ACCESS : QUARTER 1 - FINANCIAL STATEMENT FOR 2024

Access Holdings Plc

Unaudited Consolidated and separate financial statements for the period ended

31 March 2024

ACCESS HOLDINGS PLC

Index to the consolidated and separate financial statements

For the period ended 31 March 2024

Note		Page		Note		Page
i	Corporate information	2	13	Other operating income	55
vii	Statement of Corporate Responsibility	3	14	Personnel expenses	55
x	Consolidated and separate statements of comprehensive income	4	15	Other operating expenses	56
xi	Consolidated and separate statements of financial position	5	17	Earnings per share	57
xii	Consolidated and separate statements of changes in equity	6	18	Cash and balances with banks	57
xiii	Consolidated and separate statements of cashflows	8	19	Investment under management	58
xiv	Notes to the financial statements	9	20	Non pledged trading assets	58
xv	General information	9	21	Derivative financial instruments	59
1.0	Statement of compliance with international financial	9	22	Loans and advances to banks	60
2.0	reporting standards	9	23	Loans and advances to customers	61
3.0	Basis of preparation	9	24	Pledged assets	64
3.1	IFRS Accounting standard	9	25	Investment securities	66
3.2	Summary of material accounting policies	11	26	Other assets	69
3.3	Basis of consolidation	12		27a	Investment in associates	71
3.4	Segment reporting	13		27 c	Investment in subsidiaries	74
3.5	Foreign currency translation	13	28	Property and equipment	77
3.6	Operating income	15	29	Intangible assets	80
3.7	Income tax	16		31a	Investment properties	86
3.8	Financial assets and liabilities	17		31b	Assets classified as held for sale	86
3.9	Impairment of financial assets	24	32	Deposits from financial institutions	86
3.10	Investment properties	29	33	Deposits from customers	87
3.11	Property and equipment	30	34	Other liabilities	87
3.12	Leases	31	35	Debt securities issued	88
3.13	Intangible assets	32	36	Interest bearing borrowings	89
3.14	Impairment of non-financial assets	35	38	Capital and reserves	94
3.15	Discontinued operations	35	39	Contingencies	97
3.16	Non-current assets (or disposal groups) held for sale	36	40	Reconciliation to the Cash and cash equivalents	98
3.17	Provisions	36	44	Business Combination	99
3.18	Financial Guarantees	36	45	Director-related exposures	101
3.19	Employee benefits	36			Other national disclosures:
3.20	Share capital and reserves	38			Value added statement	102
3.21	Levies	39
3.22	Hedge Accounting	39
3.23	Associates	40
3.23	Fiduciary Activities	40

1

Corporate information

This is the list of Directors who served in the entity during the year and up to the date of this report

Directors
*Mr. Aigboje Aig Imoukhuede, CFR	Chairman
**Mr. Abubakar Aribidesi Jimoh, CFA	Chairman/Independent Non-Executive Director
***Ms. Bolaji Olaitan Agbede	Acting Group Chief Executive Officer
Mrs. Fatimah Bintah Bello-Ismail	Independent Non-Executive Director
Mrs. Ojinika Nkechinyelu Olaghere, FCA	Non-Executive Director
Mr. Olusegun Babalola Ogbonnewo	Non-Executive Director
Mr. Roosevelt Michael Ogbonna, FCA,CFA	Non-Executive Director
Mr. Oluseyi Kolawole Kumapayi, FCA	Non-Executive Director
Mr. Lanre Babatunde Bamisebi	Executive Director
*Appointed Director effective March 8, 2024
*Appointed Chairman effective March 13, 2024
**Stepped down as Chairman effective 13, 2024
***Appointed Acting CEO effective March 1, 2024
Company Secretary
Mr Sunday Ekwochi
Corporate Head Office
Access Holdings Plc
Plot 14/15, Prince Alaba Oniru Street, Oniru Estate, Victoria Island, Lagos
Victoria Island, Lagos.
Telephone: [phone] - 9
[phone]
Company Registration Number: RC1755118
Independent Auditors
KPMG Professional Services
KPMG Tower, Bishop Aboyade Cole Street, Victoria Island, Lagos.
Victoria Island, Lagos
Telephone: [phone]
Website: kpmg.com/ng/en/home.html
Corporate Governance Consultant
Ernst & Young
10th Floor UBA House
57, Marina, Lagos
Telephone: [phone]
FRC Number: FRC/2012/ICAN00000000187
Registrars
Coronation Registrars Limited
9, Amodu Ojikutu Street, Off Saka Tinubu
Victoria Island, Lagos
Telephone: [phone]

