MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	GHANA COMMERCIAL BANK LTD.
Registered Office :	Ghana Commercial Bank Building, P.O. Box 134, Accra
Country :	Ghana
Financials (as on) :	31.12.2010
Date of Incorporation :	07.09.1994
Legal Form :	Public Independent Company
Line of Business :	Financial Institution
No. of Employees :	2315

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Ghana	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

Ghana Commercial Bank Ltd.

Ghana Commercial Bank Building

P.O. Box 134

Accra,

Ghana

Tel: 233-30-2664911

Fax: 233-30-2662168

Web: www.gcb.com.gh

Synthesis

Employees: 2,315

Company Type: Public Independent

Traded: Ghana Stock Exchange: GCB

Incorporation Date: 07-Sep-1994

Auditor: Pannell Kerr Forster & Co.

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Ghanaian Cedi

Annual Sales: 302.7 1

Net Income: 39.2

Total Assets: 1,421.8 2

Market Value: 269.6

(18-May-2012)

Business Description

Ghana Commercial Bank Ltd. (GCB) is a Ghana-based financial institution that is engaged in the provision of banking services and products through a network of 157 branches nationwide. The Bank offers products and services for a variety of customers. The Bank's products are structured into five lines, such as Personal banking division, which includes current account, flexsave account, kudi nkosuo account, overdrafts & loans, Ready cash automated teller machines (ATM), save & prosper account and savings account; Corporate services; Investment services; Money Transfer, and Electronic banking. In addition, the Bank also offers, among others, small business finance scheme, bulk cash collection, treasury services, international services, trade services, and export and import finance. The Bank operates a wholly owned subsidiary, namely Development Finance & Holdings Limited. For the three months ended 31 March 2011, Ghana Commercial Bank Ltd.'s interest income decreased 27% to GHS69.5M. Net interest income after loan loss provision decreased 14% to GHS52.9M. Net income decreased 7% to GHS19.8M. Net interest income reflects lower earnings from interest income. Net income benefited by increased fees & commission income, higher other operating income and the presence of trading income vs. an expense.

Industry

Industry Commercial Banks

ANZSIC 2006: 6221 - Banking

NACE 2002: 6512 - Other monetary intermediation

NAICS 2002: 52211 - Commercial Banking

UK SIC 2003: 65121 - Banks

US SIC 1987: 6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name	Title
Samuel Amankwah	Deputy Managing Director - Finance, Director
Helen Addo	Secretary
Samuel Sarpong	Deputy Managing Director, Operations, Director
Helen K. Lokko	Managing Director
V. A. Agbodza	Director-International Banking

News

Title	Date
GHANA : GHANA COMMERCIAL BANK to lay off 3,000 WORKERS Mena Report (139 Words)	2-Mar-2012
GHANA : GCB recorded 500,000 ATM cardholders in 2011 Mena Report (125 Words)	17-Feb-2012
Ghana Commercial Bank's 9-mo 2011 net profit rises 7% EquityBites (143 Words)	31-Oct-2011
Ghana risk: Risk overview RiskWire (1499 Words)	19-Sep-2011
Ghana risk: Financial risk RiskWire (396 Words)	19-Sep-2011

Financial Summary

As of 30-Sep-2011

Key Ratios Company Industry

Debt to Equity (MRQ) 0.29

Sales 5 Year Growth 35.73 9.28

Net Profit Margin (TTM) % 20.11 23.51

Return on Assets (TTM) % 2.73 0.88

Return on Equity (TTM) % 23.44 7.73

Stock Snapshot

Traded: Ghana Stock Exchange: GCB

As of 18-May-2012

   Financials in: GHS

Recent Price	1.92	EPS	0.21
52 Week High	3.04	Price/Sales	1.54
52 Week Low	1.65	Price/Earnings	11.31
Avg. Volume (mil)	0.03	Price/Book	2.03
Market Value (mil)	508.80

	Price % Change	Rel S&P 500%
4 Week	3.23%	5.56%
13 Week	4.35%	0.35%
52 Week	-36.00%	-26.42%
Year to Date	3.78%	-1.89%

Key IDSM Number: 42381258

1 - Profit & Loss Item Exchange Rate: USD 1 = GHC 1.432811

2 - Balance Sheet Item Exchange Rate: USD 1 = GHC 1.486

Corporate Overview

Location

Ghana Commercial Bank Building

P.O. Box 134

Accra, Ghana

Tel: 233-30-2664911

Fax: 233-30-2662168

Web: www.gcb.com.gh

Quote Symbol - Exchange

GCB - Ghana Stock Exchange

Sales GHC(mil): 433.7

Assets GHC(mil): 2,112.8

Employees: 2,315

Fiscal Year End: 31-Dec-2010

Industry: Commercial Banks

Incorporation Date: 07-Sep-1994

Company Type: Public Independent

Quoted Status: Quoted

Managing Director,

Director: Simon Dornoo

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Executives

Financial Information

Home Page

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

6229 - Other Depository Financial Intermediation

6221 - Banking

6223 - Credit Union Operation

NACE 2002 Codes:

6713 - Activities auxiliary to financial intermediation not elsewhere classified

6512 - Other monetary intermediation

NAICS 2002 Codes:

522120 - Savings Institutions

522320 - Financial Transactions Processing, Reserve, and Clearinghouse Activities

52211 - Commercial Banking

522130 - Credit Unions

US SIC 1987:

6036 - Savings Institutions, Not Federally Chartered

6099 - Functions Related to Depository Banking, Not Elsewhere Classified

6029 - Commercial Banks, Not Elsewhere Classified

6062 - Credit Unions, Not Federally Chartered

UK SIC 2003:

6713 - Activities auxiliary to financial intermediation not elsewhere classified

65121 - Banks

Business Description

Ghana Commercial Bank Ltd. (GCB) is a Ghana-based financial institution that is engaged in the provision of banking services and products through a network of 157 branches nationwide. The Bank offers products and services for a variety of customers. The Bank's products are structured into five lines, such as Personal banking division, which includes current account, flexsave account, kudi nkosuo account, overdrafts & loans, Ready cash automated teller machines (ATM), save & prosper account and savings account; Corporate services; Investment services; Money Transfer, and Electronic banking. In addition, the Bank also offers, among others, small business finance scheme, bulk cash collection, treasury services, international services, trade services, and export and import finance. The Bank operates a wholly owned subsidiary, namely Development Finance & Holdings Limited. For the three months ended 31 March 2011, Ghana Commercial Bank Ltd.'s interest income decreased 27% to GHS69.5M. Net interest income after loan loss provision decreased 14% to GHS52.9M. Net income decreased 7% to GHS19.8M. Net interest income reflects lower earnings from interest income. Net income benefited by increased fees & commission income, higher other operating income and the presence of trading income vs. an expense.

More Business Descriptions

Commercial banking and related activities

Banking Services

Commercial Banking

Financial Data

Financials in:	GHC(mil)
Revenue:	433.7
Net Income:	56.1
Assets:	2,112.8
Long Term Debt:	73.1
Total Liabilities:	1,862.4
Date of Financial Data:	31-Dec-2010

1 Year Growth

28.8%

197.6%

9.9%

Market Data

Quote Symbol:	GCB
Exchange:	Ghana Stock Exchange
Currency:	GHS
Stock Price:	1.9
Stock Price Date:	05-18-2012
52 Week Price Change %:	-36.0
Market Value (mil):	508,800.0
SEDOL:	6370161
ISIN:	GH0000000094
Equity and Dept Distribution:
Redenomination of Ghana Cedi and ratio is 10,000 to 1.

Subsidiaries

Company	Percentage Owned	Country
Development Finance & Holdings Limited	100%	GHANA

Shareholders

Major Shareholders

Government of Ghana (21.36%); SSNIT (29.81%)

