321)

2,703

Dividends received

217

438

-

-

Interest paid

(43,698)

(30,581)

(24)

(27)

Interest received

233,438

180,471

42

22

Direct taxation paid

(7,364)

-

-

-

Net cash flows used in investing activities

(217,922)

80,285

(4,091)

(487)

Capital expenditure on - property

(4,110)

(10,225)

-

-

- equipment, furniture and vehicles

(1,686)

(1,615)

(1,068)

(39)

- right of use

(1,608)

(1,899)

(505)

(448)

- intangible assets

-

(113)

-

-

Proceeds from sale of property, equipment, furniture and vehicles

400

1,856

23

22

Additional investment in existing subsidiary

-

-

(2,500)

-

Sale of /(Investment in) financial investment securities, net

(210,918)

92,281

(41)

(22)

Net cash flows used in financing activities

(169,091)

(11,041)

-

-

Net increase/(decrease) in other borrowings

(6,946)

(7,618)

-

-

Net increase/(decrease) in debt securities issued

(162,145)

(3,423)

-

-

Cash dividends paid

-

-

-

-

Net increase in cash and bank balances

(19,505)

(62,827)

(5,426)

(1,663)

Effect of exchange rate changes on cash and bank balances

7,975

32,998

-

-

Cash and cash equivalent at beginning of the period

2,101,820

1,834,073

34,673

7,867

Cash and cash equivalent at end of the period

24.3

2,090,290

1,804,244

29,247

6,204

Acquisitions (continued)

Where applicable, the group adjusts retrospectively the provisional amounts to reflect new

information obtained about facts and circumstances that existed at the acquisition date and affected the measurement of the provisional amounts. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any NCI. The excess (shortage) of the sum of the consideration transferred (including contingent consideration), the value of NCI recognised and the acquisition date fair value of any previously held equity interest in the subsidiary over the fair value of identifiable net assets acquired is recorded as goodwill in the statement of financial position (gain on bargain purchase, which is recognised directly in profit or loss).When a business combination occurs in stages, the previously held equity interest is remeasured to fair value at the acquisition date and any resulting gain or loss is recognised in profit or loss.

Increases in the group's interest in a subsidiary, when the group already has control, are accounted for as transactions with equity holders of the group. The difference between the purchase consideration and the group's proportionate share of the subsidiary's additional net asset value acquired is accounted for directly in equity.

Loss of control in a subsidiary

A disposal arises where the group loses control of a subsidiary. When the group loses control of a

subsidiary, the profit or loss on disposal is calculated as the difference between the fair value of the consideration received (including the fair value of any retained interest in the underlying investee) and the carrying amount of the assets and liabilities and any non-controlling interest. Any gains or losses in OCI that relate to the subsidiary are reclassified to profit or loss at the time of the disposal. On disposal of a subsidiary that includes a foreign operation, the relevant amount in the FCTR is reclassified to profit or loss at the time at which the profit or loss on disposal of the foreign operation is recognised.

Partial disposal of a subsidiary

A partial disposal arises as a result of a reduction in the group's ownership interest in an investee

that is not a disposal (i.e. a reduction in the group's interest in a subsidiary whilst retaining control). Decreases in the group's interest in a subsidiary, where the group retains control, are accounted for as transactions with equity holders of the group. Gains or losses on the partial disposal of the group's interest in a subsidiary are computed as the difference between the sales consideration and the group's proportionate share of the investee's net asset value disposed of, and are accounted for directly in equity.

Initial measurement of NCI

The group elects on each acquisition to initially measure NCI on the acquisition date at either fair

value or at the NCI's proportionate share of the investees' identifiable net assets.

Amortised cost

A debt instrument that meets both of the following conditions (other than those designated at fair value through profit or loss):

• held within a business model whose objective is to hold the debt instrument (financial asset) in order to collect contractual cash flows; and

• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

This assessment includes determining the objective of holding the asset and whether the

contractual cash flows are consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are not considered de minimis and are inconsistent with a basis lending arrangement, the financial asset is classified as fair value

through profit or loss - default.

Fair value through OCI

Includes:

• A debt instrument that meets both of the following conditions (other than those designated atfair value through profit or loss):

  -- held within a business model in which the debt instrument (financial asset) is managed toboth collect contractual cash flows and sell financial assets; and

  -- the contractual terms of the financial asset give rise on specified dates to cash flows thatare solely payments of principal and interest on the principal amount outstanding.

  This assessment includes determining the objective of holding the asset and whether thecontractual cash flows are consistent with a basic lending arrangement. Where the

  contractual terms introduce exposure to risk or volatility that are not considered de minimisand are inconsistent with a basis lending arrangement, the financial asset is classified as fair

  value through profit or loss - default.

• Equity financial assets which are not held for trading and are irrevocably elected (on aninstrument-by-instrument basis) to be presented at fair value through OCI.

Held for trading

Those financial assets acquired principally for the purpose of selling in the near term, those that form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking.

Designated at fair value through profit or loss

Financial assets are designated to be measured at fair value in the following instances:

• to eliminate or significantly reduce an accounting mismatch that would otherwise arise

• where the financial assets are managed and their performance evaluated and reported on a fair value basis

• where the financial asset contains one or more embedded derivatives that significantly modify the financial

asset's cash flows.