Investor Relations

Access Holdings Plc has a dedicated investors' portal on its corporate website which can be accessed via this link https://www.theaccesscorporation.com/investor-relations.aspx

For further information please contact:

Access Holdings Plc. [phone]

2

Statement of Corporate Responsibility for the Consolidated and Separate Financial Statements for the period ended 31 March 2024

`

Further to the provisions of section 405 of the Companies and Allied Matters Act (CAMA), 2020, we, the Group Managing Director and Chief Financial Officer, hereby certify the consolidated and seperate ununaudited financial statements of the Group for the period ended 31 March 2024 as follows:

1. That we have reviewed the unaudited financial statements of the Group for the period ended 31 March 2024.
2. That the unaudited financial statements do not contain any untrue statement of material fact or omit to state a material fact which would make the statements misleading, in the light of the circumstances under which such statement was made.
3. That the unaudited financial statements and all other financial information included in the statements fairly present, in all material respects, the financial condition and results of operation of the Group as of and for, the period ended 31 March 2024.
4. That we are responsible for establishing and maintaining internal controls and have designed such internal controls to ensure that material information relating to the Group is made known to the officer by other officers of the companies, during the period ended 31 March 2024.
5. That we have evaluated the effectiveness of the Group's internal controls prior to the date of the unaudited financial statements, and certify that the Group's internal controls are effective as of that date.
6. That there were no significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective action with regard to significant deficiencies and material weaknesses.
7. That we have disclosed the following information to the Group's Auditors:

• there are no significant deficiencies in the design or operation of internal controls which could adversely affect the Group's ability to record, process, summarise and report financial data, and have identified for the Group's auditors any material weaknesses in internal controls, and
• there is no fraud that involves management or other employees who have a significant role in the Group's internal control.

29 April,2024

Morounke Olufemi		Bolaji Olaitan Agbede
Group Chief Financial Officer		Acting Group Chief Executive Officer
FRC/2015/MULTI/00000011887		FRC/2012/ICAN/00000001998
29 April 2024		29 April 2024

