2008 Financial Statement - Access Bank
2008 Financial Statement - Access Bank
2008 Financial Statement - Access Bank
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<strong>Access</strong> <strong>Bank</strong> Plc and Subsidiary Companies<br />
Group <strong>Financial</strong> <strong>Statement</strong>s – 31 March <strong>2008</strong><br />
Together with Directors’ and Auditor’s Reports<br />
(b) The movement on specific allowance for bad and doubtful loans during the year is as follows:<br />
Group <strong>Bank</strong> <strong>Bank</strong><br />
<strong>2008</strong> <strong>2008</strong> 2007<br />
N000 N000 N000<br />
Beginning of year 5,467,836 5,467,836 4,488,653<br />
Allowance during year (see note 25) 1,919,347 1,918,408 983,762<br />
Written-off during the year (2,534,979) (2,534,979) (4,579)<br />
End of year 4,852,204 4,851,265 5,467,836<br />
(c) The movement in the interest-in-suspense allowance during the year is as follows:<br />
Group <strong>Bank</strong> <strong>Bank</strong><br />
<strong>2008</strong> <strong>2008</strong> 2007<br />
N000 N000 N000<br />
Beginning of year 3,946,391 3,946,391 1,799,333<br />
Suspended during the year 2,680,597 2,680,597 2,621,050<br />
Recovered during the year (209,888) (209,888) (473,751)<br />
Written-off during the year (2,663,329) (2,663,329) (241)<br />
End of year 3,753,771 3,753,771 3,946,391<br />
(d) The movement on the general allowance for bad and doubtful loans during the year is as<br />
follows:<br />
Group <strong>Bank</strong> <strong>Bank</strong><br />
<strong>2008</strong> <strong>2008</strong> 2007<br />
N000 N000 N000<br />
Beginning of year 1,131,844 1,131,844 541,824<br />
Allowance during the year (see note 25) 1,576,077 1,563,524 590,020<br />
End of year 2,707,921 2,695,368 1,131,844<br />
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