Fair value through profit or

loss default

Financial assets that are not classified into one of the above-mentioned financial asset categories.

Amortised cost

Amortised cost using the effective interest method with interest recognised in interest income, less

any impairment losses which are recognised as part of credit impairment charges.

Directly attributable transaction costs and fees received are capitalised and amortised through interest income as part of the effective interest rate.

Fair value through OCI

Debt instrument: Fair value, with gains and losses recognised directly in the fair value throughOCI

reserve. When a debt financial asset is disposed of, the cumulative fair value adjustments,previously recognised in OCI, are reclassified to the other gains and losses on financialinstruments within non-interest revenue.Interest income on debt financial asset is recognised in interest income in terms of the effective interest rate method. Dividends received are recognised in interest income withinprofit orloss. Equity instrument: Fair value, with gains and losses recognised directly in the fair valuethrough OCI reserve. When equity financial assets are disposed of, the cumulative fair value adjustments in OCIare reclassified within reserves to retained income.

Dividends received on equity instruments are recognised in other revenue within non-interest income.

Held for trading

Fair value, with gains and losses arising from changes in fair value) (including interest and

dividends) recognised in trading revenue.

Designated at fair value through profit or loss

Fair value gains and losses (including interest and dividends) on the financial asset are

recognised in the income statement as part of other gains and losses on financial instruments within non-interest revenue.

Fair value through profit or loss -default

Fair value gains and losses (including interest and dividends) on the financial asset are

recognised in the income statement as part of other gains and losses on financial instruments within non-interest revenue.

Stage 1

A 12-month ECL is calculated for financial assets which are neither credit-impaired on origination

nor for which there has been a SICR.

Stage 2

A lifetime ECL allowance is calculated for financial assets that are assessed to have displayed a

SICR since origination and are not considered low credit risk.

Stage 3

A lifetime ECL is calculated for financial assets that are assessed to be credit impaired. The

following criteria are used in determining whether the financial asset is impaired:

• default

• significant financial difficulty of borrower and/or modification

• probability of bankruptcy or financial reorganisation

• disappearance of an active market due to financial difficulties.

Significant increase in credit risk (SICR)

At each reporting date the group assesses whether the credit risk of its exposures has increased

significantly since initial recognition by considering the change in the risk of default occurring over the expected life of the financial asset.

Credit risk of exposures which are overdue for more than 30 days are also considered to have increased significantly.

Low credit risk

Exposures are generally considered to have a low credit risk where there is a low risk of default, the

exposure has a strong capacity to meet its contractual cash flow obligations and adverse changes in economic and business conditions may not necessarily reduce the exposure's ability to fulfil its contractual obligations.

Default

The group's definition of default has been aligned to its internal credit risk management definitions

and approaches. A financial asset is considered to be in default when there is objective evidence of impairment. The following criteria are used in determining whether there is objective evidence of impairment for financial assets or groups of financial assets:

• significant financial difficulty of borrower and/or modification (i.e. known cash flow difficulties

  experienced by the borrower)

• a breach of contract, such as default or delinquency in interest and/or principal payments

• disappearance of active market due to financial difficulties

• it becomes probable that the borrower will enter bankruptcy or other financial reorganisation

• where the group, for economic or legal reasons relating to the borrower's financial difficulty,

grants the borrower a concession that the group would not otherwise consider. Exposures which are overdue for more than 90 days are also considered to be in default.

Forward-looking information

Forward looking information is incorporated into the group's impairment methodology calculations

and in the group's assessment of SICR. The group includes all forward looking information which is reasonable and available without undue cost or effort. The information will typically include expected macro-economic conditions and factors that are expected to impact portfolios or individual counterparty exposures.

Write-off

Financial assets are written off when there is no reasonable expectation of recovery. Financial

assets which are written off may still be subject to enforcement activities.

Financial assets measured at amortised cost

(including loan

commitments)

Recognised as a deduction from the gross carrying amount of the asset (group of assets). Where

the impairment allowance exceeds the gross carrying amount of the asset (group of assets), the excess is recognised as a provision within other liabilities.

Off-balance sheet

exposures (excluding loan commitments)

Recognised as a provision within provisions.

Financial assets measured

at fair value through OCI

Recognised in the fair value reserve within equity. The carrying value of the financial asset is

recognised in the statement of financial position at fair value.

Reclassifications of debt financial assets are permitted when, and only when, the group changes its business model for managing

financial assets, in which case all affected financial assets are reclassified. Reclassifications are accounted for prospectively from the date of reclassification as follows:

• Financial assets that are reclassified from amortised cost to fair value through profit or loss are measured at fair value at the date

of reclassification with any difference in measurement basis being recognised in other gains and losses in the profit or loss amount.

• The fair value of a financial asset that is reclassified from fair value to amortised cost becomes the financial asset's new carrying

value and calculate effective interest rate on the new carrying amount.

• Financial assets that are reclassified from amortised cost to fair value through OCI are measured at fair value at the date of

reclassification with any difference in measurement basis being recognised in OCI

• The fair value of a financial asset that is reclassified from fair value through OCI to amortised cost becomes the financial asset's

new carrying value with the cumulative fair value adjustment recognised in OCI being recognised against the new carrying value.