3

Consolidated and separate statement of comprehensive income

In millions of Naira		Group	Group		Company	Company
	Notes	March 2024	March 2023		March 2024	March 2023
Interest income calculated using effective interest rate	8	608,104	250,987	-	-
Interest income on financial assets at FVTPL	8	111,495	3,229	-	-
Interest expense	8	(443,880)	(158,939)		(13,394)	-
Net interest income/(expenses)		275,719	95,277	(13,394)	-
Net impairment charge on financial assets	9	(22,794)	(18,710)		-	-
Net interest income/(expenses) after impairment charges		252,925	76,567		(13,394)	-
Fee and commission income	10 (a)	112,378	61,262	-	-
Fee and commission expense	10 (b)	(25,522)	(15,881)		-	-
Net fee and commission income		86,856	45,381		-	-
Fair value and foreign exchange gain/(loss)	11,12	119,228	105,816	987	-
Other operating income	13	23,037	3,768	16,989	1,320
Personnel expenses	14	(79,848)	(33,567)	(936)	(615)
Depreciation	28	(16,238)	(8,552)	(48)	(47)
Amortization	29	(6,581)	(3,614)	-	-
Other operating expenses	15	(176,641)	(104,059)	(782)	(384)
Profit before tax		202,739	81,738	2,816	274
Income tax expenses	16	(43,452)	(9,939)	(81)	-
						-
Profit for the period
	159,287	71,800	2,735	274
Other comprehensive income/(loss) (OCI):
Items that will not be subsequently reclassified to income statement:
Gross actuarial (loss)/gain on retirement benefit obligations	37 (a) i	-	-	-	-
Items that may be subsequently reclassified to the income statement:
Unrealised foreign currency translation difference		246,690	(2,131)	-	-
Changes in fair value of FVOCI debt financial instruments	25	(19,181)	(5,472)	-
Changes in allowance on FVOCI debt financial instruments	25	(76)		-	-
Income tax relating to these items	30	1,541			-	-
Other comprehensive gain, net of related tax effects		228,974	(7,603)		-	-
Total comprehensive gain for the period		388,261	64,196	2,735	274
Profit attributable to:						-
Equity holders of the parent entity		154,603	70,629	2,735	274
Non-controlling interest	38	4,683	1,027		-	-
Profit for the period		159,287	71,800	2,735	274
Total comprehensive income attributable to:
Equity holders of the parent entity		380,805	60,513	2,735	274
Non-controlling interest	38	7,456	3,539		-	-
Total comprehensive income for the period		388,261	64,196	2,735	274
Total profit attributable to owners:
Continuing operations		154,603	70,629	2,735	274
Discontinued operations		-	-		-	-
		154,603	70,629	2,735	274
Total comprehensive income attributable to owners:
Continuing operations		380,805	60,513	2,735	274
Discontinued operations		-	-		-	-
		380,805	60,513	2,735	274
Earnings per share attributable to ordinary shareholders
Basic (kobo)	17	435	206	-	-
Diluted (kobo)	17	435	199	-	-
Earnings per share from continuing operations attributable to owners
Basic (kobo)	17(a)	435	206	-	-
Diluted (kobo)	17(b)	435	199	-	-
Earnings per share from discontinuing operations attributable to owners
Basic (kobo)	17(a)	-	-	-	-
Diluted (kobo)	17(b)	-	-	-	-

The notes are an integral part of these consolidated financial statements.

4

Consolidated and separate statement of financial position as at 31 March 2024

		Group		Group	Company		Company
In millions of Naira	Notes	March 2024		December 2023	March 2024		December 2023
Assets
Cash and balances with banks	18	3,350,417	3,059,186	42,552	22,670
Investment under management	19	39,878	51,218	30,249	43,795
Non pledged trading assets	20	189,091	209,208	-	-
Derivative financial assets	21	1,617,319	2,191,511	249,057	141,077
Loans and advances to banks	22	1,276,277	880,535	-	-
Loans and advances to customers	23	9,623,821	8,037,723	-	-
Pledged assets	24	1,497,641	1,211,643	-	-
Investment securities	25	8,521,360	5,342,157	-	-
Investment properties	31a	437	437	-	-
Restricted deposit and other assets	26	5,594,765	4,977,550	27,417	22,885
Statutory reserve investment	26	4,303	4,156	-	-
Pension protection fund investment	26	1,312	1,264	-	-
Investment in associates	27a	8,423	8,424	-	-
Investment in subsidiaries	27b	-	-	446,491	443,231
Property and equipment	28	487,841	424,702	676	711
Intangible assets	29	203,858	170,724	158	111
Deferred tax assets	30	61,748		42,976	72		72
		32,478,491	26,613,418	796,670	674,552
Asset classified as held for sale	31b	91,833		75,417	-		-
Total assets		32,570,324	26,688,831	796,670	674,552
Liabilities
Deposits from financial institutions	32	6,654,409	4,437,187	-	-
Deposits from customers	33	18,079,794	15,322,753	-	-
Derivative financial liabilities	21	76,600	475,999	-	-
Current tax liabilities	16	20,208	24,518	2,281	2,200
Other liabilities	34	1,997,699	1,727,312	123,792	124,683
Deferred tax liabilities	30	27,999	25,710	-	-
Debt securities issued	35	758,311	585,024	-	-
Interest-bearing borrowings	36	2,397,248	1,896,117	414,085	293,892
Retirement benefit obligation	37	11,084		8,577	-		-
Total liabilities		30,023,352	24,503,197	540,158	420,775
Equity
Share capital and share premium	38	251,811	251,811	251,812	251,812
Additional Tier 1 Capital	38	206,355	206,355	-	-
Retained earnings/ (Accumulated deficit)		884,936	715,131	4,328	1,593
Other components of equity	38	1,120,864		936,788	373		373
Total equity attributable to owners of the parent entity		2,463,966	2,110,085	256,512	253,778
Non controlling interest	38	83,005		75,549	-		-
Total equity		2,546,971		2,185,634	256,512		253,778
Total liabilities and equity		32,570,324		26,688,831	796,670		674,552