Key Corporate Relationships

Auditor:	Pannell Kerr Forster & Co.
Auditor:	Pannell Kerr Forster & Co., KPMG

Executive report

Board of Directors

Name	Title	Function
S. K. Apea	Board Chairman	Chairman
Kojo Thompson	Board Member	Chairman
Pryce Kojo Thompson	Chairman of the Board	Chairman
Biography Mr. Pryce Kojo Thompson serves as Chairman of the Board of Directors of Ghana Commercial Bank Ltd. He retired from SSB Bank in 2003 after 15 years at the bank, where he served as Chief Executive. He has an academic background in Economics as well as Business Administration, with studies in Ghana, Japan and Britain. He attended annual seminars and workshops in several countries. Mr. Thompson has also served on the Boards of other companies.
Samuel Amankwah	Deputy Managing Director - Finance, Director	Director/Board Member
Biography Mr. Samuel Amankwah serves as Deputy Managing Director of Finance and Member of the Board of Directors of Ghana Commercial Bank Ltd. He holds a degree from De-Montfort University, Leicester U.K. (MSc. Accounting & Finance). He is a Fellow of Chartered Certified Accountants (FCCA) - London, and a Member of Institute of Chartered Accountants (Ghana). Prior to joining the Bank, he worked at Unilever (UAC) Ghana Limited as Auditor from 1982 - 1985, then from 1985 -1987 he was on Secondment to Guinness Ghana Limited from UAC Ghana Limited as Production Accounts Manager, 1989 - 1993, worked with NCP Metropolitan Police Car Pound (UK) as Cashier, 1996 - 1998 worked with Adomako-Basoah & Co, Norbury (UK) as Accountant, and from 1998 - 2000 worked with JSA Accountancy Services, Watford (UK) as Accountant. Mr. Amankwah joined the Bank in March 2000 as the Deputy Head, Accounts Division, and from September 2007 to August 2008 was the General Manager, Treasury Division. Mr. Amankwah is currently serving as Acting Board Chairman of Activity Venture Finance Co. Ltd. He also represents the Bank on the CDH Financial Holdings Ltd, and is Director of Finance of Presbyterian Church of Ghana, Kaneshie and also Member of the Audit and Accounts Committee of the Church. Education: De Montfort University, MS (Finance and Accounting)
Adelaide Mary Benneh	Non-Executive Director	Director/Board Member
Biography Ms. Adelaide Mary Benneh has been Non-Executive Director of Ghana Commercial Bank Ltd since July 7, 2010. She has a BA (Hons) degree in French and Spanish from the University of Ghana and an MSc. degree in Management Sciences from the University of Manchester, UK (1987). She was employed at Bank of Ghana in 1968 and held a number of appointments including Director and Head of Human Resources Department and Adviser to the Governor of Bank of Ghana. She was Principal of the National Banking College from 2001 to 2008. She is Chairperson of the Board of Directors of IFS Finance & Leasing Company. Age: 67 Education: University of Manchester, MS (Management Science) University of Ghana, BA (French)
Simon Dornoo	Managing Director, Director	Director/Board Member
Biography Mr. Simon Dornoo is Member of the Board of Directors and Managing Director of Ghana Commercial Bank Ltd. He joined the Bank from Barclays Bank of Ghana Ltd where he worked in various Senior Management positions from January 1999 to March 2010. He worked with Barclays Bank of Ghana as Finance Director and Country Treasurer as well as with Barclays PLC, U.K. He began his carrier with KPMG in 1985 where he trained and later worked as Audit Senior until 1990. Mr. Dornoo has served on various boards, mainly in the financial services sector. He is Chartered Accountant by profession. He is Member of the Institute of Chartered Accountants, Ghana and has an MBA degree from Manchester Business School, United Kingdom. Education: Manchester Business School, MBA
Fritz Augustine Gockel	Non-Executive Director	Director/Board Member
Biography Dr. Fritz Augustine Gockel serves as Non-Executive Director of Ghana Commercial Bank Ltd. Dr. Gockel is Senior Lecturer in the Department of Economics, University Of Ghana, Legon, Ghana and holds a PhD from the University of Manchester, United Kingdom. He also supervises doctoral and master’s level dissertations, and is an external Examiner at University of Cape Coast. He is Visiting Lecturer in the MPhil Programme for Anglophone Africa under the Auspices of the African Economic Research Consortium (AERC), Nairobi and Member of the PhD Academic Committee of the AERC. He has several publications to his credit in both local and international journals. Dr. Gockel has experience in economic policy analysis and economic reform measures. He has been Consultant to local and international institutions including the World Bank, USAID, ILO, UNDP, UNECA, Friedrich Ebert Foundation, National Development Planning Commission, Ministry of Finance and Economic Planning, and West African Monetary Institute. Education: University of Manchester, PHD
Elliot Gordor	Non-Executive Director	Director/Board Member
Biography Mr. Elliot Gordor has been Non-Executive Director of Ghana Commercial Bank Ltd since November 4, 2009. He is Managing Director of Gelloq Company (GH) limited, Concepts Export Ltd, a logistics company, as well as Director of Conway & Sons LLC, USA and the Tema Development Corporation. Mr. Gordor graduated from the University of Ghana and the University of Mississippi with specialization in Business Administration. Education: University of Ghana University of Mississippi (Business Administration)
Fiifi Fiavi Franklin Kwetey	Non-Executive Director	Director/Board Member
Biography Mr. Fiifi Fiavi Franklin Kwetey serves as Non-Executive Director of Ghana Commercial Bank Ltd. He has an economics background and worked for a number of years in the investment banking industry as Financial Analyst, Funds Manager and Stockbroker. He also lectured capital market courses on the Ghana Stock Exchange. He is currently Deputy Minister of Finance and Economic Planning. He is also in charge of the Public Procurement Authority, Securities Exchange Communication (SEC), Ghana Stock Exchange, Ghana Statistical Service, Cocoa Sector, Customs Excise and Preventive Service and the Department of National Lotteries. He has a Bachelor of Arts Degree in Economics and Psychology from the University of Ghana, Legon. He also has a Diplome Superieur DU Francais Des Affairs from the Chamber of Commerce & Industry of Paris. Mr. Kwetey at various times worked as a Financial Analyst and Stockbroker at the Strategic African Securities and Investment Advisor and Funds Manager at the CDH Financial Holdings Ltd. from 1998 to 2002. Education: University of Ghana, BA (Economics)
Lauretta Vivian Lamptey	Non-Executive Director	Director/Board Member
Biography Ms. Lauretta Vivian Lamptey has been Non-Executive Director of Ghana Commercial Bank Ltd since November 4, 2009. She was Head of Corporate Finance at Cal Merchant Bank and prior to that was Head of the Capital Markets Group at Ecobank Ghana Ltd. Ms. Lamptey was also formerly Legal & Corporate Finance Advisor at Loita Capital Partners International. As Consultant she has provided legal, financial and investment advice to the Government of Ghana on transactions in the mining, natural resources and energy sectors. Ms. Lamptey has served on the boards of the Securities Discount Company (SDC) and Gliksten WA. She is founder Member of the board of the Ghana Stock Exchange. She holds L.L.B. and B.L. degrees from the University of Ghana and the Ghana Law School respectively, and an L.L.M. in International Business Law from the London School of Economics & Political Science (LSE) of the University of London. Education: London School of Economics and Political Science, LLM (International Business) University of Ghana, LLB Ghana School of Law, B (Law)
Charlotte Amah Osei	Non-Executive Director	Director/Board Member
Biography Ms. Charlotte Amah Osei serves as Non-Executive Director of Ghana Commercial Bank Ltd. Ms. Osei has an LLB Hons from the University Of Ghana and was admitted to the Ghana Bar in 1994. She holds a Master of Laws degree (LL.M) from Queen’s University, Canada and a Masters in Business Leadership (MBL) from the University of South Africa. She has experience in Law with particular specialization in Corporate/Business Law, Banking, Investment and Employment Law. In the past 15 years, she has gained experience as General Counsel & Company Secretary for financial institutions and international corporate establishments, advising on compliance and regulatory issues, corporate financing and restructuring, negotiating transactions and human resource management issues. Education: University of South Africa - UNISA, M (Business Leadership) Queen's University, LLM University of Ghana, LLB
Joshua Kwaku Kyeremeh Peprah	Non-Executive Director	Director/Board Member
Biography Mr. Joshua Kwaku Kyeremeh Peprah has been Non-Executive Director of Ghana Commercial Bank Ltd since July 7, 2009. He has over 30 years of experience in the Telecoms/ICT industry. He holds a Bachelor of Science Degree in Electrical and Electronics Engineering (BSc E&EE), from The Royal Military College of Science, Shrivenham, UK and an MBA in Operations Research and Marketing, from Texas Christian University (TCU), Fort Worth, Texas, USA. Mr. Peprah worked for Texas instruments, (TI) in Dallas. He held several key positions culminating in his position as Applications Engineering Manager. Mr. Peprah was involved in the establishment of Data Communications Company as Director for Operations and Marketing. In 1998 he established Computing Networks and Systems Integration (CNSI) Limited. He is currently Director for Regulatory Administration Division of the National Communications Authority (NCA) and Chairman of the National Technical Committee for Analogue to Digital Television Broadcasting Migration. Age: 59 Education: Texas Christian University, MBA (Operations Research) Royal Military College, BS (Electrical and Electronics Engineering)
Joshua K K Prempeh	Non-Executive Director	Director/Board Member
Lovelace Prempeh	Non-Executive Director	Director/Board Member
Biography Mr. Lovelace Prempeh serves as Non-Executive Director of Ghana Commercial Bank Ltd. He is Chartered Accountant by profession and Fellow of the Institute of Chartered Accountants in England and Wales. He is also Member of the Institute of Chartered Accountants, Ghana. He holds an honours degree in Economics from the Lancaster University, in England. He has worked with SCOA, TOR, PriceWaterhouseCoopers and KPMG. He is currently Corporate and Financial Consultant and serves on the Boards of Densu Industries Ltd., SDC Finance and Leasing Company Ltd., TV3 Network Ltd. and Union Management Services Ltd. Education: Lancaster University (Economics)
Samuel Sarpong	Deputy Managing Director, Operations, Director	Director/Board Member
Biography Mr. Samuel Sarpong serves as Deputy Managing Director, Operations and Member of the board of Directors of Ghana Commercial Bank Ltd. Mr. Sarpong joined the Board of the Company in March 2008. He holds degrees from Kwame Nkrumah University of Science & Technology (B.Sc. Agric), University of Guelph, Ontario, Canada (M.Sc. Agric.), and Wilfrid Laurier University, Ontario, Canada (MBA). He has also completed the Canadian Securities (Stock Exchange) course. From 1990 to 1995, he served as Policy Adviser in the Ontario Ministry of Agriculture & Food and the Ministry of Economic Development & Trade. In 1996, he joined Canadian Imperial Bank of Commerce (CIBC), holding senior roles in Credit Risk Management including Director, Lending Products. During his nine years at CIBC, he worked in three divisions, Retail & Small Business Lending, BizSmart and CIBC Visa. In 2005, he left CIBC to join General Electric Corporation's Consumer Lending business (GE Money Canada). Mr. Sarpong also serves on the Boards of Development Finance & Holdings Ltd. and Shell Ghana Ltd. Education: Wilfrid Laurier University, MBA University of Guelph, MS (Agriculture) Kwame Nkrumah University of Science and Technology, BS (Agriculture)

Executives

Name	Title	Function
Helen K. Lokko	Managing Director	Chief Executive Officer
A. Akita	General Manager-Accounts	Division Head Executive
K. A. Ansah	General Manager-Foreign Operations	Division Head Executive
K. Duffuor	General Manager-London	Division Head Executive
G. K. Gerrar	General Manager	Division Head Executive
Martin Mensah	Deputy General Manager	Division Head Executive
G. B. Monney	General Manager-Human Resources	Division Head Executive
M. Obeng-Ansong	General Manager-Credit Mgmt Division	Division Head Executive
Jones A. Osei	General Manager-Systems & Technology	Division Head Executive
Simon Dornoo	Managing Director, Director	Managing Director
Biography Mr. Simon Dornoo is Member of the Board of Directors and Managing Director of Ghana Commercial Bank Ltd. He joined the Bank from Barclays Bank of Ghana Ltd where he worked in various Senior Management positions from January 1999 to March 2010. He worked with Barclays Bank of Ghana as Finance Director and Country Treasurer as well as with Barclays PLC, U.K. He began his carrier with KPMG in 1985 where he trained and later worked as Audit Senior until 1990. Mr. Dornoo has served on various boards, mainly in the financial services sector. He is Chartered Accountant by profession. He is Member of the Institute of Chartered Accountants, Ghana and has an MBA degree from Manchester Business School, United Kingdom. Education: Manchester Business School, MBA
C. P. Odei	Deputy Managing Director	Managing Director
Samuel Sarpong	Deputy Managing Director, Operations, Director	Operations Executive
Biography Mr. Samuel Sarpong serves as Deputy Managing Director, Operations and Member of the board of Directors of Ghana Commercial Bank Ltd. Mr. Sarpong joined the Board of the Company in March 2008. He holds degrees from Kwame Nkrumah University of Science & Technology (B.Sc. Agric), University of Guelph, Ontario, Canada (M.Sc. Agric.), and Wilfrid Laurier University, Ontario, Canada (MBA). He has also completed the Canadian Securities (Stock Exchange) course. From 1990 to 1995, he served as Policy Adviser in the Ontario Ministry of Agriculture & Food and the Ministry of Economic Development & Trade. In 1996, he joined Canadian Imperial Bank of Commerce (CIBC), holding senior roles in Credit Risk Management including Director, Lending Products. During his nine years at CIBC, he worked in three divisions, Retail & Small Business Lending, BizSmart and CIBC Visa. In 2005, he left CIBC to join General Electric Corporation's Consumer Lending business (GE Money Canada). Mr. Sarpong also serves on the Boards of Development Finance & Holdings Ltd. and Shell Ghana Ltd. Education: Wilfrid Laurier University, MBA University of Guelph, MS (Agriculture) Kwame Nkrumah University of Science and Technology, BS (Agriculture)
Helen Addo	Secretary	Company Secretary
P. D. Arthur	Board Secretary	Company Secretary
V. A. Agbodza	Director-International Banking	Finance Executive
Samuel Amankwah	Deputy Managing Director - Finance, Director	Finance Executive
Biography Mr. Samuel Amankwah serves as Deputy Managing Director of Finance and Member of the Board of Directors of Ghana Commercial Bank Ltd. He holds a degree from De-Montfort University, Leicester U.K. (MSc. Accounting & Finance). He is a Fellow of Chartered Certified Accountants (FCCA) - London, and a Member of Institute of Chartered Accountants (Ghana). Prior to joining the Bank, he worked at Unilever (UAC) Ghana Limited as Auditor from 1982 - 1985, then from 1985 -1987 he was on Secondment to Guinness Ghana Limited from UAC Ghana Limited as Production Accounts Manager, 1989 - 1993, worked with NCP Metropolitan Police Car Pound (UK) as Cashier, 1996 - 1998 worked with Adomako-Basoah & Co, Norbury (UK) as Accountant, and from 1998 - 2000 worked with JSA Accountancy Services, Watford (UK) as Accountant. Mr. Amankwah joined the Bank in March 2000 as the Deputy Head, Accounts Division, and from September 2007 to August 2008 was the General Manager, Treasury Division. Mr. Amankwah is currently serving as Acting Board Chairman of Activity Venture Finance Co. Ltd. He also represents the Bank on the CDH Financial Holdings Ltd, and is Director of Finance of Presbyterian Church of Ghana, Kaneshie and also Member of the Audit and Accounts Committee of the Church. Education: De Montfort University, MS (Finance and Accounting)
H. I. Salifu	Head-Marketing	Marketing Executive
Kafui Asem	Chief Manager	Corporate Communications Executive
F. O. Appiah	Head-Organization & Methods/Comm.	Telecommunications Executive
L. N. Adu-Mante	Senior Manager	Planning Executive
R. D. Nartey	Head-Legal Services	Legal Executive
S. N. Bekoe	Estate Officer	Facilities Executive
M. K. Essilfie	Insurance Officer	Insurance Executive