• The carrying value of financial assets that are reclassified from fair value through profit or loss to fair value through OCI remains

at fair value and calculate effective interest rate on the new carrying amount.

• The carrying value of financial assets that are reclassified from fair value through OCI to fair value through profit or loss remains

at fair value, with the cumulative fair value adjustment in OCI being recognised in the income statement at the date of reclassification.

Held for trading

Those financial liabilities incurred principally for the purpose of re-purchasing in the near term, those that form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking.

Designated at fair value through profit or loss

Financial liabilities are designated to be measured at fair value in the following instances:

• to eliminate or significantly reduce an accounting mismatch that would otherwise arise

• where the financial liabilities are managed and their performance evaluated and reported on a fair value basis

• where the financial liability contains one or more embedded derivatives that significantly modify the

financial asset's cash flows.

At amortised cost

All other financial liabilities not included the above categories.

Held for trading

Fair value, with gains and losses arising from changes in fair value) (including interest and dividends) recognised in trading revenue.

Designated at fair value through profit or loss

Fair value, with gains and losses arising from changes in fair value (including interest and dividends but excluding fair value gains and losses attributable to own credit risk) are recognised in the other gains and losses on financial instruments as part of non-interest revenue.

Fair value gains and losses attributable to changes in own credit risk are recognised within OCI, unless this would create or enlarge an accounting mismatch in which case the own credit risk changes are recognised within trading revenue.

At amortised cost

Amortised cost using the effective interest method with interest recognised in interest expense.

Financial assets

Financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired, or where the group has transferred its contractual rights to receive cash flows on the financial asset such that it has transferred substantially all the risks and rewards of ownership of the financial asset. Any interest in transferred financial assets that is created or retained by the group is recognised as a separate asset or liability.

The group enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or a portion of the risks or rewards of the transferred assets. If all or substantially all risks and rewards are retained, then the transferred assets are not derecognised. Transfers of assets with the retention of all or substantially all risks and rewards include securities lending and repurchase agreements.

In transfers where control over the asset is retained, the group continues to recognise the asset to the extent of its continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred asset. Any cummulative gain/loss recognised in OCI in respect of equity investment securities designated at FVOCI is not recognised in profit or loss on derecognition of such securities.

Financial liabilities

Financial liabilities are derecognised when the obligation of the financial liabilities are extinguished, that is, when the obligation is discharged, cancelled or expires.

Item

Description

Valuation technique

Main inputs and assumptions (Level 2 and 3 fair value hierarchy items)

Pledged assets

Pledged assets comprise

instruments that may be sold or repledged by the group's counterparty in the absence of default by the group. Pledged assets include sovereign debt (government treasury bills and bonds) pledged in terms of repurchase agreements.

Where a proxy instrument is quoted in an active market, the

fair value is determined by adjusting the proxy fair value for differences between the proxy instrument and the financial investment being fair valued. Where proxies are not available, the fair value is estimated using more complex modelling techniques. These techniques include discounted cash flow and Black-Scholes models using current market rates for credit, interest, liquidity, volatility and other risks. Combination techniques are used to value unlisted equity securities and include inputs such as earnings and dividend yields of the underlying entity.

• Discount rate*

• Spot prices of

  the underlying

• Correlation

  factors

• Volatilities

• Dividend yields

• Earnings yield

• Valuation

multiples

Financial investments

Financial investments are non-

trading financial assets and primarily comprise of sovereign and corporate debt, unlisted equity instruments, investments in mutual fund investments and unit-linked investments.

Loans and advances to banks and customers

Loans and advances comprise:

• Loans and advances to banks: call loans, loans granted under resale agreements and balances held with other banks.

• Loans and advances to customers: mortgage loans (home loans and commercial mortgages), other asset-based loans, including collateralised debt obligations (instalment sale and finance leases), and other secured and unsecured loans (card debtors, overdrafts, other demand lending, term lending and loans granted under resale agreements).

For certain loans, fair value may be determined from the

market price of a recently occurring transaction adjusted for changes in risks and information between the transaction and valuation dates. Loans and advances are reviewed for observed and verified changes in credit risk and the credit spread is adjusted at subsequent dates if there has been an observable change in credit risk relating to a particular loan or advance. In the absence of an observable market for these instruments, discounted cash flow models are used to determine fair value. Discounted cash flow models incorporate parameter inputs for interest rate risk, foreign exchange risk, liquidity and credit risk, as appropriate. For credit risk, probability of default and loss given default parameters are determined using the relevant terms of the loan and loan counterparty such as the industry classification and subordination of the loan.

• Discount rate.

• Probability of

  default.

• Loss given

default.

Deposits from bank and customers

Deposits from banks and

customers comprise amounts owed to banks and customers, deposits under repurchase agreements, negotiable certificates of deposit, credit-linked deposits and other deposits.

For certain deposits, fair value may be determined from the

market price on a recently occurring transaction adjusted for all changes in risks and information between the transaction and valuation dates. In the absence of an observable market for these instruments discounted cash flow models are used to determine fair value based on the contractual cash flows related to the instrument. The fair value measurement incorporates all market risk factors including a measure of the group's credit risk relevant for that financial liability. The market risk parameters are valued consistently to similar instruments held as assets stated in the section above. For collateralised deposits that are designated to be measured at fair value through profit or loss, such as securities repurchase agreements, the credit enhancement is incorporated into the fair valuation of the liability.