Signed on behalf of the Board of Directors on 29 April, 2024 by:

ACTING GROUP CHIEF EXECUTIVE OFFICER Bolaji Olaitan Agbede

FRC/2024/PRO/DIR/003/480085

NON-EXECUTIVE DIRECTOR Oluseyi Kumapayi FRC/2013/PRO/DIR/003/00000000911

GROUP CHIEF FINANCIAL OFFICER Morounke Olufemi FRC/2015/PRO/ANAN/001/00000011887

5

Consolidated and separate statement of changes in equity
					Attributable to equity holders of the parent
In millions of Naira										Foreign
Group			Additional	Regulatory	Other	Share				currency			Non
	Share	Share	Tier 1	risk	regulatory	scheme	Treasury	Capital	Fair value	translation	Retained		Controlling	Total
	capital	premium	Capital	reserve	reserves	reserve	Shares	reserve	reserve	reserve	earnings	Total	interest	Equity
Balance at 1 January, 2024	17,773	234,039	206,355	146,966	328,764	373	(20,974)	3,489	(20,665)	498,834	715,132	2,110,084	75,549	2,185,633
Total comprehensive income for the period:
Profit for the period	-	-	-	-	-	-	-	-	-	-	154,603	154,603	4,683	159,286
												-
Other comprehensive income/(loss), net of tax
Unrealised foreign currency translation difference	-	-	-	-	-	-	-	-	-	240,162	-	240,162	6,528	246,690
Effects of hyperinflation	-	-	-	-	-	-	-	-	-	-		-	-	-
Realised foreign currency translation difference	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Actuarial gain on retirement benefit obligations	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in fair value of FVOCI debt financial instruments	-	-	-	-	-	-	-	-	(15,425)	-	-	(15,425)	(3,755)	(19,181)
Changes in allowance on FVOCI debt financial instruments	-	-	-	-	-	-	-	-	(76)	-	-	(76)	-	(76)
Total other comprehensive (loss)/ income	-	-	-	-	-		-	-	(15,501)	240,162	-	224,661	2,773	227,433
Total comprehensive (loss)/income	-	-	-	-	-	-	-	-	(15,501)	240,162	154,604	379,264	7,456	386,720
Transactions with equity holders, recorded directly in equity:
Additional Tier 1 (AT1) Capital issued	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Group restructuring for RSPP Share	-	-	-	-	-	(4,182)	-	-	-	-	-	(4,182)	-	(4,182)
Transfers between reserves	-	-	-	(19,306)	(21,279)	-	-	-	-	-	40,585	-	-	-
Effects of hyperinflation											-	-		-
Transfers between equity owners on acquisitions	-	-	-	-	-	-	-	-	-	-	(4,676)	(4,676)	-	(4,676)
Scheme shares (See Note 14)	-	-	-	-	-	888	-	-	-	-		888	-	888
Vested shares	-	-	-	-	-	3,294	-	-	-	-	-	3,294	-	3,294
Dividend on additional Tier 1 Capital	-	-	-	-	-	-	-	-	-	-	(20,709)	(20,709)	-	(20,709)
Equity cost on share transfer	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend paid to equity holders	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total contributions by and distributions to equity holders	-	-	-	(19,306)	(21,279)	0	-	-	-	-	15,199	(25,385)	-	(25,385)