Significant Developments

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Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.432811	1.430835	1.082375	4632.746011	9173.382678
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Dividends on Investment Securities	33.5	25.4	30.2	0.0	0.0
Interest on Deposits	7.2	0.4	3.7	0.0	0.0
Other Interest Income	229.7	160.2	133.9	0.0	0.0
Interest Income, Bank	270.4	185.9	167.8	0.0	0.0
Interest on Deposit	72.0	93.9	45.8	0.0	0.0
Total Interest Expense	72.0	93.9	45.8	0.0	0.0
Net Interest Income	198.4	92.0	122.0	0.0	0.0
Loan Loss Provision	49.5	25.6	8.1	0.0	0.0
Net Interest Income after Loan Loss Provision	148.9	66.4	113.9	0.0	0.0
Fees & Commissions from Operations	32.0	39.0	44.1	0.0	0.0
Investment Securities Gains	-2.2	7.3	3.5	0.0	-
Foreign Currency Gains	-	-	-	-	0.0
Unrealized Gains	-	-	-	-	0.0
Other Revenue	2.5	3.1	3.0	0.0	0.0
Non-Interest Income, Bank	32.3	49.4	50.6	0.0	0.0
Labor & Related Expenses	-75.3	-59.6	-62.8	0.0	-
Depreciation Expense	-5.7	-5.4	-6.9	0.0	-
Other Unusual Expense	0.2	0.0	-1.7	-	0.0
Restructuring Charge	0.0	-3.2	-8.7	0.0	-
Other Expense	-36.7	-33.3	-38.5	0.0	0.0
Non-Interest Expense, Bank	-117.5	-101.4	-118.6	0.0	0.0
Income Before Tax	63.7	14.4	45.9	0.0	0.0
Total Income Tax	24.6	1.2	11.2	0.0	0.0
Income After Tax	39.2	13.2	34.7	0.0	0.0
Net Income Before Extraord Items	39.2	13.2	34.7	0.0	0.0
Net Income	39.2	13.2	34.7	0.0	0.0
Income Available to Common Excl Extraord Items	39.2	13.2	34.7	0.0	0.0
Income Available to Common Incl Extraord Items	39.2	13.2	34.7	0.0	0.0
Basic/Primary Weighted Average Shares	265.0	265.6	265.0	265.0	165.0
Basic EPS Excl Extraord Items	0.15	0.05	0.13	-	-
Basic/Primary EPS Incl Extraord Items	0.15	0.05	0.13	-	-
Diluted Net Income	39.2	13.2	34.7	0.0	0.0
Diluted Weighted Average Shares	265.0	265.6	265.0	265.0	165.0
Diluted EPS Excl Extraord Items	0.15	0.05	0.13	-	-
Diluted EPS Incl Extraord Items	0.15	0.05	0.13	-	-
Dividends per Share - Common Stock Primary Issue	0.05	0.02	0.06	-	-
Gross Dividends - Common Stock	12.9	6.6	14.7	0.0	-
Depreciation, Supplemental	5.7	5.4	6.9	0.0	0.0
Total Special Items	-0.2	3.1	10.3	0.0	0.0
Normalized Income Before Tax	63.5	17.5	56.3	0.0	0.0
Effect of Special Items on Income Taxes	-0.1	0.3	2.5	0.0	0.0
Inc Tax Ex Impact of Sp Items	24.5	1.5	13.7	0.0	0.0
Normalized Income After Tax	39.0	16.0	42.5	0.0	0.0
Normalized Inc. Avail to Com.	39.0	16.0	42.5	0.0	0.0
Basic Normalized EPS	0.15	0.06	0.16	-	-
Diluted Normalized EPS	0.15	0.06	0.16	-	-
Advertising Expense, Supplemental	0.7	1.4	1.7	0.0	0.0
Bank Total Revenue	302.7	235.4	218.4	0.0	0.0
Current Tax - Local	17.7	5.2	12.4	0.0	-
Current Tax - Total	17.7	5.2	12.4	0.0	-
Deferred Tax - Local	3.7	-4.3	-1.2	0.0	-
Deferred Tax - Total	3.7	-4.3	-1.2	0.0	-
Other Tax	3.2	0.4	0.0	-	-
Income Tax - Total	24.6	1.2	11.2	0.0	-
Defined Contribution Expense - Domestic	7.5	6.6	7.0	0.0	-
Total Pension Expense	7.5	6.6	7.0	0.0	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate	1.486	1.43175	1.27275	0.9678	9223.285
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	377.0	234.5	204.9	142.5	0.0
Securities for Sale	6.8	7.4	14.0	6.0	-
Total Investment Securities	311.4	158.8	192.8	217.7	0.0
Other Earning Assets, Total	311.4	158.8	192.8	217.7	0.0
Total Gross Loans	759.1	921.2	867.3	786.2	-
Loan Loss Allowances	-83.7	-37.3	-13.1	-10.6	-
Net Loans	675.4	883.9	854.1	775.6	-
Land/Improvements	29.7	27.1	24.4	23.4	0.0
Machinery/Equipment	39.2	35.8	33.5	35.1	0.0
Construction in Progress	0.0	0.0	-	-	0.0
Property/Plant/Equipment - Gross	68.9	62.9	57.9	58.5	0.0
Accumulated Depreciation	-32.6	-28.2	-25.6	-27.6	0.0
Property/Plant/Equipment - Net	36.3	34.7	32.3	30.9	0.0
Deferred Income Tax - Long Term Asset	2.2	6.0	1.8	1.0	-
Other Long Term Assets, Total	2.2	6.0	1.8	1.0	-
Other Assets	19.5	25.0	10.6	25.4	0.0
Other Assets, Total	19.5	25.0	10.6	25.4	0.0
Total Assets	1,421.8	1,342.9	1,296.6	1,193.1	0.1
Accounts Payable	12.4	30.0	17.2	25.9	0.0
Accrued Expenses	7.2	6.6	1.8	1.4	0.0
Interest Bearing Deposits	1,060.1	879.7	809.4	867.3	-
Total Deposits	1,060.1	879.7	809.4	867.3	0.1
Other Short Term Borrowings	-	0.0	71.8	60.0	0.0
Total Short Term Borrowings	-	0.0	71.8	60.0	0.0
Income Taxes Payable	21.3	4.4	8.6	9.4	0.0
Other Current liabilities, Total	21.3	4.4	8.6	9.4	0.0
Long Term Debt	49.2	231.7	92.2	14.5	0.0
Total Long Term Debt	49.2	231.7	92.2	14.5	0.0
Total Debt	49.2	231.7	163.9	74.4	0.0
Other Liabilities	103.1	48.4	132.5	31.9	0.0
Other Liabilities, Total	103.1	48.4	132.5	31.9	0.0
Total Liabilities	1,253.3	1,200.8	1,133.3	1,010.4	0.1
Common Stock	48.5	50.3	56.6	74.4	0.0
Common Stock	48.5	50.3	56.6	74.4	0.0
Additional Paid-In Capital	1.1	0.9	6.8	0.9	0.0
Retained Earnings (Accumulated Deficit)	119.0	90.9	99.9	107.5	0.0
Other Equity	-	-	-	-	0.0
Other Equity, Total	-	-	-	-	0.0
Total Equity	168.5	142.1	163.2	182.8	0.0
Total Liabilities & Shareholders’ Equity	1,421.8	1,342.9	1,296.6	1,193.1	0.1
Shares Outstanding - Common Stock Primary Issue	265.0	265.0	265.0	265.0	165.0
Total Common Shares Outstanding	265.0	265.0	265.0	265.0	165.0
Treasury Shares - Common Stock Primary Issue	-	-	-	-	0.0
Employees	2,315	2,108	2,148	2,200	2,160
Number of Common Shareholders	97,884	99,342	98,529	-	79,519