• Discount rate.

• Probability of

  default.

• Loss given

default.

Level 1

Fair value is based on quoted market prices (unadjusted) in active markets for an identical financial asset or

liability. An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2

Fair value is determined through valuation techniques based on observable inputs, either directly, such as

quoted prices, or indirectly, such as those derived from quoted prices. This category includes instruments valued using quoted market prices in active markets for similar instruments, quoted prices for identical or similar instruments in markets that are considered less than active or other valuation techniques where all significant inputs are directly or indirectly observable from market data.

Level 3

Fair value is determined through valuation techniques using significant unobservable inputs. This category

includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instrument being valued and the similar instrument.

Equity-settled share based payments

The fair value of the equity-settled share based payments are determined on grant date and accounted for within

operating expenses - staff costs over the vesting period with a corresponding increase in the group's share-based payment reserve. Non-market vesting conditions, such as the resignation of employees and retrenchment of staff, are not considered in the valuation but are included in the estimate of the number of options expected to vest. At each reporting date, the estimate of the number of options expected to vest is reassessed and adjusted against profit or loss and equity over the remaining vesting period.

On vesting of the equity-settled share based payments, amounts previously credited to the share-based payment reserve are transferred to retained earnings through an equity transfer.

Cash-settled share based payments

Cash-settled share based payments are accounted for as liabilities at fair value until the date of settlement. The

liability is recognised over the vesting period and is revalued at every reporting date up to and including the date

of settlement. All changes in the fair value of the liability are recognised in operating expenses - staff costs.

Type

Initial and subsequent measurement

Useful lives, depreciation/ amortisation method or fair value basis

Impairment

Derecognition

Tangible assets

Property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Land is measured at cost less accumulative impairment loss. Land is not depreciated.

Costs that are subsequently incurred are included in the asset's related carrying amount or are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits will flow to the group and the cost of the item can be measured reliably. Expenditure, which does not meet these criteria, is recognised in profit or loss as incurred.

Where significant parts of an item of property or equipment have different useful lives, they are accounted for as separate major components of property and equipment.

Property and equipment are depreciated on the straight-line basis over estimated useful lives (see below) of the assets to their residual values. Land and Work-in progress are not depreciated.

Land N/A

Buildings 25 years

Computer 3-5 years Motor vehicles 4-5 years Office equipments 6 years Furniture 4 years

Capitalised greater of 6 years leased assets/ or useful life of branch underlying asset refurbishments

The residual values, useful lives and the depreciation method applied are reviewed, and adjusted if appropriate, at each financial period end.

Intangible assets that have an indefinite useful life are tested annually for impairment and additionally when an indicator of impairment exists.

Other non-financial assets are reviewed for impairment at each reporting date and tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised in profit or loss for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is determined as the higher of an asset's fair value less costs to sell and value in use.

Fair value less costs to sell is determined by ascertaining the current market value of an asset and deducting any costs related to the realisation of the asset.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

The non-financial assets are derecognised on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss on derecognition is recognised in profit or loss and is determined as the difference between the net disposal proceeds and the carrying amount of the nonfinancial asset.

Intangible assets/ Computer software

Costs associated with developing or maintaining computer software programmes and the acquisition of software licences are generally recognised as an expense as incurred.

However, direct computer software development costs that are clearly associated with an identifiable and unique system, which will be controlled by the group and have a probable future economic benefit beyond one period, are recognised as intangible assets. Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses from the date that the assets are available for use.

Expenditure subsequently incurred on computer software is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates.

Amortisation is recognised in profit or loss on a straight-line basis at rates appropriate to the expected lives of the assets (2 to 15 years) from the date that the asset is available for use.

Amortisation methods, useful lives and residual values are reviewed at each financial periodend and adjusted, if necessary.

Right of use assets

At cost (initial measurement of the lease liability) plus initial direct costs any lease payments made at or before the commencement date less any lease incentives received and estimate cost of demantling and removing underlying asset.

Cost Model: Cost less accumulated depreciated and accumulated impairment. The ROU asset is depreciated over the shorter of the lease term and useful life, except if ownership transfers to the lessee at the end of the lease term or cost reflects that the lessee will exercise a purchase option use useful life of the asset is used in these instances.

Depreciation on right-of-use assets:

Subsequent to initial measurement, the right-of-use assets are depreciated on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset should this term be shorter than the lease term unless ownership of the underlying asset transfers to the Group at the end of the lease term, whereby the right-of-use assets are depreciated on a straight-line basis over the remaining economic life of the asset. This depreciation is recognised as part of operating expenses.

Termination of leases:

On derecognition of the right-of-use asset and lease liability, any difference is recognised as a derecognition gain or loss together with termination or cancellation costs in profit or loss.

Payments made under these leases, net of any incentives received from the lessor, are recognised in operating expenses on a straight-line basis over the term of the lease. When these leases are terminated before the lease period has expired, any payment required to be made to the lessor by way of a penalty is recognised as operating expenses in the period in which termination takes place.