Balance at 31 March 2024	17,773	234,039	206,355	127,660	307,485	373	(20,974)	3,489	(36,165)	738,996	884,936	2,463,965	83,005	2,546,971
Consolidated statement of changes in equity
					Attributable to equity holders of the parent
In millions of Naira										Foreign
Group			Additional	Regulatory	Other	Share				currency			Non
	Share	Share	Tier 1	risk	regulatory	scheme	Treasury	Capital	Fair value	translation	Retained		Controlling	Total
	capital	premium	Capital	reserve	reserves	reserve	Shares	reserve	reserve	reserve	earnings	Total	interest	Equity
Balance at 1 January 2023	17,773	234,039	206,355	78,556	158,305	3,513	(11,228)	3,489	78,960	30,122	408,702	1,208,584	22,807	1,231,391
														-
Total comprehensive income for the period:	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit for the period	-	-	-	-	-	-	-	-	-	-	612,493	612,493	6,831	619,324
Other comprehensive income/(loss), net of tax	-	-	-	-	-	-	-	-	-	-		-		-
Unrealised foreign currency translation difference	-	-	-	-	-	-	-	-	-	468,712		468,712	12,347	481,059
Effects of hyperinflation	-	-	-	-	-	-	-	-	-	-		-	-	-
Realised foreign currency translation difference	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Actuarial gain on retirement benefit obligations	-	-	-	-	-	-	-	-	-	-	(3,129)	(3,129)	-	(3,129)
Changes in fair value of FVOCI debt financial instruments	-	-	-	-	-	-	-	-	(116,318)	-	-	(116,318)	33,564	(82,754)
Changes in allowance on FVOCI debt financial instruments	-	-	-	-	-	-	-	-	16,694	-	-	16,694	-	16,694
Total other comprehensive income/(loss)	-	-	-	-	-	-	-	-	(99,625)	468,712	(3,129)	365,959	45,911	411,870
Total comprehensive income	-	-	-	-	-	-	-	-	(99,625)	468,712	609,365	978,452	52,742	1,031,194
	-	-		-	-	-	-	-	-	-	-	-	-	-
Transactions with equity holders, recorded directly in equity:
Additional Tier 1 (AT1) Capital issued	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Group restructuring for RSPP Share	-	-	-	-	-	(7,298)	-	-	-	-	-	(7,298)	-	(7,298)
Transfers between reserves	-	-	-	(81,177)	(15,121)	-	-	-	-	-	(238,870)	-	-	-
Effects of hyperinflation											47,880	47,880		47,880
Transfers between equity owners on acquisitions	-	-	-	-	-	-	-	-	-	-	(24,064)	(24,064)	-	(24,064)
Scheme shares (See Note 14)	-	-	-	-	-	1,718	(9,746)	-	-	-		(8,028)	-	(8,028)
Vested shares	-	-	-	-	-	2,440	-	-	-	-	-	2,440	-	2,440
Dividend on additional Tier 1 Capital	-	-	-	-	-	-	-	-	-	-	(31,009)	(31,009)	-	(31,009)
Equity cost on share transfer	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend paid to equity holders	-	-	-	-	-	-	-	-	-	-	(56,872)	(56,872)	-	(56,872)
Total contributions by and distributions to equity holders	-	-	-	(81,177)	(15,121)	(3,140)	(9,746)	-	-	-	(302,936)	(76,951)	-	(76,951)
Balance at 31 March 2023	17,773	234,039	206,355	(2,621)	143,184	373	(20,974)	3,489	(20,665)	498,834	715,132	2,110,084	75,549	2,185,633

