2008 Financial Statement - Access Bank

Notes to the Financial Statements
For the year ended 31 March 2008
Access Bank Plc and Subsidiary Companies
Group Financial Statements – 31 March 2008
Together with Directors’ and Auditor’s Reports
1. Cash and short-term funds:
(a) Cash and short-term funds comprise:
Group Bank Bank
2008 2008 2007
N000 N000 N000
Cash on hand 6,349,649 6,274,073 3,868,938
Balances held with the Central Bank of Nigeria:
- Current account 9,352,988 9,352,988 22,825,290
- Cash reserve 19,180,541 19,180,541 3,876,543
- Investment account (see note (b)) 65,518 65,518 65,518
Balances held with other banks and
financial institutions in Nigeria:
- Clearing settlement account 4,193,991 4,193,991 691,019
- Placements (see note (c) below) 194,640,139 195,394,769 106,346,450
- Other current accounts 334,267,186 334,267,186 -
Balances held with banks outside Nigeria:
- Balances held with Central Banks 316,952 - -
- Other accounts (see note (d) below) 17,469,638 17,211,409 19,383,028
- Placements with foreign Banks
(see note (e) below) - - 1,515,880
585,836,602 585,940,475 158,572,666
Allowances for doubtful bank
balances (see note (f)) (130,578) (130,578) (139,415)
585,706,024 585,809,897 158,433,251
(b) This represents restricted fund held by the Central Bank of Nigeria in respect of investment in
SMEEIS not yet undertaken by the Bank.
(c) (i)
The maturity profile of placements with other banks and discount houses in Nigeria is as
follows:
Group Bank Bank
2008 2008 2007
N000 N000 N000
Under 1 month 35,928,725 35,928,725 105,346,450
1 3 months 68,249,001 68,330,353 -
3 6 months 34,669,215 34,669,215 -
6 12 months 55,793,198 56,466,476 -
Call - - 1,000,000
194,640,139 195,394,769 106,346,450
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