2008 Financial Statement - Access Bank
2008 Financial Statement - Access Bank
2008 Financial Statement - Access Bank
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6. Other assets:<br />
(a) Other assets comprise:<br />
<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 />
Group <strong>Bank</strong> <strong>Bank</strong><br />
<strong>2008</strong> <strong>2008</strong> 2007<br />
N000 N000 N000<br />
Prepaid interest and discounts 1,591,434 1,591,434 739,104<br />
Interest receivable 2,427,137 2,436,838 289,613<br />
Prepayments 2,615,790 2,552,657 2,256,836<br />
Deposit for investment (see note (b) below) 1,000,000 1,000,000 -<br />
Derivative assets 14,039,420 14,039,420 -<br />
Other receivables 3,653,029 3,793,228 2,590,874<br />
25,326,810 25,413,577 5,876,427<br />
Allowance on other assets (see (c) below) (515,514) (515,514) (355,062)<br />
24,811,296 24,898,063 5,521,365<br />
(b) This represents amount deposited with the Central <strong>Bank</strong> of Nigeria (CBN) for the purpose of<br />
setting up <strong>Access</strong> Homes and Mortgages Limited representing 100% equity interest. CBN has<br />
approved the investment; however, the Company was yet to be registered as at year end.<br />
(c) The movement on the allowance on other assets 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 355,062 355,062 379,543<br />
Allowance during the year (see note 25) 237,961 237,961 133,927<br />
Written off during the year (77,509) (77,509) (158,408)<br />
End of year 515,514 515,514 355,062<br />
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