6

Statement of changes in equity
In millions of Naira
			Share
Company	Share	Share	Scheme	Retained	Total
	capital	premium	reserve	earnings	Equity
Balance at 1 January, 2024	17,773	234,039	373	1,593	253,777
Total comprehensive income for the period:
Profit for the period	-	-	-	2,735	2,735
Other comprehensive income, net of tax
Changes in fair value of FVOCI debt financial instruments	-	-	-	-	-
Changes in allowance on FVOCI debt financial instruments				-	-
Total other comprehensive income	-	-	-	-	-
Total comprehensive income	-	-	-	2,735	2,735
Transactions with equity holders, recorded directly in equity:
Share transfer to Holding Company by virtue of change in structure	-	-	-	-	-
Scheme shares (See Note 14)	-	-	-	-	-
Vested shares	-	-	-	-	-
Dividend paid to equity holders	-	-	-	-	-
Equity on share transfer	-	-	-	-	-
Total contributions by and distributions to equity holders	-	-	-	-	-
Balance at 31 March 2024	17,773	234,039	373	4,328	256,512

In millions of Naira
			Share
Company	Share	Share	Scheme	Retained	Total
	capital	premium	reserve	earnings	Equity
Balance at 1 January, 2023	17,773	234,039	-	(1,151)	250,660
Total comprehensive income for the period:
Profit for the period	-	-		59,616	59,616
Other comprehensive income, net of tax
Changes in fair value of FVOCI debt financial instruments	-	-	-	-	-
Changes in allowance on FVOCI debt financial instruments	-	-	-	-	-
Total other comprehensive income	-	-	-	59,616	59,616
Transactions with equity holders, recorded directly in equity:
Share transfer to Holding Company by virtue of change in structure	-	-	-	-	-
Scheme shares (See Note 14)	-	-	397	-	397
Vested shares	-	-	(24)	-	(24)
Dividend paid to equity holders	-	-	-	(56,872)	(56,872)
Equity on share transfer	-	-	-	-	-
Total contributions by and distributions to equity holders	-	-	373	(56,872)	(56,499)
Balance at 31 March 2023
17,773	234,039	373	1,593	253,777

