Company Result - Afrinvest - First Bank Plc - H1 2011 Result (208).

Company Result - Afrinvest - Stanbic IBTC - H1 2011 (156).

Company Result - Afrinvest - Sterling Bank - Q2 2011 (163).

Company Result - Diamond Bank - Unaudited Result Q2 2011 - Press Release (183).

Company Result - Diamond Bank - H1 2011 Result (175).

Company Result - Diamond Bank Plc Q2 2011 Conference Call - Afrinvest (644).

Company Result - Ecobank Nigeria PLC - H1 2011 Result (193).

Company Result - FCMB - H1 2011 (153).

Company Result - FCMB - Proshare - July 2011 (196).

Company Result - First Bank - H1 2011 Press Release (217).

Company Result - First Bank - H1 Unaudited Results (165).

Company Result - First Bank of Nigeria Plc - Q2 2011 Conference Call - Afrinvest (628).

Company Result - First City Monument Bank Plc - H1 2011 (174).

Company Result - First City Monument Bank Plc - Q2 2011 Conference Call - Afrinvest (626).

Company Result - Skye Bank - H1 2011 - Unaudited Results (177).

Company Result - Press Release - FCMB - H1 2011 (164).

Company Result - Skye Bank Plc Q2 2011 - Afrinvest (159).

Company Result - Stanbic IBTC - Unaudited Result Q2 2011 (154).

Company Result - Stanbic IBTC Bank Plc - H1 2011 - Press Release (179).

Company Result - Sterling Bank - Q2 2011 (154).

Company Result - UBA - H1 2011 (180).

Company Result - UBA - July 2011 - Proshare (207).

Company Result - UBA Plc Q2 2011 - Afrinvest (184).

1. Mainstreet Bank Limited has assumed the assets and liabilities of Afribank Nigeria Plc.

2. Keystone Bank Limited has assumed the assets and liabilities of Bank PHB Plc.

3. Enterprise Bank Limited has assumed the assets and liabilities of Spring Bank Plc.

Here is the press release from the NDIC:

LAGOS, Fri, Aug 5 2011
PRESS BRIEFING BY NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC)
RESOLUTION OF FAILING BANKS THROUGH THE ESTABLISHMENT OF BRIDGE BANKS
In July 2009, the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) carried out a special examination of all 24 deposit banks in Nigeria, with the aim of assessing their health, with particular focus on liquidity, capital adequacy, risk management and corporate governance practices.

Ten (10) banks were adjudged to be in grave states with deficiencies in capital adequacy. Of these, eight (8) also had significant deficiencies in liquidity, risk management practices and corporate governance policies. The Managing and Executive Directors of these 8 were immediately replaced, and all the 10 banks were bailed out by the injection of fresh capital totaling about N620 billion, in the form of Tier 2 Capital.

It has been two years since the commencement of the banking reforms and to date, two of the banks (Wema Bank Plc and Unity Bank Plc) have been successfully recapitalized, while four banks (Union Bank of Nigeria Plc, Intercontinental Bank Plc, Finbank Plc and Oceanic Bank International Plc have signed legally-binding Transaction Implementation Agreements (TIAs), a significant step towards recapitalization by the deadline of September 30th set by the CBN.  Equitorial Trust Bank (ETB) Ltd is currently in the final stage of negotiation with a prospective investor with strong likelihood that it will meet the recapitalization deadline.

However, the remaining 3 banks (Afribank Plc, Bank PHB Plc and Spring Bank Plc), have not shown the necessary capacity and ability to recapitalize within the September 30th deadline.

Accordingly, in the interest of depositors and to prevent liquidation which will have dire consequences for depositors and undermine public confidence in the banking system, pursuant to the provisions of the NDIC Act, the Corporation, after due consultation with the CBN and Federal Ministry of Finance and with the full support of the Federal Government, has resolved the problems of the three banks through the Bridge Bank mechanism.

To this effect, the assets and liabilities of the affected banks, whose licenses have now been revoked by the CBN, have been duly transferred by the Corporation to newly incorporated Bridge Banks as follows:
1. Mainstreet Bank Limited has assumed the assets and liabilities of Afribank Nigeria Plc.
2. Keystone Bank Limited has assumed the assets and liabilities of Bank PHB Plc.
3. Enterprise Bank Limited has assumed the assets and liabilities of Spring Bank Plc.