Type

Description

Statement of financial position

Income statement

Single lessee accounting model

All leases are accounted for by recognising a right-of-use asset and a lease liability except for:

• leases of low value assets; and

• leases with a duration of twelve months or less.

All leases that meet the criteria as either a lease of a low value asset or a short term lease are accounted for on a straight-line basis over the lease term.

Lease liabilities:

Initially measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate implicit in the lease unless (as is typically the case for the Group) this is not readily determinable, in which case the Group's incremental borrowing rate on commencement of the lease is used. The Group's standardised funding transfer pricing rate is the base on which the incremental borrowing rate is calculated. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes:

• Amounts expected to be payable under any residual value guarantee;

• The exercise price of any purchase option granted in favour of the Group, should it be reasonably certain that this option will be exercised;

• Any penalties payable for terminating the lease, should the term of the lease be estimated on the basis of this termination option being exercised.

Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made.

Right-of-use assets:

Initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

• lease payments made at or before commencement of the lease;

• initial direct costs incurred; and

• the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset.

The Group applies the cost model subsequent to the initial measurement of the right-of-use assets. Termination of leases:

When the Group or lessor terminates or cancels a lease, the right-of-use asset and lease liability are derecognised.

Accruals for unpaid lease charges, together with a straight-line lease asset or liability, being the difference between actual payments and the straight-line lease expense are recognised.

Interest expense on lease liabilities:

A lease finance cost, determined with reference to the interest rate implicit in the lease or the Group's incremental borrowing rate, is recognised within interest expense over the lease period.

Depreciation on right-of-use assets:

Subsequent to initial measurement, the right-of-use assets are depreciated on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset should this term be shorter than the lease term unless ownership of the underlying asset transfers to the Group at the end of the lease term, whereby the right-of-use assets are depreciated on a straight-line basis over the remaining economic life of the asset. This depreciation is recognised as part of operating expenses.

Termination of leases:

On derecognition of the right-of-use asset and lease liability, any difference is recognised as a derecognition gain or loss together with termination or cancelation costs in profit or loss.

Payments made under these leases, net of any incentives received from the lessor, are recognised in operating expenses on a straight-line basis over the term of the lease. When these leases are terminated before the lease period has expired, any payment required to be made to the lessor by way of a penalty is recognised as operating expenses in the period in which termination takes place.

Reassessment and modification of leases

Reassessment of lease terms and lease modifications that are not accounted for as a separate lease:

When the Group reassesses the terms of any lease (i.e. it re-assesses the probability of exercising an extension or termination option) or modifies the terms of a lease without increasing the scope of the lease or where the increased scope is not commensurate with the standalone price, it adjusts the carrying amount of the lease liability to reflect the payments to be made over the revised term, which are discounted at the applicable rate at the date of reassessment or modification. The carrying amount of lease liability is similarly revised when the variable element of future lease payments dependent on a rate or index is revised.

For reassessments to the lease terms, an equivalent adjustment is made to the carrying amount of the right-of-use asset, with the revised carrying amount being depreciated over the revised lease term. However, if the carrying amount of the right-of-use asset is reduced to zero any further reduction in the measurement of the lease liability, is recognised in profit or loss.

Finance leases

Leases, where the Group transfers substantially all the risks and rewards incidental to ownership, are classified as finance leases.

Finance lease receivable, including initial direct costs and fees, are primarily accounted for as financing transactions in banking activities, with rentals and instalments receivable, less unearned finance charges, being included in loans and advances.

Finance charges earned within interest income are computed using the effective interest method, which reflects a constant periodic rate of return on the investment in the finance lease. The tax benefits arising from investment allowances on assets leased to clients are accounted for within direct taxation.

Operating leases

All leases that do not meet the criteria of a finance lease are classified as operating leases.

The asset underlying the lease continues to be recognised and accounted for in terms of the relevant group accounting policies. Accruals for outstanding lease charges, together with a straight-line lease asset or liability, being the difference between actual payments and the straight-line lease income are recognised.

Operating lease income net of any incentives given to lessees, is recognised on the straight-line basis, or a more representative basis where applicable, over the lease term and is recognised in operating income.

When an operating lease is terminated before the lease period has expired, any payment received/(paid) by the group by way of a penalty is recognised as income/(expense) in the period in which termination takes place.

Finance leases

When the Group modifies the terms of a lease resulting in an increase in scope and the consideration for the lease increases by an amount commensurate with a stand-alone price for the increase in scope, the Group accounts for these modifications as a separate new lease.

All other lease modifications that are not accounted for as a separate lease are accounted for in terms of IFRS 9, unless the classification of the lease would have been accounted for as an operating lease had the modification been in effect at inception of the lease. These lease modifications are accounted for as a separate new lease from the effective date of the modification and the net investment in the lease becomes the carrying amount of the underlying asset.

Operating leases

Modifications are accounted for as a new lease from the effective date of the modification.

Provisions (continued)

Provisions for legal claims

Provisions for legal claims are recognised on a prudent basis for the estimated cost for all legal claims that have not been settled or reached conclusion at the reporting date. In determining the provision management considers the probability and likely settlement (if any). Reimbursements of expenditure to settle the provision are recognised when and only when it is virtually certain that the reimbursement will be received.

Provision for restructuring

A provision for restructuring is recognised when the group has approved a detailed formal plan, and the restructuring either has commenced or has been announced publicly. Future operating costs or losses are not provided for.