7

Consolidated statement of cash flows
		Group		Group	Company		Company
In millions of Naira	Note	March 2024		March 2023	March 2024		March 2023
Cash flows from operating activities
Profit before income tax including discountinued operations		202,739	81,594	2,816	274
Adjustments for:
Depreciation	28	16,238	8,552	48	47
Amortisation	29	6,581	3,614	-	-
Gain on disposal of property and equipment	13	(11)	(27)	-	-
Loss/Gain on lease modification	28	4,041	73	-	-
Fair value gain on financial assets at FVPL	10b	(97,474)	(1,523)	-	-
Gain on disposal of investment securities	11	(95,266)	(18,667)	-	-
Impairment on financial assets	9	22,794	18,710	-	-
Additional gratuity provision	14	250	250	-	-
Restricted share performance plan expense	14	888	659	-	-
Write-off of property and equipment	28 (a)	-			-	-
Write-off of intangible assets	29	2,192			-	-
Share of profit from associate	27	-			-	-
Net interest (income)/expenses	8	(275,719)	(95,277)	13,394	-
Gain on modification of loans	8	-			-	-
Fair value gain on investment property	31a	-
Foreign exchange loss/(gain) on revaluation	12	(214,994)	(91,244)	104,475	-
Loss on derecognition of ROU assets	28	-	6,546	-	-
Fair value of derivative financial instruments excluding hedged portion	11	288,504	26,904	(105,462)	-
Dividend income	13	(9,589)			-	-
Net gain on fair value hedge (Hedging ineffectiveness)	12b	-	26,904	-	-
Loss from discontinued operations	46	-			-	-
Loss on disposal of subsidiaries		-
Change arising from goodwill reassessment	29	-		(83)	-		-
		(148,823)	(33,016)	15,271	321
Changes in operating assets
Changes in non-pledged trading assets	20	49,968	(10,542)	-	-
Changes in pledged assets	24	(319,834)	(376,490)	-	-
Changes in other restricted deposits with central banks	26	(53,850)	194,934	-	33,714
Changes in loans and advances to banks and customers	23	(1,740,998)	(60,998)	-	-
Changes in restricted deposits and other assets	26	(2,570,198)	251,950	(4,532)	(603)
Changes in operating liabilities
Changes in deposits from banks	32	2,246,120	(513,120)	-	-
Changes in deposits from customers	33	2,330,967	689,624	-	-
Changes in other liabilities	34	156,401		27,772	(891)		3,582
		(50,245)	170,113	9,847	37,014
Interest paid on deposits to banks and customers	32	(291,684)	(50,912)	-	-
Interest received on loans and advances to bank and customers	33	292,836	48,669	-	-
Interest received on non-pledged trading assets	20	111,525	13,509	-	-
Payment to gratuity benefit holders	37	-		-
		62,431	181,379	9,847	37,014
Payment out of retirement benefit obligation		-	-	-	-
Income tax paid	16	(90,665)		(5,128)	1		-
Net cash generated from operating activities		(28,234)		176,251	9,848		37,014
Cash flows from investing activities						-
Net acquisition of investment securities		(544,945)	(368,597)	(2,518)	-
Interest received on investment securities	25	228,917	32,458	-	-
Transfer from/additional investment in fund manager	26	(2,206)	751	-	-
Dividend received	13	9,589			-	-
Acquisition of property and equipment	28	(70,033)	(8,334)	(12)	(944)
Proceeds from the sale of property and equipment	28	5,486	15,651	-	-
Acquisition of intangible assets	29	(33,004)	(17,913)	(47)	-
Proceeds from disposal of asset held for sale		-	8,384	-	-
Net cash paid to acquire new subsidiary	48 (xi)	155,723			-	-
Proceeds from matured investment securities	25	651,633	142,794	-	-
Pension protection fund investment	26b	-	-	-	-
Proceeds from disposal of sub-subsidiary		-	-	-	-
Additional investment in associate		-	-	-	-
Additional investment in subsidiaries	27c	-		-	(3,260)		-
Net cash generated from investing activities		401,160	(194,806)	(5,838)	(944)
Cash flows from financing activities
Interest paid on interest bearing borrowings and debt securities issued	36	(30,798)	(29,205)	-	-
Proceeds from interest bearing borrowings	38	369,309	54,699	-	-
Proceeds from interest bearing borrowings		-			-	-
Proceeds from Additional Tier 1 capital issued	37	(36,299)			-	-
Payments on Issuing cost of Additional Tier 1 capital	36	-	(10,520)	-	-
Repayment of interest bearing borrowings	35	(291,998)	(60,727)	(13,143)	-
Repayment of debt securities issued		(15,000)
Increase in borrowings		15,467			15,467	-
Proceeds from debt securities issued		-			-	-
Lease payments	28	(10,697)	(7,131)	-	-
Purchase of own shares		-			-	-
Equity cost of share transfer		-			-	-
Dividends paid to owners	13	(545)			-		-
Net cash generated from/(used in) financing activities		(561)		(52,884)	2,324		-
Net increase in cash and cash equivalents		372,364		(71,441)	6,334		36,071
Cash and cash equivalents at beginning of period	40	3,652,924	1,233,115	66,465	-
Net increase in cash and cash equivalents		372,364	(71,441)	6,334	36,071
Effect of exchange rate fluctuations on cash held		(92,397)		13,244		(2)
Cash and cash equivalents at end of period	40	3,932,891	1,174,918	72,801	36,069

8