The Corporation is encouraged by the provision of the Bridge Bank option in our law, to resolve the problems in the banking sector.  The Bridge Bank option is a veritable tool of enhancing depositor protection and promoting confidence by ensuring seamless continuity of banking operations. The NDIC will operate the Bridge Banks until such a time that we engage the Asset Management Company of Nigeria (AMCON) with a view to capitalizing the Bridge Banks.  AMCON is expected to open up negotiations with investors who may be interested in capitalizing the Bridge Banks.

With this action, a resolution of the crisis in the Nigerian banking system is assured, as it brings certainty and stability to the banking system. It is worthy of note, that unlike other parts of the world where depositors lost funds in the resolution of banking crises, NO depositor lost any funds in this reform process in Nigeria.

This is indeed in line with the avowed commitment of the Federal Government, and Mr President in particular, to ensure that Nigerian depositors do not suffer the trauma and suffering associated with bank liquidations.

Signed:
Management
NIGERIA DEPOSIT INSURANCE CORPORATION

You can download the press release below:
NDIC Press Release (134)

Access Bank:
Access Bank - Q1 2011 Results (278).

Access Bank - Q1 2011 Results Presentation (273).

Access Bank Plc Q1 2011 Result (239).

FCMB:

FCMB - Q12011 Results (217).

First Bank:

First Bank 2010 Annual Report (528).

First Bank 2010 Financial Perfomance Review (295).

First Bank 2010 Financial Perfomance Review (183).

First Bank 2010 Q1 2011 Results Press Release (199).

First Bank FY 2010 and Q1 2011 Results Presentation (228).

First Bank Q1 2011 Unaudited Results (234).

Skye Bank:

Skye Bank Plc Q1 2011 Result (271).

Stanbic IBTC:

Stanbic IBTC - Q1 2011 Unaudited Results (217).

StanbicIBTC Q12011 Results Press Release (281).

UBA:

UBA - Q1 2011 and Q4 2010 Results - Investor Presentation (321).

Zenith Bank:

Zenith Bank Q1 2011 Result (264)

Access Bank:

Audited 2010 Results For Access Bank (432).

Access Bank FY 2010 Results Investor Presentation (236).

Diamond Bank:

Company Research - Afrinvest - Diamond Bank Plc Conference Call (473).

Company Research - Afrinvest - Diamond Bank Plc Q1 2011 Result (247).

Company Results - Diamond Bank Plc 2010 Press Release (255).

Company Results - Diamond Bank Plc 2010 Results Financials (243).

Company Results - Diamond Bank Plc FY2010 Result Financials (316).

Company Results - Diamond Bank Plc Q1 2011 Press Release (332).

Diamond Bank - FY 2010 and Q1 2011 Results - Investor Presentation (279).

Fidelity Bank:

Company Research - Afrinvest - Fidelity Bank Plc FY 2010 Result (306).

Fidelity Bank - FY2010 Results Investor Presentation (259).

Fidelity Bank FYE 2010 Press Release (241).

FCMB:

Company Results - FCMB Plc FY2010 Results Press Release (248).

FCMB Q4 2010 Analyst Presentation (308).

First Bank:

Company Research - Afrinvest - First Bank Plc FY 2010 Result (272).

First Bank o fNigeria Plc - Notice of Results and Conference Call Invitation (774).

First Bank of Nigeria - FY2010 Audited Results (371).

GT Bank:

GT Bank - FY 2010 Results Investor Presentation (278).

GTBank - FY 2010 Results (1386).

GTBank FY 2010 Result - Afrinvest - March 22nd 2011 (287).

Stanbic IBTC:

Stanbic IBTC FY2010 Audited Results (220).

Stanbic IBTC FY2010 Results - Investor Presentation (375).

Stanbic IBTC FY2010 Results Analysis (273).

Stanbic IBTC FY2010 Results Press Release (381).

Skye Bank:

Company Research - Afrinvest - Skye Bank Plc FY 2010 Result (293).

Skye Bank - FY2010 Results Investor Presentation (268).

Sterling Bank:

Company Research - Afrinvest - Sterling Bank Plc FY 2010 Result (239).

Sterling Bank - FY 2010 Results (228).

Zenith Bank:

Company Research - Afrinvest - Zenith Bank FY 2010 Earnings Update (288).

Zenith Bank - FY 2010 Abridged Financial Statements (229).