Provision for onerous contracts

A provision for onerous contracts is recognised when the expected benefits to be derived by the group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the group recognises any impairment loss on the assets associated with that contract.

Provision for tax claims

Provisions for taxes claims relates to additional assessment on taxes, including withholding tax, value added tax, PAYE tax.

Contingent assets

Contingent assets are not recognised in the interim financial statements but are disclosed when, as a result of past events, it is probable that economic benefits will flow to the group, but this will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events which are not wholly within the group's control.

Contingent liabilities

Contingent liabilities include certain guarantees (other than financial guarantees) and letters of credit and are not recognised in the interim financial statements but are disclosed in the notes to the interim financial statements.

Type

Description, recognition and measurement

Offsetting

Deferred tax-determined for future tax consequences

Deferred tax is recognised in profit or loss except to the extent that it relates to a

business combination (relating to a measurement period adjustment where the carrying amount of the goodwill is greater than zero), or items recognised directly as part of OCI.

Deferred tax is recognised in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised for the following temporary differences:

• the initial recognition of goodwill;

• the initial recognition of assets and liabilities in a transaction that is not a business combination, which affects neither accounting nor taxable profits or losses; and

• investments in subsidiaries, associates and jointly controlled arrangements (excluding mutual funds) where the group controls the timing of the reversal of temporary differences and it is probable that these differences will not reverse in the foreseeable future.

Current tax assets and

liabilities, deferred tax assets and liabilities

are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of the asset or liability and is not discounted.

Deferred tax assets are recognised to the extent that it is probable that future taxable income will be available against which the unused tax losses can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Indirect taxation

Indirect taxes comprise input VAT, which is recoverable against output VAT.

Accordingly, recoverable indirect taxes are recognized as an asset in the Statement of Financial position sheet for future offset against output VAT. Indirect taxes that are not recoverable are recognized in profit or loss as part of other operating expenses.

N/A

Dividend tax

Taxes on dividends declared by the group are recognised as part of the dividends

paid within equity as dividend tax represents a tax on the shareholder and not the group.

N/A

Pronouncement

Title

IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (amendments)

The amendments address an inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognised when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognised when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. The amendments will be applied prospectively and are not expected to have a material impact on the Group's financial statements.

Effective date

Effective date of this standard deferred indefinitely

Title

Presentation and Disclosure in Financial Statements (IFRS 18)

This standard seek to to set out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and expenses.

Effective date

1 January 2027.

Title

IFRS 19 - Subsidiaries without Public Accountability

This standard alleviate the cost of preparing financial statements for eligible entities through over disclosure, while maintaining the usefulness of their financial statements for users. Removing the need to either provide disclosures beyond users' needs or to maintain two separate sets of accounting records. A subsidiary may choose to apply the new standard in its consolidated, separate or individual financial statements provided that, at the reporting date:

1. It does not have public accountability2; and

2. Its parent produces consolidated financial statements under IFRS Accounting Standards.

A subsidiary applying IFRS 19 is required to clearly state in its explicit and unreserved statement of compliance with IFRS Accounting Standards that IFRS 19 has been adopted.

Effective date

1 January 2027.

Business & Commercial

Banking

Corporate and Investment

Banking

Personal and Private

Banking

Insurance and Assets

Management

Eliminations

Group

31-Mar-26

₦'million

31-Mar-25

₦'million

31-Mar-26

₦'million

31-Mar-25

₦'million

31-Mar-26

₦'million

31-Mar-25

₦'million

31-Mar-26

₦'million

31-Mar-25

₦'million

31-Mar-26

₦'million

31-Mar-25

₦'million

31-Mar-26

₦'million

31-Mar-25

₦'million

Net interest income Non-interest revenue

27,957

6,661

25,044

7,174

89,998

83,917

107,501

17,755

10,020

3,749

11,672

3,376

7,855

41,500

5,673

29,924

-(5,522)

-(5,105)

135,830

130,305

149,890

53,124

Total income

Credit impairment charges

34,618

318

32,218

1,508

173,915

(2,871)

125,256

3,034

13,769

(115)

15,048

(940)

49,355

(204)

35,597

(153)

(5,522)

(5,105)

266,135

(2,872)

203,014

3,449

Income after credit impairment charges

Operating expenses in banking activities

34,936

(25,206)

33,726

(23,165)

171,044

(51,504)

128,290

(44,220)

13,654

(10,085)

14,108

(14,410)

49,151

(16,632)

35,444

(13,358)

(5,522)

5,522

(5,105)

5,105

263,263

(97,905)

206,463

(90,048)

Profit before direct taxation

Direct taxation

9,730

(3,041)

10,561

(3,282)

119,540

(35,384)

84,070

(22,971)

3,569

(920)

(302)

(810)

32,519

(11,091)

22,086

(7,290)

-

-

-

-

165,358

(50,436)

116,415

(34,353)

Profit for the period

6,689

7,279

84,156

61,099

2,649

(1,112)

