The result showed strong growth in topline as gross earnings rose 34% to N160.6bn.

Topline growth was driven by

- 51% growth in interest and discount income

- Improved contribution from operations outside Nigeria. They accounted for 11% of gross earnings (9% in 3Q08)

Due to the challenging operating environment, the group made an exceptional provision of N21.3 billion to buoy its reserves for current and potential diminutions in capital market exposures and other assets.

This charge, representing 1,123% increase over N1.74bn charged in the corresponding period, led to a decline in PBT after exceptional items to N12.4bn.

Over 80% of the Exceptional Items relates largely to provisions on our capital market exposures with a likelihood of being written back as sentiments at the equity market suggest the outlook is positive. Besides, analysts are of the opinion that the equity market is currently undervalued.

In the last couple of weeks, similar provisions totaling up to N115.4 billion has been made by six other top banks in the industry.

Our balance sheet position sustained its Year on Year growth trajectory

- 25% growth in balance sheet size to N2trillion

- 33% growth in Deposit base to N1.2 trillion driven by our wide distribution network (694 branches and 1,592 ATMs)

- 13% increase in shareholders' fund to N208 billion, providing us with reasonable buffer to avert systemic risks