Zenith Bank FY2010 Group Results Presentation (207)

Nigerian Bottling Company Plc
Q3 ’10 Results:
- NBC reported  an 14.1% increase in turnover from N64.7bn (US$430.2) in Q3 ’09 to N73.8bn (US$490.7m).
- While PBT fell by 38.7% to N1.7bn (US$11.3m), PAT grew by 30.2% to N1.7bn. The growth in PAT could be linked to the minimal tax payment made for the quarter (N5.0m), possibly as a result of capital allowances on new projects granted to the company.
- PBT margins dropped to 2.3% from 4.3% in Q3’09, indicating an increase in operating expenses.

FY ’10 Outlook:
- The company has launched a new juice (Cappy Juice), which is expected to boost the company’s profit and market share amid the fierce competition that currently exists in the juice manufacturing space.
- NBC is currently trading at a trailing P/E ratio of 17.7x, which is a discount to its peer average of 18.3x (Afrinvest Research Consumer Goods).
- We forecast FY 2010 Turnover and PBT of N94.7bn (US$629.7) and N2.4bn (US$16.0) respectively, and remain NEUTRAL on the stock pending the release of its full year numbers. We also establish a 6-month price target of N32.94.

Mobil (Oil) Nigeria Plc
Q3 ’10 Results:
- Mobil reported a marginal 3.9% dip in turnover from N47.1bn (US$312.9m) in Q3 ‘09 to N45.2bn (US$300.5m).
- The company however an impressive 74.6% increase in PBT from N2.5bn (US$16.6m) to N4.3bn (US$28.6m).Despite a drop in revenue, Mobil continues to maintain an impressive pre-tax margin of 9.5%, thus making it one of the most efficient downstream operators in Nigeria.

FY ’10 Outlook:
- This performance may not be unconnected to Mobil’s ability to book a significant proportion of its profit from non-core business activities (especially real estate). In addition, the recent restructuring and cost-cutting strategies implemented by the company has led to a reduction of nearly 40.0% in labour costs, thus making its supply and distribution more efficient.
- The recent share price performance has firmed up Mobil’s valuation metrics, with the company currently trading at a 2010 forward P/E of 11.7x, a discount to the sector average of 13.4x.
- We remain positive in our FY 2010 outlook on Mobil, with revenue and PBT forecasts of N60.8bn (US$404.0m) and N5.8bn (US$38.5) respectively. We therefore upgrade our rating on Mobil to ACCUMULATE with a 12-month price target of N178.75K, indicating a 16.9% upside potential.
Company Report - Afrinvest - Mobil Q3 2010 Earnings Update (140)

Diamond Bank Plc
Q3 ’10 Results:
- Diamond Bank reported gross earnings of N67.0bn (US$445.3m), representing a 20.8% decrease from the N84.6bn (US$562.1m) reported in the corresponding 2009 period.
- The bank however returned to profitability, posting pre and post tax profits of N7.0bn (US$46.5m) and N4.9bn (US$32.4m) in Q3 2010 respectively.
- The reduction in the top line is consistent with the trend that has seen banks struggle with lower yields on assets amid a challenging credit environment.

FY ’10 Outlook:
- Further analysis of the bank’s revenue profile by business segments indicates that the strategic drive towards expanding retail banking business has begun to yield benefits.
- Apart from the 5.2% QoQ reduction in operating expenses, the 52.2% drop in cost of risk had the most impact on profitability. Deposits largely held steady, while risk assets declined by 11.9% over the period.
- On this basis, we forecast a 2010E EPS of N0.49 implying a P/E of 15.2x which is at a premium to its peers. We place a SELL recommendation on the stock, based on our 6M price target of N5.22, representing a 29.4% downside.
Company Report - Afrinvest - Diamond Bank Q3 2010 Earnings Update (134)

Access Bank Plc
Q3 ’10 Results:
- Access Bank reported gross earnings of N78.0bn (US$517.6m), representing a 15.2% decrease from the N91.9bn (US$610.4m) reported in the corresponding 2009 period.The bank reported pre-tax profits of N14.1bn for the period under review, as against a loss of N10.6bn reported in the corresponding 2009 period.
- This performance is symptomatic of the overall industry trend that has seen profits soar on the back of significant reduction in costs: loan loss provisions dropped 87.0% YoY from N39.9bn to N5.2bn, while operating costs have consistently dropped by 3.0% and 15.0% between Q1, Q2 and Q3.