21,428

14,796

-

-

114,922

82,062

31-Mar-26

₦'million

31-Dec-25

₦'million

31-Mar-26

₦'million

31-Dec-25

₦'million

6

Cash and cash equivalents

Coins and bank notes

64,833

25,799

-

-

Balances with central bank

890,528

1,112,179

-

-

Current balances with banks within Nigeria

30,495

33,630

29,247

34,673

Current balances with banks outside Nigeria

1,228,784

525,868

-

-

2,214,640

1,697,476

29,247

34,673

1. Pledged assets

   1. Pledged assets

Financial assets that may be repledged or resold by counterparties

Government bonds - Trading Government bonds - FVOCI Treasury bills - Trading

132,642

82,324

68,908

-83,670

26,176

-

-

-

-

-

-

283,874

109,846

-

-

31-Mar-26

₦'million

31-Dec-25

₦'million

31-Mar-26

₦'million

31-Dec-25

₦'million

Derivative assets

Foreign exchange derivatives

3,200

13,096

-

-

Forwards

3,200

12,721

-

-

Spot

375

-

-

Options

-

-

-

-

Interest rate derivatives

67,332

65,014

-

-

Forwards

-

-

-

-

Swaps

67,332

65,014

-

-

Total derivative assets

70,532

78,110

-

-

Derivative liabilities

Foreign exchange derivatives

2,071

1,403

-

-

Forwards

2,071

1,318

-

-

Spot

-

85

Options

-

-

-

-

Interest rate derivatives

3,834

13,478

-

-

Forwards

-

-

-

-

Swaps

3,834

13,478

-

-

Total derivative liabilities

5,905

14,881

-

-

10

Financial investments

Short - term negotiable securities

901,373

1,015,047

-

-

Listed

901,373

1,015,047

-

-

Unlisted

-

-

-

-

Other financial investments

404,211

471,518

1,267

1,225

Listed

273,271

394,015

1,267

1,225

Unlisted

130,940

77,503

-

-

Gross financial investments

1,305,584

1,486,565

1,267

1,225

Expected credit loss on financial investment

12-month ECL

(1,184)

(994)

-

-

Lifetime ECL not credit-impaired

-

-

-

-

Lifetime ECL credit-impaired

-

-

-

-

Total expected credit loss on financial investment

(1,184)

(994)

-

-

Net financial investments

1,304,400

1,485,571

1,267

1,225

10.1 Comprising:

Government bonds

268,005

309,163

-

-

Treasury bills

901,373

1,015,047

-

-

Corporate bonds

5,266

84,852

-

-

Unlisted equities

4,544

3,865

-

-

Mutual funds and unit-linked investments

126,396

73,638

1,267

1,225

1,305,584

1,486,565

1,267

1,225

31-Mar-26

₦'million

31-Dec-25

₦'million

31-Mar-26

₦'million

31-Dec-25

₦'million

11

Loans and advances

Loans and advances net of impairments Loans and advances to banks

Placements with banks

Expected credit losses

Loans and advances to customers Gross loans and advances to customers PPB- Personal and Private Banking Mortgage loans

Instalment sale and finance leases Card debtors

Other loans and advances

BCB- Business and Commercial Banking

Instalment sale and finance leases Card debtors

Other loans and advances

CIB- Corporate and Investment Banking

Corporate loans

Credit impairments for loans and advances

12-month ECL

Lifetime ECL not credit-impaired Lifetime ECL credit-impaired

11.1

349,325

1,465,614

-

-

349,331

(6)

1,465,618

(4)

-

-

-

-

11.2

2,481,646

2,376,135

-

-

2,572,694

2,460,336

-

-

222,610

214,109

53,152

43,238

-

-

19,814

17,444

-

-

4,562

5,603

-

-

145,082

147,824

-

-

481,109

497,816

95,566

103,375

-

-

38

7

-

-

385,505

394,434

-

-

1,868,975

1,748,411

1,868,975

1,748,411

(91,048)

(84,201)

-

-

(21,129)

(22,382)

-

-

(13,013)

(3,177)

(56,906)

(58,642)