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.432811	1.430835	1.082375	4632.746011	9173.382678
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	63.7	14.4	45.9	0.0	0.0
Depreciation	5.7	5.4	6.9	0.0	0.0
Depreciation/Depletion	5.7	5.4	6.9	0.0	0.0
Unusual Items	-0.2	0.0	1.7	0.0	0.0
Other Non-Cash Items	-2.0	-2.2	-2.0	0.0	0.0
Non-Cash Items	-2.2	-2.2	-0.4	0.0	0.0
Loan Loss Provision	49.5	25.6	8.1	0.0	0.0
Other Assets	65.6	-166.0	-286.5	-0.1	0.0
Payable/Accrued	-	-	-	-	0.0
Other Liabilities	56.1	196.3	420.4	0.1	0.0
Other Operating Cash Flow	-0.1	-8.5	-10.6	0.0	0.0
Changes in Working Capital	171.1	47.5	131.4	0.0	0.0
Cash from Operating Activities	238.4	65.1	183.9	0.0	0.0
Purchase of Fixed Assets	-8.7	-11.4	-19.0	0.0	0.0
Capital Expenditures	-8.7	-11.4	-19.0	0.0	0.0
Sale of Fixed Assets	0.2	0.0	0.1	0.0	0.0
Investment, Net	0.1	-0.1	-11.0	0.0	0.0
Other Investing Cash Flow	2.0	2.2	2.0	0.0	0.0
Other Investing Cash Flow Items, Total	2.3	2.2	-8.9	0.0	0.0
Cash from Investing Activities	-6.4	-9.2	-28.0	0.0	0.0
Other Financing Cash Flow	-	-	-	-	0.0
Financing Cash Flow Items	-	-	-	-	0.0
Cash Dividends Paid - Common	-6.6	-11.1	-13.5	-	-
Total Cash Dividends Paid	-6.6	-11.1	-13.5	-	-
Sale/Issuance of Common	-	-	-	0.0	-
Repurchase/Retirement of Common	-	-	-	0.0	-
Common Stock, Net	-	-	-	0.0	-
Issuance (Retirement) of Stock, Net	-	-	-	0.0	-
Cash from Financing Activities	-6.6	-11.1	-13.5	0.0	0.0
Net Change in Cash	225.4	44.7	142.5	0.0	0.0
Net Cash - Beginning Balance	257.8	213.4	139.6	0.0	0.0
Net Cash - Ending Balance	483.1	258.1	282.1	0.0	0.0
Cash Taxes Paid	0.1	8.5	10.6	0.0	0.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.432811	1.430835	1.082375	4632.746011	9173.382678
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Short Term Funds	7.2	0.4	3.7	0.0	0.0
Investment Securities	33.5	25.4	30.2	0.0	0.0
Loans and Advances	229.7	160.2	133.9	0.0	0.0
Total Revenue	270.4	185.9	167.8	0.0	0.0
Current Accounts	22.1	27.6	17.7	0.0	0.0
Time and Other Deposits	28.9	31.8	8.1	0.0	0.0
Overnight and Call Accounts	21.0	34.4	20.0	0.0	0.0
Loan Loss Provision	49.5	25.6	8.1	0.0	0.0
Total Operating Expense	121.5	119.5	53.9	0.0	0.0
Fees and Commission Income	33.9	39.6	44.5	0.0	0.0
Fee and Commissions Expenses	-1.9	-0.6	-0.4	0.0	-
Gain on Loss of Financials	-2.2	7.3	3.5	0.0	-
Other Income	2.5	2.9	2.8	0.0	0.0
Gain on Exchange	-	-	-	-	0.0
Dividend from Investments	-	-	-	-	0.0
Rent Receivable	-	-	-	-	0.0
Revaluation of GGILB	-	-	-	-	0.0
Disposal of Fixed Assets	0.2	0.0	0.0	-	0.0
Staff Cost	-75.3	-59.6	-62.8	0.0	-
Depreciation	-5.7	-5.4	-6.9	0.0	-
Loss on Disposal	-	0.0	-1.7	-	-
Operating Expenses	-36.7	-33.3	-38.5	0.0	0.0
Other Income	-	0.2	0.2	0.0	-
Staff Rationalisation Cost	0.0	-3.2	-8.7	0.0	-
Construction Levy	-	-	-	-	0.0
Total Non-Interest Revenue	32.3	49.4	50.6	0.0	0.0
Total Non-Interest Expense	-117.5	-101.4	-118.6	0.0	0.0
Net Income Before Taxes	63.7	14.4	45.9	0.0	0.0
Provision for Income Taxes	24.6	1.2	11.2	0.0	0.0
Net Income After Taxes	39.2	13.2	34.7	0.0	0.0
Net Income Before Extra. Items	39.2	13.2	34.7	0.0	0.0
Net Income	39.2	13.2	34.7	0.0	0.0
Income Available to Com Excl ExtraOrd	39.2	13.2	34.7	0.0	0.0
Income Available to Com Incl ExtraOrd	39.2	13.2	34.7	0.0	0.0
Basic Weighted Average Shares	265.0	265.6	265.0	265.0	165.0
Basic EPS Excluding ExtraOrdinary Items	0.15	0.05	0.13	-	-
Basic EPS Including ExtraOrdinary Item	0.15	0.05	0.13	-	-
Diluted Net Income	39.2	13.2	34.7	0.0	0.0
Diluted Weighted Average Shares	265.0	265.6	265.0	265.0	165.0
Diluted EPS Excluding ExtraOrd Items	0.15	0.05	0.13	-	-
Diluted EPS Including ExtraOrd Items	0.15	0.05	0.13	-	-
DPS-Common Stock	0.05	0.02	0.06	-	-
Gross Dividends - Common Stock	12.9	6.6	14.7	0.0	-
Normalized Income Before Taxes	63.5	17.5	56.3	0.0	0.0
Inc Tax Ex Impact of Sp Items	24.5	1.5	13.7	0.0	0.0
Normalized Income After Taxes	39.0	16.0	42.5	0.0	0.0
Normalized Inc. Avail to Com.	39.0	16.0	42.5	0.0	0.0
Basic Normalized EPS	0.15	0.06	0.16	-	-
Diluted Normalized EPS	0.15	0.06	0.16	-	-
Depreciation	5.7	5.4	6.9	0.0	0.0
Advertisement Expenses	0.7	1.4	1.7	0.0	0.0
Current Tax	17.7	5.2	12.4	0.0	-
Current Tax - Total	17.7	5.2	12.4	0.0	-
Deferred Tax	3.7	-4.3	-1.2	0.0	-
Deferred Tax - Total	3.7	-4.3	-1.2	0.0	-
National Stabilization Levy	3.2	0.4	0.0	-	-
Income Tax - Total	24.6	1.2	11.2	0.0	-
Provident Fund Cost	4.0	3.4	3.6	0.0	-
Gratuity	3.5	3.1	3.4	0.0	-
Total Pension Expense	7.5	6.6	7.0	0.0	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate	1.486	1.43175	1.27275	0.9678	9223.285
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash in Hand	27.5	26.6	43.7	23.6	0.0
Balances with Bank of Ghana	193.7	77.7	116.2	96.5	0.0
Investments	304.5	74.6	92.4	98.0	0.0
Gross Loan and Advances	759.1	921.2	867.3	786.2	-
Provision for Baddebts	-83.7	-37.3	-13.1	-10.6	-
Advances	-	-	-	-	0.0
Due from Other Banks & Financial Inst.	155.8	130.1	44.9	22.4	0.0
Accounts Recivable	15.5	21.7	6.7	21.1	-
Accrued Income	4.0	3.3	3.9	4.3	-
Other Assets	-	-	-	-	0.0
Medium-Term Investments	0.0	76.8	86.4	113.7	-
Investment in Other Securities	6.8	7.4	14.0	6.0	-
Government Securities	-	-	-	-	0.0
Land and Buildings	29.7	27.1	24.4	23.4	0.0
Computers	20.2	18.6	17.8	17.2	0.0
Furniture and Equipment	17.2	15.4	13.7	15.2	0.0
Motor Vehicles	1.8	1.8	2.1	2.7	0.0
Construction	0.0	0.0	-	-	0.0
Depreciation	-32.6	-28.2	-25.6	-27.6	0.0
Taxation	2.2	6.0	1.8	1.0	-
Total Assets	1,421.8	1,342.9	1,296.6	1,193.1	0.1
Current Accounts	437.0	361.3	377.7	388.8	-
Time Deposits	163.0	146.1	168.9	188.4	-
Saving Accounts	372.0	280.1	247.9	279.4	-
Certificate of Deposits	88.1	92.2	14.9	10.7	-
Customers Deposits	-	-	-	-	0.1
Creditors	12.4	30.0	17.2	25.9	0.0
Accruals	7.2	6.6	1.8	1.4	0.0
Others	103.1	48.4	132.5	31.9	0.0
Taxation	21.3	4.4	8.6	9.4	0.0
Due to Other Bank/Financial Institutions	-	0.0	71.8	60.0	0.0
Borrowings	49.2	231.7	92.2	14.5	0.0
Total Long Term Debt	49.2	231.7	92.2	14.5	0.0
Total Liabilities	1,253.3	1,200.8	1,133.3	1,010.4	0.1
Stated Capital	48.5	50.3	56.6	74.4	0.0
Capital Surplus	1.1	0.9	6.8	0.9	0.0
Retained Earning	-	-	-	75.5	-
Share Deals	-	-	-	-	0.0
Income Surplus	56.4	34.6	70.7	-	0.0
Regulated Reserve Fund	28.4	30.6	7.7	8.5	-
Statutory Reserve Fund	34.2	25.7	21.5	23.5	0.0
Total Equity	168.5	142.1	163.2	182.8	0.0
Total Liabilities & Shareholders' Equity	1,421.8	1,342.9	1,296.6	1,193.1	0.1
S/O-Common Stock	265.0	265.0	265.0	265.0	165.0
Total Common Shares Outstanding	265.0	265.0	265.0	265.0	165.0
T/S-Common Stock	-	-	-	-	0.0
Full-Time Employees	2,315	2,108	2,148	2,200	2,160
Number of Common Shareholders	97,884	99,342	98,529	-	79,519

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.432811	1.430835	1.082375	4632.746011	9173.382678
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Profit Before Tax	63.7	14.4	45.9	0.0	0.0
Depreciation	5.7	5.4	6.9	0.0	0.0
Adjustments for Dividend received	-2.0	-2.2	-2.0	0.0	0.0
Credit impairment Loss	49.5	25.6	8.1	0.0	0.0
P/L on sale of Property, Plant & Equ	-0.2	0.0	1.7	0.0	0.0
Inc/Dec in short term Investment	-72.4	-0.1	20.1	0.0	0.0
Inc in Loans & Advances to Customers	133.2	-150.3	-316.9	-0.1	0.0
(Increase)/Decrease in Other Assets	4.8	-15.6	10.2	0.0	0.0
Increase in Customers Deposits	220.4	160.3	176.2	0.0	0.0
Dec/Inc in Accruals and Other Liabilites	16.2	-50.1	118.0	0.0	-
Creditors and Other	-	-	-	-	0.0
Increase in Borrowings	-180.5	149.9	95.4	0.0	0.0
Dec/Inc in Balance Due to Banks	0.0	-63.8	30.8	0.0	0.0
Taxpaid	-0.1	-8.5	-10.6	0.0	0.0
Reconstruction Levy	-	-	-	-	0.0
Cash from Operating Activities	238.4	65.1	183.9	0.0	0.0
Capital Expenditure	-8.7	-11.4	-19.0	0.0	0.0
Inc in Financial Assets AFS	0.1	-0.1	-11.0	0.0	0.0
Proceeds on sale of Fixed Assets	0.2	0.0	0.1	0.0	0.0
Dividend received from Investments	2.0	2.2	2.0	0.0	0.0
Dividend Paid	-	-	-	0.0	0.0
Cash from Investing Activities	-6.4	-9.2	-28.0	0.0	0.0
Dividends Paid	-6.6	-11.1	-13.5	-	-
Sale of Shares	-	-	-	0.0	-
Financing Activities	-	-	-	-	0.0
Sale of Own Shares	-	-	-	0.0	-
Cash from Financing Activities	-6.6	-11.1	-13.5	0.0	0.0
Net Change in Cash	225.4	44.7	142.5	0.0	0.0
Cash & cash eq. at beginning	257.8	213.4	139.6	0.0	0.0
Cash & cash eq. at end	483.1	258.1	282.1	0.0	0.0
Cash Taxes Paid	0.1	8.5	10.6	0.0	0.0