FY ’10 Outlook:
- Consequently, there has been a progressive, albeit marginal, drop in its cost-to-income ratio. We have therefore established a 2010 FYE of N97.0bn in gross earnings and N13.6bn in net earnings. This gives an EPS estimate of N0.75 for FY 2010.
- Access Bank currently trades at a trailing P/E of 17.6x, which is at a 16.3% discount to its peers. It however trades at 11.4x 2010E earnings, which represents a slight premium to its peers (trading at an average of 10.8x 2010E earnings).
- Afrinvest Research establishes a 6M price target of N8.04 (a 2.2% downside) and thus remain NEUTRAL on the stock.

And for Ashaka Cement:

And others from FSDH:

Company Report - FSDH - GTBank -Q3, 2010 (136).

And from Vetiva:

Diamond Bank:

Diamond Bank Plc Q3 2010 Results (127).

Diamond Bank Plc Q3 2010 Results Conference Call Presentation (363).

EcoBank:

FCMB:

First Bank:

First Bank of Nigeria Q3 2010 Detailed Results (134).

First Bank of Nigeria Q3 2010 Press Release (192).

First Bank of Nigeria Q3 2010 Results (122).

First Bank of Nigeria Q3 2010 Results - Notes To Balance Sheet (117).

First Bank of Nigeria Q3 2010 Results - Notes To Profit And Loss (108).

Oceanic Bank:

Skye Bank:

Skye Bank Q3 2010 Financials Results (115).

Skye Bank Q3 2010 Results (128).

Skye Bank Q3 2010 Results - Balance Sheet (166).

Sterling Bank:

Sterling Bank Q3 2010 Results (127).

UBA:

Happy Reading!

Zenith Bank
Q3 ’10 Results:
- Zenith Bank reported gross earnings of N139.6bn, representing a 13.6% decrease from the N161.6bn reported in the corresponding 2009 period.
- Pre-Tax profits grew by 196.3% to N39.2bn from N13.2bn reported in Q3 ’09.
- Continuous improvement across the bank’s key efficiency and operating ratios has fuelled this impressive performance even as top-line growth continues to come under intense pressure.

FY ’10 Outlook:
- We remain confident in the bank’s ability to sustain this new level of efficiency as we do not envisage any significant risk to the bank’s operating model in the near term.
- We believe improved efficiency ratios will be a key driver in growing profits thus enhancing the bank’s valuation indices and creating additional upside potential.
- With a revised top-line forecast of N193.1bn for FYE 2010 and N54.1bn in pre-tax profits, we remain positive in our outlook on the bank.
- We hereby reiterate our LONG-TERM BUY recommendation on the bank and establish a 12-month price target of N16.85K which, at current valuations, translates to a 22.1% upside potential.
Company Report - Afrinvest - Zenith Bank Q3 2010 Earnings Update (139)

Unity Bank
Q3 ’10 Results:
- Unity Bank reported a 41.9% increase in gross earnings from N29.3bn (US$192.6m) in Q3 ‘09 to N41.6bn (US$273.3m).
- PAT went up to N10.7bn (US$70.0m) from a loss position of N11.9bn (US$78.2m) recorded in the corresponding 2009 period.
- Net Assets also grew from N7.2bn (US$47.3m) in FY ‘09 to N42.1bn (US$276.6m), following the successful conclusion of the bank’s rights issue.

FY ’10 Outlook:
- This result suggests that Unity Bank has turned the corner, after failing to meet the 10.0% Capital Adequacy Ratio (CAR) prescribed for banks during the CBN audit in 2009.
- While we have yet to speak with management regarding its current operations and strategic outlook for 2011, we reclassify the bank along with our mid-tier banks, which thus makes it an attractive value proposition.
- With a trading multiple of 3.7x its 2010E earnings, compared to a peer average of 8.2x 2010E for the mid-tier banks, we establish a 6-month price target of N2.23 and place a BUY recommendation on the stock.
Company Report - Afrinvest - Unity Bank Plc Q3 2010 Earnings Update (200)

GT Bank
Q3 ’10 Results:
- GTBank reported gross earnings of 119.8bn, 11.9% down from the N136.1bn recorded in the corresponding 2009 period.
- The company however reported an 82.1% increase in PBT to N39.0bn.
- Afrinvest Research believes this performance is efficiency-driven as the bank has driven down its interest expense by 43.6% to 24.7bn.