-

-

Net loans and advances

2,830,971

3,841,749

-

-

Gross carrying value- In Nmillions

Stage 1

Stage 2

Stage 3

Total

PPB- Personal and Private Banking

201,560

10,034

11,016

222,610

Mortgage loans

51,555

1,181

416

53,152

Instalment sale and finance leases

19,503

241

70

19,814

Card debtors

3,072

776

714

4,562

Others term loans

127,430

7,836

9,816

145,082

BCB- Business and Commercial Banking

422,486

7,765

50,858

481,109

Instalment sale and finance leases

93,275

811

1,480

95,566

Card debtors

38

-

-

38

Others term loans

329,173

6,954

49,378

385,505

CIB- Corporate and Investment Banking

1,764,234

86,567

18,174

1,868,975

Corporate lending

1,764,234

86,567

18,174

1,868,975

2,388,280

104,366

80,048

2,572,694

31 December 2025

Gross carrying value- In Nmillions

Stage 1

Stage 2

Stage 3

Total

PPB- Personal and Private Banking

193,530

9,578

11,001

214,109

Mortgage loans

41,405

1,448

384

43,237

Instalment sale and finance leases

17,181

221

43

17,445

Card debtors

4,126

858

619

5,603

Others term loans

130,818

7,051

9,955

147,824

BCB- Business and Commercial Banking

435,851

7,680

54,285

497,816

Instalment sale and finance leases

101,410

657

1,307

103,374

Card debtors

7

-

-

7

Others term loans

334,434

7,023

52,978

394,435

CIB- Corporate and Investment Banking

1,703,325

26,732

18,354

1,748,411

Corporate lending

1,703,325

26,732

18,354

1,748,411

2,332,706

43,990

83,640

2,460,336

Page 35

12

31-Mar-26

₦'million

31-Dec-25

₦'million

31-Mar-26

₦'million

31-Dec-25

₦'million

Other assets

Trading settlement assets

330,377

170,137

-

-

Due from group companies

3,372

1,640

15,464

12,997

Repossessed assets

261

261

-

-

Accrued income

11,036

8,180

-

-

Indirect / withholding tax receivables

7,046

5,145

1,217

1,091

Accounts receivable

176,667

194,008

30

30

Deposit for investment

28,770

19,621

-

-

Prepayments

19,660

19,323

-

5,367

Other debtors

423

9,370

355

654

577,612

427,685

17,066

20,139

Impairment on doubtful recoveries

(22,850)

(23,553)

(49)

(49)

554,762

404,132

17,017

20,090

Annuity

65,224

60,411

-

-

Group life

4,165

2,766

-

-

Credit life

1,577

1,512

-

-

Individual Life

11,490

7,740

-

-

82,456

72,429

-

-

Insurance liabilities -PAA

Insurance liabilities -GMM

5,742

76,714

4,278

68,151

-

-

-

-

82,456

72,429

-

-

15 Property and equipment

Leasehold

Furniture,

Freehold Land

improvements

Motor

fittings &

Computer

Work in

and building

and building

vehicles

equipment

equipment

progress

Total

Group

₦'million

₦'million

₦'million

₦'million

₦'million

₦'million

₦'million

15.1 Cost

Balance at 1 January 2026

48,805

8,958

33,866

21,532

57,197

19,926

190,284

Additions

14

83

792

218

676

4,013

5,796

Disposals / expensed

-

-

(329)

(10)

(124)

(20)

(483)

Write-offs

-

-

(188)

-

(13)

-

(201)

Transfers / reclassifications

-

-

643

-

1,470

(2,113)

-

Balance at 31 March 2026

48,819

9,041

34,784

21,740

59,206

21,806

195,396

Balance at 1 January 2025

50,930

8,320

14,252

20,788

39,811

11,905

146,006

Additions

545

417

20,744

1,581

8,287

19,996

51,570

Disposals

(2,806)

-

(1,180)

(1,113)

(1,950)

(243)

(7,292)

Transfers/ reclassifications

136

221

50

276

11,049

(11,732)

-

Balance at 31 December 2025

48,805

8,958

33,866

21,532

57,197

19,926

190,284

15.2 Accumulated depreciation

Balance at 1 January 2026

7,925

6,514

8,904

12,842

30,530

-

66,715

Charge for the period

388

142

1,745

766

2,092

-

5,133

Disposals

-

-

(144)

(9)

(134)

-

(287)

Balance at 31 March 2026

8,313

6,656

10,505

13,599

32,488

-

71,561

Balance at 1 January 2025

7,829

5,959

4,357

10,812

25,249

-

54,206

Charge for the year

1,557

555

5,064

3,054

7,074

-

17,304

Disposals

(1,461)

-

(517)

(1,024)

(1,793)

-

(4,795)

Balance at 31 December 2025

7,925

6,514

8,904

12,842

30,530

-

66,715

Net book value:

31 March 2026

40,506

2,385

24,279

8,141

26,718

21,806

123,835

31 December 2025

40,880

2,444

24,962

8,690

26,667

19,926

123,569

15 Property and equipment

Company

Leasehold improvements and building

₦'million

Motor vehicles

₦'million

Furniture, fittings & equipment

₦'million

Computer equipment

₦'million

Work in progress

₦'million

Total

₦'million

15.3 Cost

Balance at 1 January 2026

1,141

3,865

2,642

3,026

178

10,852

Additions

-

376

12

19

661

1,068

Disposals / expensed

-

-

-

(20)

(20)

(40)

Transfers / reclassifications

-

102

-

43

(145)

-

Balance at 31 March 2026

1,141

4,343

2,654

3,068

674

11,880

Balance at 1 January 2025

1,135

1,144

2,455

2,488

92

7,314

Additions

6

2,689

200

240

659

3,794

Disposals

-

(18)

(13)

(179)

(46)

(256)

Transfers/ reclassifications

-

50

-

477

(527)

-

Balance at 31 December 2025

1,141

3,865

2,642

3,026

178

10,852

15.4 Accumulated depreciation

Balance at 1 January 2026

379

854

1,033

1,318

-

3,584

Charge for the period

48

213

121

163

-

545

Disposals

-

-

(18)

-

(18)

Balance at 31 March 2026

427

1,067

1,154

1,463

-

4,111

Balance at 1 January 2025

-

-

Charge for the year

189

321

549

793

-

1,852

Disposals/expensed

190

543

493

588

-

1,814

Balance at 31 December 2025

379

854

1,033

1,318

-

3,584

Net book value:

31 March 2026

714

3,276

1,500

1,605

674

7,769

31 December 2025

762

3,011

1,609

1,708

178

7,268