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	50.1	-17.88%	302.7	28.79%	36.73%	29.85%
Income Available to Common Excl Extraord Items1	2.5	-78.99%	39.2	197.55%	19.50%	34.17%
Basic EPS Excl Extraord Items1	0.01	-79.02%	0.15	198.17%	19.49%	22.04%
Capital Expenditures2	7.6	8.60%	8.7	-23.45%	-0.44%	10.55%
Cash from Operating Activities2	31.0	-77.90%	238.4	266.78%	-	-
Free Cash Flow	22.2	-82.45%	221.4	328.68%	-	-
Total Assets3	1,427.1	14.55%	1,421.8	9.89%	22.31%	29.11%
Total Liabilities3	1,258.9	14.21%	1,253.3	8.33%	23.96%	29.24%
Total Long Term Debt3	49.0	9.07%	49.2	-77.96%	73.51%	105.40%
Employees3	-	-	2315	9.82%	1.71%	1.21%
Total Common Shares Outstanding3	265.0	0.00%	265.0	0.00%	0.00%	9.94%
1-ExchangeRate: GHS to USD Average for Period	1.531648	Â	1.432811	Â	Â	Â
2-ExchangeRate: GHS to USD Average for Period	1.519277	Â	1.432811	Â	Â	Â
3-ExchangeRate: GHS to USD Period End Date	1.602500	Â	1.486000	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Interest Income, Bank1	270.4	185.9	167.8	0.0	0.0
Total Interest Expense1	72.0	93.9	45.8	0.0	0.0
Loan Loss Provision1	49.5	25.6	8.1	0.0	0.0
Cash & Due from Banks3	377.0	234.5	204.9	142.5	0.0
Loan Loss Provision2	49.5	25.6	8.1	0.0	0.0
Total Deposits3	1,060.1	879.7	809.4	867.3	0.1
1-ExchangeRate: GHS to USD Average for Period	1.432811	1.430835	1.082375	4632.746011	9173.382678
2-ExchangeRate: GHS to USD Average for Period	1.432811	1.430835	1.082375	4632.746011	9173.382678
3-ExchangeRate: GHS to USD Period End Date	1.486000	1.431750	1.272750	0.967800	9223.285000

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Pretax Margin	23.57%	7.76%	27.37%	41.76%	37.06%
Net Profit Margin	14.48%	7.09%	20.69%	29.24%	25.40%
Financial Strength
Long Term Debt/Equity	0.29	1.63	0.56	0.08	0.00
Total Debt/Equity	0.29	1.63	1.00	0.41	0.01
Management Effectiveness
Return on Assets	2.78%	1.06%	2.68%	3.40%	3.80%
Return on Equity	24.72%	9.17%	19.55%	24.47%	31.63%
Efficiency
Receivables Turnover	0.38	0.29	0.26	-	-
Asset Turnover	0.22	0.19	0.17	0.18	0.20

Market Valuation USD (mil)
P/E (TTM)	8.69	.	Enterprise Value2	-51.4
Price/Sales (TTM)	1.75	.	Price/Book (MRQ)	1.89
Enterprise Value/EBITDA (TTM)	-0.52	.	Market Cap1
1-ExchangeRate: GHS to USD on 18-May-2012	Â
2-ExchangeRate: GHS to USD on 30-Sep-2011	1.602500

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Long Term Debt/Equity	0.29	1.63	0.56	0.08	0.00
Total Debt/Equity	0.29	1.63	1.00	0.41	0.01
Long Term Debt/Total Capital	0.23	0.62	0.36	0.07	0.00
Total Debt/Total Capital	0.23	0.62	0.64	0.38	0.01
Payout Ratio	33.07%	50.14%	42.28%	44.32%	-
Effective Tax Rate	38.56%	8.65%	24.38%	29.99%	31.46%
Total Capital1	217.7	373.8	255.4	197.2	0.0
Efficiency
Asset Turnover	0.22	0.19	0.17	0.18	0.20
Receivables Turnover	0.38	0.29	0.26	-	-
Days Receivables Outstanding	954.82	1,274.98	1,418.58	-	-
Revenue/Employee2	126,079	111,577	86,482	79,693	7
Profitability
Pretax Margin	23.57%	7.76%	27.37%	41.76%	37.06%
Net Profit Margin	14.48%	7.09%	20.69%	29.24%	25.40%
Management Effectiveness
Return on Assets	2.78%	1.06%	2.68%	3.40%	3.80%
Return on Equity	24.72%	9.17%	19.55%	24.47%	31.63%
Valuation
Free Cash Flow/Share2	0.84	0.20	0.53	-0.23	-
Operating Cash Flow/Share 2	0.87	0.25	0.59	-0.18	-
1-ExchangeRate: GHS to USD Period End Date	1.486	1.43175	1.27275	0.9678	9223.285
2-ExchangeRate: GHS to USD Average for Period	1.486	1.43175	1.27275	0.9678	9223.285

Current Market Multiples
Market Cap/Earnings (TTM)	8.69
Market Cap/Equity (MRQ)	1.89
Market Cap/Revenue (TTM)	1.86
Market Cap/EBIT (TTM)	3.41
Market Cap/EBITDA (TTM)	3.19
Enterprise Value/Earnings (TTM)	-1.41
Enterprise Value/Equity (MRQ)	-0.31
Enterprise Value/Revenue (TTM)	-0.30
Enterprise Value/EBIT (TTM)	-0.55
Enterprise Value/EBITDA (TTM)	-0.52

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.432811	1.430835	1.082375	4632.746011	9173.382678
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Dividends on Investment Securities	33.5	25.4	30.2	0.0	0.0
Interest on Deposits	7.2	0.4	3.7	0.0	0.0
Other Interest Income	229.7	160.2	133.9	0.0	0.0
Interest Income, Bank	270.4	185.9	167.8	0.0	0.0
Interest on Deposit	72.0	93.9	45.8	0.0	0.0
Total Interest Expense	72.0	93.9	45.8	0.0	0.0
Net Interest Income	198.4	92.0	122.0	0.0	0.0
Loan Loss Provision	49.5	25.6	8.1	0.0	0.0
Net Interest Income after Loan Loss Provision	148.9	66.4	113.9	0.0	0.0
Fees & Commissions from Operations	32.0	39.0	44.1	0.0	0.0
Investment Securities Gains	-2.2	7.3	3.5	0.0	-
Foreign Currency Gains	-	-	-	-	0.0
Unrealized Gains	-	-	-	-	0.0
Other Revenue	2.5	3.1	3.0	0.0	0.0
Non-Interest Income, Bank	32.3	49.4	50.6	0.0	0.0
Labor & Related Expenses	-75.3	-59.6	-62.8	0.0	-
Depreciation Expense	-5.7	-5.4	-6.9	0.0	-
Other Unusual Expense	0.2	0.0	-1.7	-	0.0
Restructuring Charge	0.0	-3.2	-8.7	0.0	-
Other Expense	-36.7	-33.3	-38.5	0.0	0.0
Non-Interest Expense, Bank	-117.5	-101.4	-118.6	0.0	0.0
Income Before Tax	63.7	14.4	45.9	0.0	0.0
Total Income Tax	24.6	1.2	11.2	0.0	0.0
Income After Tax	39.2	13.2	34.7	0.0	0.0
Net Income Before Extraord Items	39.2	13.2	34.7	0.0	0.0
Net Income	39.2	13.2	34.7	0.0	0.0
Income Available to Common Excl Extraord Items	39.2	13.2	34.7	0.0	0.0
Income Available to Common Incl Extraord Items	39.2	13.2	34.7	0.0	0.0
Basic/Primary Weighted Average Shares	265.0	265.6	265.0	265.0	165.0
Basic EPS Excl Extraord Items	0.15	0.05	0.13	-	-
Basic/Primary EPS Incl Extraord Items	0.15	0.05	0.13	-	-
Diluted Net Income	39.2	13.2	34.7	0.0	0.0
Diluted Weighted Average Shares	265.0	265.6	265.0	265.0	165.0
Diluted EPS Excl Extraord Items	0.15	0.05	0.13	-	-
Diluted EPS Incl Extraord Items	0.15	0.05	0.13	-	-
Dividends per Share - Common Stock Primary Issue	0.05	0.02	0.06	-	-
Gross Dividends - Common Stock	12.9	6.6	14.7	0.0	-
Depreciation, Supplemental	5.7	5.4	6.9	0.0	0.0
Total Special Items	-0.2	3.1	10.3	0.0	0.0
Normalized Income Before Tax	63.5	17.5	56.3	0.0	0.0
Effect of Special Items on Income Taxes	-0.1	0.3	2.5	0.0	0.0
Inc Tax Ex Impact of Sp Items	24.5	1.5	13.7	0.0	0.0
Normalized Income After Tax	39.0	16.0	42.5	0.0	0.0
Normalized Inc. Avail to Com.	39.0	16.0	42.5	0.0	0.0
Basic Normalized EPS	0.15	0.06	0.16	-	-
Diluted Normalized EPS	0.15	0.06	0.16	-	-
Advertising Expense, Supplemental	0.7	1.4	1.7	0.0	0.0
Bank Total Revenue	302.7	235.4	218.4	0.0	0.0
Current Tax - Local	17.7	5.2	12.4	0.0	-
Current Tax - Total	17.7	5.2	12.4	0.0	-
Deferred Tax - Local	3.7	-4.3	-1.2	0.0	-
Deferred Tax - Total	3.7	-4.3	-1.2	0.0	-
Other Tax	3.2	0.4	0.0	-	-
Income Tax - Total	24.6	1.2	11.2	0.0	-
Defined Contribution Expense - Domestic	7.5	6.6	7.0	0.0	-
Total Pension Expense	7.5	6.6	7.0	0.0	-

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.531648	1.510048	1.516327	1.444191	1.43772
Interest on Deposits	37.9	44.6	45.9	54.0	55.3
Interest Income, Bank	37.9	44.6	45.9	54.0	55.3
Interest on Deposit	6.7	8.6	10.1	9.4	13.8
Total Interest Expense	6.7	8.6	10.1	9.4	13.8
Net Interest Income	31.2	36.0	35.8	44.6	41.5
Loan Loss Provision	0.5	1.5	0.9	-0.7	-1.1
Net Interest Income after Loan Loss Provision	30.7	34.5	34.9	45.3	42.6
Fees & Commissions from Operations	9.9	9.5	9.7	9.7	7.4
Investment Securities Gains	1.3	0.6	2.4	0.3	1.6
Other Revenue	0.9	0.8	1.4	0.4	0.7
Non-Interest Income, Bank	12.1	10.9	13.5	10.4	9.6
Labor & Related Expenses	-	-	-	-17.4	-57.5
Depreciation Expense	-	-	-	-1.5	-
Other Unusual Expense	-	-	-	0.0	0.0
Other Expense	-38.2	-29.8	-29.9	-10.2	23.7
Non-Interest Expense, Bank	-38.2	-29.8	-29.9	-29.1	-33.8
Income Before Tax	4.6	15.6	18.5	26.5	18.4
Total Income Tax	2.1	5.9	5.4	12.5	5.7
Income After Tax	2.5	9.7	13.0	14.0	12.7
Net Income Before Extraord Items	2.5	9.7	13.0	14.0	12.7
Net Income	2.5	9.7	13.0	14.0	12.7
Income Available to Common Excl Extraord Items	2.5	9.7	13.0	14.0	12.7
Income Available to Common Incl Extraord Items	2.5	9.7	13.0	14.0	12.7
Basic/Primary Weighted Average Shares	265.0	265.0	265.0	265.0	265.0
Basic EPS Excl Extraord Items	0.01	0.04	0.05	0.05	0.05
Basic/Primary EPS Incl Extraord Items	0.01	0.04	0.05	0.05	0.05
Diluted Net Income	2.5	9.7	13.0	14.0	12.7
Diluted Weighted Average Shares	265.0	265.0	265.0	265.0	265.0
Diluted EPS Excl Extraord Items	0.01	0.04	0.05	0.05	0.05
Diluted EPS Incl Extraord Items	0.01	0.04	0.05	0.05	0.05
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.05	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	12.8	0.0
Depreciation, Supplemental	1.8	1.9	1.9	1.5	1.4
Total Special Items	-	-	-	0.0	0.0
Normalized Income Before Tax	4.6	15.6	18.5	26.5	18.4
Effect of Special Items on Income Taxes	-	-	-	0.0	0.0
Inc Tax Ex Impact of Sp Items	2.1	5.9	5.4	12.5	5.7
Normalized Income After Tax	2.5	9.7	13.0	14.0	12.7
Normalized Inc. Avail to Com.	2.5	9.7	13.0	14.0	12.7
Basic Normalized EPS	0.01	0.04	0.05	0.05	0.05
Diluted Normalized EPS	0.01	0.04	0.05	0.05	0.05
Bank Total Revenue	50.1	55.5	59.3	64.4	65.0

