2008 - 2012 FINANCIAL PROJECTION
A global Player in the Microfinance banking Industry
IKPE ANNANG MICRO FINANCE BANK LIMITED
1.4 FIVE YEARS FORECAST BALANCE SHEET AS AT DECEMBER
ASSETS |
2008 |
2009 |
2010 |
2011 |
2012 |
Cash and near cash |
2,026 |
53,179 |
94,554 |
101671 |
121421 |
Short term investment |
2,641 |
6,874 |
94,554 |
101671 |
121421 |
Gross loan& advance |
112,901 |
117,971 |
123,322 |
144,218 |
198,694 |
(less loan loss reserve) |
4,516 |
4,719 |
4,871 |
5,004 |
5,265 |
Net loan and advances |
108,385 |
113,252 |
118,451 |
139,214 |
193,429 |
Other assets (2) |
4,335 |
5,663 |
5,923 |
6,961 |
9,671 |
Investments (3) |
-------- |
2,641 |
6,874 |
8,894 |
12,156 |
Fixed assets |
12,756 |
23,999 |
21,239 |
33,627 |
29,293 |
Preliminary & pre- operational |
2,800 |
210,907 |
262,941 |
313,815 |
399,878 |
Total assets |
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Liabilities |
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|
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|
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Current liabilities |
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|
|
|
|
Deposit & current Account (4) |
49,201 |
63,961 |
84,429 |
112,290 |
151,592 |
Taxation |
------ |
------- |
5,440 |
8,782 |
134,651 |
Divided payable |
------ |
------- |
3,031 |
4,892 |
7,502 |
Other liabilities (5) |
2,460 |
3,198 |
4,221 |
5,615 |
7,580 |
Sub – Total |
51,661 |
67,159 |
97,121 |
131,579 |
180,139 |
Long term liabilities |
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|
|
|
|
Grants (government support) 6 |
16,000 |
30,000 |
35,000 |
35,000 |
40,000 |
Microfinance Development |
-------- |
15,000 |
25,000 |
30,000 |
45,000 |
Sub – Total |
16,000 |
45,000 |
60,000 |
65,000 |
85,000 |
Capital & Reserves |
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|
|
|
|
Paid up share capital (7) |
60,000 |
85,000 |
85,000 |
85,000 |
85,000 |
Statutory reserves (8) |
2,641 |
6,874 |
11,926 |
20,080 |
32,583 |
Retained profit |
2,641 |
6,874 |
8,894 |
12,080 |
17,1156 |
Shareholders fund |
65,282 |
98,748 |
105,820 |
117,236 |
134,739 |
Liabilities and shareholders’ |
132,943 |
210,907 |
262,941 |
313,815 |
399,878 |
IKPE ANNANG MICRO FINANCE BANK LIMITED
1.5 FIVE YEARS FORECAST PROFIT AND LOSS FOR THE YEAR ENDING DECEMBER 31(2008 - 2012)
INCOME STATEMENT |
2008 |
2009 |
2010 |
2011 |
2012 |
Financial Income: |
|
|
|
|
|
Interest loans |
30,263 |
40,406 |
49,931 |
63,548 |
80,432 |
Commissions and fees including Penalties (9) |
4,255 |
4,450 |
5,358 |
5,671 |
8,624 |
Other earned income (10) |
2,553 |
3,115 |
4,019 |
4,537 |
7,417 |
Income from investment (11) |
1,537 |
2,754 |
4,255 |
5,468 |
7,381 |
Total financial income |
38,608 |
50,725 |
63,563 |
79,224 |
103,854 |
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Financial Costs |
|
|
|
|
|
Interest and fees on borrowed fund (12) |
------- |
1,800 |
3,000 |
3,600 |
5,400 |
Interest paid on deposits |
8,195 |
8,982 |
9,956 |
11,665 |
16,238 |
NDIC premium (13) |
461 |
600 |
792 |
1,053 |
1,421 |
Total financial costs |
8,656 |
11,382 |
13,748 |
16,318 |
23,059 |
Gross profit margin |
29,952 |
39,343 |
49,815 |
62,906 |
80,795 |
Provision for loan loses |
4,519 |
203 |
152 |
133 |
122 |
Net financial margin |
23,436 |
39,140 |
49,663 |
62,773 |
80,673 |
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Operating costs: |
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|
|
|
|
Depreciation |
2,375 |
5,157 |
4,560 |
7,412 |
6,134 |
Salaries and benefits |
12,824 |
18,130 |
20,850 |
20,850 |
25,020 |
Other operating expenses (14) |
3,040 |
4,330 |
5,275 |
5,779 |
6,944 |
Miscellaneous expenses (15) |
1,216 |
1,732 |
2,110 |
2,317 |
2,780 |
Preliminary & pre- operational expenses written off |
700 |
1,325 |
1,325 |
1,325 |
1,325 |
Total operating costs |
20,155 |
30,674 |
34,120 |
37,683 |
42,203 |
Net profit from operations |
5,281 |
8,466 |
15,543 |
25,090 |
38,470 |
Income tax 30% |
------- |
-------- |
4,663 |
7,527 |
11,541 |
Education tax 5% |
------- |
-------- |
777 |
1,255 |
1,924 |
Net profits from operation after tax |
5,281 |
8,466 |
10,103 |
16,308 |
25,005 |
Appropriation: |
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|
|
|
|
Transfer to statutory reserve |
2,641 |
4,233 |
5,052 |
8,154 |
12,503 |
Proposed Divided |
------- |
------- |
3,031 |
4,892 |
7,502 |
Retained earning b/f |
-------- |
2,641 |
6,874 |
8,894 |
12,156 |
Retained earning c/ f |
2,641 |
6,874 |
8,894 |
12,156 |
17,156 |