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate	1.486	1.43175	1.27275	0.9678	9223.285
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	377.0	234.5	204.9	142.5	0.0
Securities for Sale	6.8	7.4	14.0	6.0	-
Total Investment Securities	311.4	158.8	192.8	217.7	0.0
Other Earning Assets, Total	311.4	158.8	192.8	217.7	0.0
Total Gross Loans	759.1	921.2	867.3	786.2	-
Loan Loss Allowances	-83.7	-37.3	-13.1	-10.6	-
Net Loans	675.4	883.9	854.1	775.6	-
Land/Improvements	29.7	27.1	24.4	23.4	0.0
Machinery/Equipment	39.2	35.8	33.5	35.1	0.0
Construction in Progress	0.0	0.0	-	-	0.0
Property/Plant/Equipment - Gross	68.9	62.9	57.9	58.5	0.0
Accumulated Depreciation	-32.6	-28.2	-25.6	-27.6	0.0
Property/Plant/Equipment - Net	36.3	34.7	32.3	30.9	0.0
Deferred Income Tax - Long Term Asset	2.2	6.0	1.8	1.0	-
Other Long Term Assets, Total	2.2	6.0	1.8	1.0	-
Other Assets	19.5	25.0	10.6	25.4	0.0
Other Assets, Total	19.5	25.0	10.6	25.4	0.0
Total Assets	1,421.8	1,342.9	1,296.6	1,193.1	0.1
Accounts Payable	12.4	30.0	17.2	25.9	0.0
Accrued Expenses	7.2	6.6	1.8	1.4	0.0
Interest Bearing Deposits	1,060.1	879.7	809.4	867.3	-
Total Deposits	1,060.1	879.7	809.4	867.3	0.1
Other Short Term Borrowings	-	0.0	71.8	60.0	0.0
Total Short Term Borrowings	-	0.0	71.8	60.0	0.0
Income Taxes Payable	21.3	4.4	8.6	9.4	0.0
Other Current liabilities, Total	21.3	4.4	8.6	9.4	0.0
Long Term Debt	49.2	231.7	92.2	14.5	0.0
Total Long Term Debt	49.2	231.7	92.2	14.5	0.0
Total Debt	49.2	231.7	163.9	74.4	0.0
Other Liabilities	103.1	48.4	132.5	31.9	0.0
Other Liabilities, Total	103.1	48.4	132.5	31.9	0.0
Total Liabilities	1,253.3	1,200.8	1,133.3	1,010.4	0.1
Common Stock	48.5	50.3	56.6	74.4	0.0
Common Stock	48.5	50.3	56.6	74.4	0.0
Additional Paid-In Capital	1.1	0.9	6.8	0.9	0.0
Retained Earnings (Accumulated Deficit)	119.0	90.9	99.9	107.5	0.0
Other Equity	-	-	-	-	0.0
Other Equity, Total	-	-	-	-	0.0
Total Equity	168.5	142.1	163.2	182.8	0.0
Total Liabilities & Shareholders’ Equity	1,421.8	1,342.9	1,296.6	1,193.1	0.1
Shares Outstanding - Common Stock Primary Issue	265.0	265.0	265.0	265.0	165.0
Total Common Shares Outstanding	265.0	265.0	265.0	265.0	165.0
Treasury Shares - Common Stock Primary Issue	-	-	-	-	0.0
Employees	2,315	2,108	2,148	2,200	2,160
Number of Common Shareholders	97,884	99,342	98,529	-	79,519

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate	1.6025	1.51575	1.511	1.486	1.425
Cash & Due from Banks	417.9	341.2	340.9	377.0	372.4
Securities for Sale	13.8	14.9	6.8	6.8	7.4
Total Investment Securities	651.6	784.2	354.9	311.4	245.9
Other Earning Assets, Total	651.6	784.2	354.9	311.4	245.9
Net Loans	280.6	273.3	653.0	675.4	707.8
Property/Plant/Equipment - Net	35.6	34.3	35.5	36.3	38.1
LT Investment - Affiliate Companies	0.0	0.0	-	-	0.0
Long Term Investments	0.0	0.0	-	-	0.0
Deferred Income Tax - Long Term Asset	2.0	2.2	2.2	2.2	4.1
Other Long Term Assets, Total	2.0	2.2	2.2	2.2	4.1
Other Assets	39.3	43.0	22.1	19.5	32.5
Other Assets, Total	39.3	43.0	22.1	19.5	32.5
Total Assets	1,427.1	1,478.1	1,408.5	1,421.8	1,401.0
Accrued Expenses	71.7	90.9	97.8	122.8	182.4
Total Deposits	1,130.1	1,154.8	1,056.1	1,060.1	993.9
Other Short Term Borrowings	-	-	-	-	0.0
Total Short Term Borrowings	-	-	-	-	0.0
Income Taxes Payable	8.0	6.6	25.4	21.3	12.7
Other Current liabilities, Total	8.0	6.6	25.4	21.3	12.7
Long Term Debt	49.0	50.0	50.4	49.2	50.5
Total Long Term Debt	49.0	50.0	50.4	49.2	50.5
Total Debt	49.0	50.0	50.4	49.2	50.5
Total Liabilities	1,258.9	1,302.3	1,229.6	1,253.3	1,239.6
Common Stock	44.9	47.5	47.7	48.5	50.5
Common Stock	44.9	47.5	47.7	48.5	50.5
Additional Paid-In Capital	0.7	1.2	1.2	1.1	1.1
Retained Earnings (Accumulated Deficit)	122.6	127.1	130.1	119.0	109.8
Total Equity	168.2	175.8	178.9	168.5	161.4
Total Liabilities & Shareholders’ Equity	1,427.1	1,478.1	1,408.5	1,421.8	1,401.0
Shares Outstanding - Common Stock Primary Issue	265.0	265.0	265.0	265.0	265.0
Total Common Shares Outstanding	265.0	265.0	265.0	265.0	265.0

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.432811	1.430835	1.082375	4632.746011	9173.382678
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	63.7	14.4	45.9	0.0	0.0
Depreciation	5.7	5.4	6.9	0.0	0.0
Depreciation/Depletion	5.7	5.4	6.9	0.0	0.0
Unusual Items	-0.2	0.0	1.7	0.0	0.0
Other Non-Cash Items	-2.0	-2.2	-2.0	0.0	0.0
Non-Cash Items	-2.2	-2.2	-0.4	0.0	0.0
Loan Loss Provision	49.5	25.6	8.1	0.0	0.0
Other Assets	65.6	-166.0	-286.5	-0.1	0.0
Payable/Accrued	-	-	-	-	0.0
Other Liabilities	56.1	196.3	420.4	0.1	0.0
Other Operating Cash Flow	-0.1	-8.5	-10.6	0.0	0.0
Changes in Working Capital	171.1	47.5	131.4	0.0	0.0
Cash from Operating Activities	238.4	65.1	183.9	0.0	0.0
Purchase of Fixed Assets	-8.7	-11.4	-19.0	0.0	0.0
Capital Expenditures	-8.7	-11.4	-19.0	0.0	0.0
Sale of Fixed Assets	0.2	0.0	0.1	0.0	0.0
Investment, Net	0.1	-0.1	-11.0	0.0	0.0
Other Investing Cash Flow	2.0	2.2	2.0	0.0	0.0
Other Investing Cash Flow Items, Total	2.3	2.2	-8.9	0.0	0.0
Cash from Investing Activities	-6.4	-9.2	-28.0	0.0	0.0
Other Financing Cash Flow	-	-	-	-	0.0
Financing Cash Flow Items	-	-	-	-	0.0
Cash Dividends Paid - Common	-6.6	-11.1	-13.5	-	-
Total Cash Dividends Paid	-6.6	-11.1	-13.5	-	-
Sale/Issuance of Common	-	-	-	0.0	-
Repurchase/Retirement of Common	-	-	-	0.0	-
Common Stock, Net	-	-	-	0.0	-
Issuance (Retirement) of Stock, Net	-	-	-	0.0	-
Cash from Financing Activities	-6.6	-11.1	-13.5	0.0	0.0
Net Change in Cash	225.4	44.7	142.5	0.0	0.0
Net Cash - Beginning Balance	257.8	213.4	139.6	0.0	0.0
Net Cash - Ending Balance	483.1	258.1	282.1	0.0	0.0
Cash Taxes Paid	0.1	8.5	10.6	0.0	0.0

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.519277	1.51297	1.516327	1.432811	1.428928
Net Income/Starting Line	38.6	34.1	18.5	63.7	37.1
Depreciation	5.6	3.8	1.9	5.7	4.2
Depreciation/Depletion	5.6	3.8	1.9	5.7	4.2
Unusual Items	0.0	0.0	0.0	-0.2	0.0
Other Non-Cash Items	-2.3	-1.7	-1.3	-2.0	-1.9
Non-Cash Items	-2.4	-1.7	-1.3	-2.2	-1.9
Loan Loss Provision	2.9	2.4	0.9	49.5	50.3
Other Assets	-15.6	-63.3	44.3	65.6	15.4
Other Liabilities	27.4	-0.2	-96.3	56.1	43.9
Other Operating Cash Flow	-25.4	-25.5	0.0	-0.1	0.0
Changes in Working Capital	-10.8	-86.6	-51.1	171.1	109.6
Cash from Operating Activities	31.0	-50.4	-32.1	238.4	149.1
Purchase of Fixed Assets	-7.6	-2.5	-1.6	-8.7	-7.5
Capital Expenditures	-7.6	-2.5	-1.6	-8.7	-7.5
Sale of Fixed Assets	0.0	0.0	-	0.2	0.0
Investment, Net	-8.2	-7.9	0.2	0.1	0.0
Other Investing Cash Flow	2.3	1.7	1.3	2.0	1.9
Other Investing Cash Flow Items, Total	-5.8	-6.1	1.6	2.3	1.9
Cash from Investing Activities	-13.4	-8.6	0.0	-6.4	-5.6
Other Financing Cash Flow	-	-	0.0	-	-
Financing Cash Flow Items	-	-	0.0	-	-
Cash Dividends Paid - Common	-12.2	-12.3	-	-6.6	-6.6
Total Cash Dividends Paid	-12.2	-12.3	-	-6.6	-6.6
Cash from Financing Activities	-12.2	-12.3	0.0	-6.6	-6.6
Net Change in Cash	5.3	-71.3	-32.1	225.4	136.9
Net Cash - Beginning Balance	455.6	457.5	456.5	257.8	258.5
Net Cash - Ending Balance	461.0	386.3	424.4	483.1	395.3
Cash Taxes Paid	25.4	25.5	0.0	0.1	0.0

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.432811	1.430835	1.082375	4632.746011	9173.382678
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Short Term Funds	7.2	0.4	3.7	0.0	0.0
Investment Securities	33.5	25.4	30.2	0.0	0.0
Loans and Advances	229.7	160.2	133.9	0.0	0.0
Total Revenue	270.4	185.9	167.8	0.0	0.0
Current Accounts	22.1	27.6	17.7	0.0	0.0
Time and Other Deposits	28.9	31.8	8.1	0.0	0.0
Overnight and Call Accounts	21.0	34.4	20.0	0.0	0.0
Loan Loss Provision	49.5	25.6	8.1	0.0	0.0
Total Operating Expense	121.5	119.5	53.9	0.0	0.0
Fees and Commission Income	33.9	39.6	44.5	0.0	0.0
Fee and Commissions Expenses	-1.9	-0.6	-0.4	0.0	-
Gain on Loss of Financials	-2.2	7.3	3.5	0.0	-
Other Income	2.5	2.9	2.8	0.0	0.0
Gain on Exchange	-	-	-	-	0.0
Dividend from Investments	-	-	-	-	0.0
Rent Receivable	-	-	-	-	0.0
Revaluation of GGILB	-	-	-	-	0.0
Disposal of Fixed Assets	0.2	0.0	0.0	-	0.0
Staff Cost	-75.3	-59.6	-62.8	0.0	-
Depreciation	-5.7	-5.4	-6.9	0.0	-
Loss on Disposal	-	0.0	-1.7	-	-
Operating Expenses	-36.7	-33.3	-38.5	0.0	0.0
Other Income	-	0.2	0.2	0.0	-
Staff Rationalisation Cost	0.0	-3.2	-8.7	0.0	-
Construction Levy	-	-	-	-	0.0
Total Non-Interest Revenue	32.3	49.4	50.6	0.0	0.0
Total Non-Interest Expense	-117.5	-101.4	-118.6	0.0	0.0
Net Income Before Taxes	63.7	14.4	45.9	0.0	0.0
Provision for Income Taxes	24.6	1.2	11.2	0.0	0.0
Net Income After Taxes	39.2	13.2	34.7	0.0	0.0
Net Income Before Extra. Items	39.2	13.2	34.7	0.0	0.0
Net Income	39.2	13.2	34.7	0.0	0.0
Income Available to Com Excl ExtraOrd	39.2	13.2	34.7	0.0	0.0
Income Available to Com Incl ExtraOrd	39.2	13.2	34.7	0.0	0.0
Basic Weighted Average Shares	265.0	265.6	265.0	265.0	165.0
Basic EPS Excluding ExtraOrdinary Items	0.15	0.05	0.13	-	-
Basic EPS Including ExtraOrdinary Item	0.15	0.05	0.13	-	-
Diluted Net Income	39.2	13.2	34.7	0.0	0.0
Diluted Weighted Average Shares	265.0	265.6	265.0	265.0	165.0
Diluted EPS Excluding ExtraOrd Items	0.15	0.05	0.13	-	-
Diluted EPS Including ExtraOrd Items	0.15	0.05	0.13	-	-
DPS-Common Stock	0.05	0.02	0.06	-	-
Gross Dividends - Common Stock	12.9	6.6	14.7	0.0	-
Normalized Income Before Taxes	63.5	17.5	56.3	0.0	0.0
Inc Tax Ex Impact of Sp Items	24.5	1.5	13.7	0.0	0.0
Normalized Income After Taxes	39.0	16.0	42.5	0.0	0.0
Normalized Inc. Avail to Com.	39.0	16.0	42.5	0.0	0.0
Basic Normalized EPS	0.15	0.06	0.16	-	-
Diluted Normalized EPS	0.15	0.06	0.16	-	-
Depreciation	5.7	5.4	6.9	0.0	0.0
Advertisement Expenses	0.7	1.4	1.7	0.0	0.0
Current Tax	17.7	5.2	12.4	0.0	-
Current Tax - Total	17.7	5.2	12.4	0.0	-
Deferred Tax	3.7	-4.3	-1.2	0.0	-
Deferred Tax - Total	3.7	-4.3	-1.2	0.0	-
National Stabilization Levy	3.2	0.4	0.0	-	-
Income Tax - Total	24.6	1.2	11.2	0.0	-
Provident Fund Cost	4.0	3.4	3.6	0.0	-
Gratuity	3.5	3.1	3.4	0.0	-
Total Pension Expense	7.5	6.6	7.0	0.0	-

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.531648	1.510048	1.516327	1.444191	1.43772
Interest Income	37.9	44.6	45.9	54.0	55.3
Total Revenue	37.9	44.6	45.9	54.0	55.3
Interest Expense	6.7	8.6	10.1	9.4	13.8
Loan Loss Provision	0.5	1.5	0.9	-0.7	-1.1
Total Operating Expense	7.3	10.1	11.0	8.7	12.7
Fee and Commissions Income	10.3	9.9	9.9	10.8	7.6
Fee and Commissions Expense	-0.4	-0.4	-0.3	-1.1	-0.2
Gains and Losses on Financial Transactio	1.3	0.6	2.4	0.3	1.6
Other Income	0.9	0.8	1.4	0.5	0.5
Operating Expenses	-38.2	-29.8	-29.9	-10.2	23.7
Other Operating Income	-	-	-	-0.1	0.1
Staff Costs	-	-	-	-17.4	-57.5
Depreciation	-	-	-	-1.5	-
Eceptional Items	-	-	-	0.0	0.0
Total Non-Interest Revenue	12.1	10.9	13.5	10.4	9.6
Total Non-Interest Expense	-38.2	-29.8	-29.9	-29.1	-33.8
Net Income Before Taxes	4.6	15.6	18.5	26.5	18.4
Provision for Income Taxes	2.1	5.9	5.4	12.5	5.7
Net Income After Taxes	2.5	9.7	13.0	14.0	12.7
Net Income Before Extra. Items	2.5	9.7	13.0	14.0	12.7
Net Income	2.5	9.7	13.0	14.0	12.7
Income Available to Com Excl ExtraOrd	2.5	9.7	13.0	14.0	12.7
Income Available to Com Incl ExtraOrd	2.5	9.7	13.0	14.0	12.7
Basic Weighted Average Shares	265.0	265.0	265.0	265.0	265.0
Basic EPS Excluding ExtraOrdinary Items	0.01	0.04	0.05	0.05	0.05
Basic EPS Including ExtraOrdinary Item	0.01	0.04	0.05	0.05	0.05
Diluted Net Income	2.5	9.7	13.0	14.0	12.7
Diluted Weighted Average Shares	265.0	265.0	265.0	265.0	265.0
Diluted EPS Excluding ExtraOrd Items	0.01	0.04	0.05	0.05	0.05
Diluted EPS Including ExtraOrd Items	0.01	0.04	0.05	0.05	0.05
DPS-Common Stock	0.00	0.00	0.00	0.05	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	12.8	0.0
Normalized Income Before Taxes	4.6	15.6	18.5	26.5	18.4
Inc Tax Ex Impact of Sp Items	2.1	5.9	5.4	12.5	5.7
Normalized Income After Taxes	2.5	9.7	13.0	14.0	12.7
Normalized Inc. Avail to Com.	2.5	9.7	13.0	14.0	12.7
Basic Normalized EPS	0.01	0.04	0.05	0.05	0.05
Diluted Normalized EPS	0.01	0.04	0.05	0.05	0.05
Depreciation	1.8	1.9	1.9	1.5	1.4

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate	1.486	1.43175	1.27275	0.9678	9223.285
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash in Hand	27.5	26.6	43.7	23.6	0.0
Balances with Bank of Ghana	193.7	77.7	116.2	96.5	0.0
Investments	304.5	74.6	92.4	98.0	0.0
Gross Loan and Advances	759.1	921.2	867.3	786.2	-
Provision for Baddebts	-83.7	-37.3	-13.1	-10.6	-
Advances	-	-	-	-	0.0
Due from Other Banks & Financial Inst.	155.8	130.1	44.9	22.4	0.0
Accounts Recivable	15.5	21.7	6.7	21.1	-
Accrued Income	4.0	3.3	3.9	4.3	-
Other Assets	-	-	-	-	0.0
Medium-Term Investments	0.0	76.8	86.4	113.7	-
Investment in Other Securities	6.8	7.4	14.0	6.0	-
Government Securities	-	-	-	-	0.0
Land and Buildings	29.7	27.1	24.4	23.4	0.0
Computers	20.2	18.6	17.8	17.2	0.0
Furniture and Equipment	17.2	15.4	13.7	15.2	0.0
Motor Vehicles	1.8	1.8	2.1	2.7	0.0
Construction	0.0	0.0	-	-	0.0
Depreciation	-32.6	-28.2	-25.6	-27.6	0.0
Taxation	2.2	6.0	1.8	1.0	-
Total Assets	1,421.8	1,342.9	1,296.6	1,193.1	0.1
Current Accounts	437.0	361.3	377.7	388.8	-
Time Deposits	163.0	146.1	168.9	188.4	-
Saving Accounts	372.0	280.1	247.9	279.4	-
Certificate of Deposits	88.1	92.2	14.9	10.7	-
Customers Deposits	-	-	-	-	0.1
Creditors	12.4	30.0	17.2	25.9	0.0
Accruals	7.2	6.6	1.8	1.4	0.0
Others	103.1	48.4	132.5	31.9	0.0
Taxation	21.3	4.4	8.6	9.4	0.0
Due to Other Bank/Financial Institutions	-	0.0	71.8	60.0	0.0
Borrowings	49.2	231.7	92.2	14.5	0.0
Total Long Term Debt	49.2	231.7	92.2	14.5	0.0
Total Liabilities	1,253.3	1,200.8	1,133.3	1,010.4	0.1
Stated Capital	48.5	50.3	56.6	74.4	0.0
Capital Surplus	1.1	0.9	6.8	0.9	0.0
Retained Earning	-	-	-	75.5	-
Share Deals	-	-	-	-	0.0
Income Surplus	56.4	34.6	70.7	-	0.0
Regulated Reserve Fund	28.4	30.6	7.7	8.5	-
Statutory Reserve Fund	34.2	25.7	21.5	23.5	0.0
Total Equity	168.5	142.1	163.2	182.8	0.0
Total Liabilities & Shareholders' Equity	1,421.8	1,342.9	1,296.6	1,193.1	0.1
S/O-Common Stock	265.0	265.0	265.0	265.0	165.0
Total Common Shares Outstanding	265.0	265.0	265.0	265.0	165.0
T/S-Common Stock	-	-	-	-	0.0
Full-Time Employees	2,315	2,108	2,148	2,200	2,160
Number of Common Shareholders	97,884	99,342	98,529	-	79,519

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate	1.6025	1.51575	1.511	1.486	1.425
Cash & Balances with Bank of Ghana	207.4	231.7	131.2	221.2	211.6
Due from Other Banks & Financial Inst.	210.5	109.4	209.8	155.8	160.9
Investments	280.9	392.0	348.1	304.5	238.5
Advances	280.6	273.3	653.0	675.4	707.8
Investment in Association Company	0.0	0.0	-	-	0.0
Avaiilable for Sale Financial Assets	13.8	14.9	6.8	6.8	7.4
Deferred Taxation	2.0	2.2	2.2	2.2	4.1
Other Assets	39.3	43.0	22.1	19.5	32.5
Property, Plant & Equipment	35.6	34.3	35.5	36.3	38.1
Medium-Term Investments	356.9	377.4	0.0	0.0	0.0
Total Assets	1,427.1	1,478.1	1,408.5	1,421.8	1,401.0
Customers Deposits	1,130.1	1,154.8	1,056.1	1,060.1	993.9
Accruals and other Liablities	71.7	90.9	97.8	122.8	182.4
Current Tax Liabilities	8.0	6.6	25.4	21.3	12.7
Due to Other Bank/Financial Institutions	-	-	-	-	0.0
Borrowings	49.0	50.0	50.4	49.2	50.5
Total Long Term Debt	49.0	50.0	50.4	49.2	50.5
Total Liabilities	1,258.9	1,302.3	1,229.6	1,253.3	1,239.6
Stated Capital	44.9	47.5	47.7	48.5	50.5
Capital Surplus	0.7	1.2	1.2	1.1	1.1
Retained Earning	67.6	71.1	-	-	59.6
Regulated Credit Risk	23.2	22.4	28.8	28.4	24.4
Statutory Reserve Fund	31.7	33.6	33.7	34.2	25.8
Income Surplus	-	-	67.6	56.4	-
Total Equity	168.2	175.8	178.9	168.5	161.4
Total Liabilities & Shareholders' Equity	1,427.1	1,478.1	1,408.5	1,421.8	1,401.0
S/O-Common Stock	265.0	265.0	265.0	265.0	265.0
Total Common Shares Outstanding	265.0	265.0	265.0	265.0	265.0

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.432811	1.430835	1.082375	4632.746011	9173.382678
Auditor	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.	Pannell Kerr Forster & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Profit Before Tax	63.7	14.4	45.9	0.0	0.0
Depreciation	5.7	5.4	6.9	0.0	0.0
Adjustments for Dividend received	-2.0	-2.2	-2.0	0.0	0.0
Credit impairment Loss	49.5	25.6	8.1	0.0	0.0
P/L on sale of Property, Plant & Equ	-0.2	0.0	1.7	0.0	0.0
Inc/Dec in short term Investment	-72.4	-0.1	20.1	0.0	0.0
Inc in Loans & Advances to Customers	133.2	-150.3	-316.9	-0.1	0.0
(Increase)/Decrease in Other Assets	4.8	-15.6	10.2	0.0	0.0
Increase in Customers Deposits	220.4	160.3	176.2	0.0	0.0
Dec/Inc in Accruals and Other Liabilites	16.2	-50.1	118.0	0.0	-
Creditors and Other	-	-	-	-	0.0
Increase in Borrowings	-180.5	149.9	95.4	0.0	0.0
Dec/Inc in Balance Due to Banks	0.0	-63.8	30.8	0.0	0.0
Taxpaid	-0.1	-8.5	-10.6	0.0	0.0
Reconstruction Levy	-	-	-	-	0.0
Cash from Operating Activities	238.4	65.1	183.9	0.0	0.0
Capital Expenditure	-8.7	-11.4	-19.0	0.0	0.0
Inc in Financial Assets AFS	0.1	-0.1	-11.0	0.0	0.0
Proceeds on sale of Fixed Assets	0.2	0.0	0.1	0.0	0.0
Dividend received from Investments	2.0	2.2	2.0	0.0	0.0
Dividend Paid	-	-	-	0.0	0.0
Cash from Investing Activities	-6.4	-9.2	-28.0	0.0	0.0
Dividends Paid	-6.6	-11.1	-13.5	-	-
Sale of Shares	-	-	-	0.0	-
Financing Activities	-	-	-	-	0.0
Sale of Own Shares	-	-	-	0.0	-
Cash from Financing Activities	-6.6	-11.1	-13.5	0.0	0.0
Net Change in Cash	225.4	44.7	142.5	0.0	0.0
Cash & cash eq. at beginning	257.8	213.4	139.6	0.0	0.0
Cash & cash eq. at end	483.1	258.1	282.1	0.0	0.0
Cash Taxes Paid	0.1	8.5	10.6	0.0	0.0

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	GHS	GHS	GHS	GHS	GHS
Exchange Rate (Period Average)	1.519277	1.51297	1.516327	1.432811	1.428928
Profit Before Tax	38.6	34.1	18.5	63.7	37.1
Depreciation	5.6	3.8	1.9	5.7	4.2
Dividend received	-2.3	-1.7	-1.3	-2.0	-1.9
Impairment Charge on Loans and Advances	2.9	2.4	0.9	49.5	50.3
P/L on sale of Fixed Assets	0.0	0.0	0.0	-0.2	0.0
Inc/Dec in short term investment	-354.8	-427.2	36.2	-72.4	-62.2
Incin Loans & Advances to Customers	361.7	387.2	10.3	133.2	84.9
(Increase)/Decrease in Other Assets	-22.6	-23.3	-2.3	4.8	-7.3
Increase in Customers Deposits	155.2	115.8	13.5	220.4	109.7
Dec/Inc in Accruals and Other Liabilitie	-131.4	-117.7	-111.8	16.2	116.0
Increase in Borrowings	3.5	1.7	2.0	-180.5	-181.8
Taxpaid	-25.4	-25.5	0.0	-0.1	0.0
Dec/inc Balance Due to Banks	-	-	-	0.0	0.0
Cash from Operating Activities	31.0	-50.4	-32.1	238.4	149.1
Capital Expenditure	-7.6	-2.5	-1.6	-8.7	-7.5
Inc. in Financial Assets AFS	-8.2	-7.9	0.2	0.1	0.0
Proceeds on sale of fixed Assets	0.0	0.0	-	0.2	0.0
Dividend Received from investments	2.3	1.7	1.3	2.0	1.9
Cash from Investing Activities	-13.4	-8.6	0.0	-6.4	-5.6
Cash Dividends Paid	-12.2	-12.3	-	-6.6	-6.6
Financing Activities	-	-	0.0	-	-
Cash from Financing Activities	-12.2	-12.3	0.0	-6.6	-6.6
Net Change in Cash	5.3	-71.3	-32.1	225.4	136.9
Cash & Cash Eq. at beginning	455.6	457.5	456.5	257.8	258.5
Cash & Cash Eq. at end	461.0	386.3	424.4	483.1	395.3
Cash Taxes Paid	25.4	25.5	0.0	0.1	0.0

Business Segments

Financials in: As Reported (mil)

Annual

Interest Income Bank USD (mil)
	31-Dec-09		31-Dec-08
Retail	6.9	3.7 %	5.5	3.3 %
Corporate	139.0	74.8 %	120.8	72 %
SME	13.9	7.5 %	9.7	5.8 %
Treasury	26.1	14 %	31.9	19 %
Others	0.0	0 %	0.0	0 %
Segment Total	185.9	100 %	167.8	100 %
Consolidated Total	185.9	100 %	167.8	100 %
Exchange Rate: GHS to USD	1.430835		1.082375
Interest Expense, Bank USD (mil)
	31-Dec-09		31-Dec-08
Retail	41.8	44.5 %	39.0	85.1 %
Corporate	31.8	33.9 %	2.7	5.9 %
SME	0.0	0 %	0.0	0 %
Treasury	20.3	21.6 %	4.1	9 %
Others	0.0	0 %	0.0	0 %
Segment Total	93.9	100 %	45.8	100 %
Consolidated Total	93.9	100 %	45.8	100 %
Exchange Rate: GHS to USD	1.430835		1.082375

Loan Loss Provision USD (mil)
	31-Dec-09		31-Dec-08
Retail	5.7	22.2 %	2.2	36.5 %
Corporate	19.4	75.9 %	3.7	60.8 %
SME	0.5	2 %	0.2	2.7 %
Treasury	0.0	0 %	0.0	0 %
Others	0.0	0 %	0.0	0 %
Segment Total	25.6	100 %	6.0	100 %
Consolidated Total	25.6	100 %	6.0	100 %
Exchange Rate: GHS to USD	1.430835		1.082375
Income Before Tax USD (mil)
	31-Dec-09		31-Dec-08
Retail	-48.9	-333.9 %	-38.7	-84.3 %
Corporate	52.0	354.8 %	58.0	126.3 %
SME	12.5	85.4 %	8.3	18.1 %
Treasury	-1.6	-10.7 %	17.6	38.3 %
Others	0.6	4.4 %	0.7	1.6 %
Segment Total	14.6	100 %	45.9	100 %
Consolidated Total	14.6	100 %	45.9	100 %
Exchange Rate: GHS to USD	1.430835		1.082375

Pre-Tax Margin (%)
	31-Dec-09				31-Dec-08
Retail	-704.3		-		-708.1		-
Corporate	37.4		-		48.0		-
SME	90.0		-		86.0		-
Treasury	-6.0		-		55.2		-
Segment Total	7.9		-		27.4		-
Consolidated Total	7.9		-		27.4		-
Total Gross Loans USD (mil)
	31-Dec-09			31-Dec-08
Retail	275.6	29.9 %		259.3		29.9 %
Corporate	627.9	68.2 %		576.6		66.5 %
SME	17.7	1.9 %		31.4		3.6 %
Treasury	0.0	0 %		0.0		0 %
Others	0.0	0 %		0.0		0 %
Segment Total	921.2	100 %		867.3		100 %
Consolidated Total	921.2	100 %		867.3		100 %
Exchange Rate: GHS to USD	1.431750			1.272750

Total Assets USD (mil)
	31-Dec-09		31-Dec-08
Retail	289.1	21.6 %	279.6	21.6 %
Corporate	747.6	55.8 %	721.3	55.8 %
SME	17.7	1.3 %	16.5	1.3 %
Treasury	280.9	21 %	272.3	21.1 %
Others	3.7	0.3 %	3.5	0.3 %
Segment Total	1,339.0	100 %	1,293.1	100 %
Consolidated Total	1,339.0	100 %	1,293.1	100 %
Exchange Rate: GHS to USD	1.431750		1.272750
Total Liabilities USD (mil)
	31-Dec-09		31-Dec-08
Retail	753.5	62.8 %	842.0	74.3 %
Corporate	214.5	17.9 %	198.3	17.5 %
SME	0.0	0 %	0.0	0 %
Treasury	231.7	19.3 %	92.2	8.1 %
Others	0.4	0 %	0.4	0 %
Segment Total	1,200.1	100 %	1,132.9	100 %
Consolidated Total	1,200.1	100 %	1,132.9	100 %
Exchange Rate: GHS to USD	1.431750		1.272750

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.