FY ’10 Outlook:
- Although we remain positive in our outlook on GTBank, we have reviewed our forecasts on the back of the bank’s decision to adopt a mono-line commercial banking business model, as against a holding company structure whereby accounts of subsidiaries are consolidated.
- Our updated forecasts show that the bank is currently trading at a discount to its peers (based on trailing and forward 2010 numbers) and still has room for further price appreciation.
- We revise our forecast turnover down by 20.0% to N169.2bn and our pre-tax profits up to N51.4bn. We also re-iterate our ACCUMULATE recommendation and expect GTBank’s price to trade between a 12.5% – 17.5% upside over the next 6 – 12 months.
Company Report - Afrinvest - GTBank Q3 2010 Earnings Update (178)

UBA
Q3 ’10 Results:
- UBA reported gross earnings of N136.4bn, representing a 6.9% decrease from the N146.4bn reported in the corresponding 2009 period.
- PBT also grew by 225.4% to N16.9bn from a loss of N13.5bn reported in Q3 ‘09.
- The bank’s lending activities however declined by 4.2% from N664.2bn in Q2 ’10 to N636.2bn in Q3 ’10.

FY ’10 Outlook:
- Overall, we remain optimistic on the future performance of the bank. We believe that the recently raised additional capital of N20.0bn will further strengthen the bank’s capital base and also enhance its capital adequacy ratio, currently standing at 17.0%.
- We are however cautious based on this recent performance and the probability of further exceptional item charges.
- Our forecasts also suggest that UBA is currently trading at a 2010E P/E of 20.4x, a significant premium to the top-tier bank average of 12.4x and mid-tier bank average of 8.2x.
- We therefore revise our FY 2010 forecast gross earnings downward to N190.4bn, and PBT to N24.7bn. We also downgrade our recommendation on UBA from an ACCUMULATE to a NEUTRAL/HOLD, as we do not envisage any significant upside potential at current valuation levels in the near term.

First Bank of Nigeria Plc
Q3 ’10 Results:
- First Bank reported gross earnings of N198.0bn, representing a 10.6% decrease from the N177.1bn reported in the corresponding 2009 period. This also falls 3.8% short of our projected N183.9bn.
- The bank reported an impressive pre-tax profit of N40.7bn for the period under review as against a loss of N6.7bn reported in the corresponding 2009 period.
- We would expect that the bank will focus more on driving its operating expenses further down. Operating expenses increased by 17.8% from N71.3bn in 2009 to N83.9bn, despite a 5.3% fall in operating income to N130.3bn from N137.6bn.

FY ’10 Outlook:
- First Bank continues to leverage on its strong brand to grow deposits at a remarkable rate. This growth continues to sustain its strong liquidity ratio, currently at 64.7%.
- We believe First Bank is likely to adopt the holding company structure business model and we remain optimistic that the anticipated new model will support the bank’s growth ambitions and further drive profitability.
- We review our initial top-line forecast of N249.8bn (US$1.7bn) down by 5.0% to N237.3bn (US$1.6bn), while maintaining our initial pre-tax projection of N56.3bn (US$374.1m).
- We also maintain our BUY recommendation on First Bank with a 12-month price target within the range of N16.00 – N16.50 (translating to a 27.3% – 31.2% upside potential at current valuations).
- The bank currently trades at a trailing P/E of 12.3x and forward multiple of 10.7x for FYE 2010; this is a discount to its top-tier peers with both trailing and forward multiples of 17.6x and 13.7x respectively.

Sterling Bank Plc
Q3 ’10 Results:
- Sterling Bank reported gross earnings of N23.1bn (US$153.6m), representing a 13.0% decrease from the N26.6bn reported in the corresponding 2009 period.
- The bank however reported pre-tax profits of N5.7bn (US$37.9m) from a loss position of N7.0bn (US$46.5m).
- This performance is very much in line with the industry trend which has seen banks challenged for top line growth.

FY ’10 Outlook:
- We review our gross earnings forecast down by 14.1% to N31.8bn (US$211.4m), as the outlook for credit expansion and yield on interest bearing assets remains subdued.
- We do however expect the impressive cost efficiency gains achieved thus far in 2010 to be maintained and therefore revise our net earnings forecast to N6.7bn (US$44.5m) (+6.0%), implying a 2010E EPS of N0.53.
- Sterling Bank thus trades at 4.2x 2010E earnings, a significant discount to its peers (trading at 9.7x 2010E earnings). We therefore maintain our BUY recommendation on the stock.

Skye Bank Plc
Q3 ’10 Results:
- Skye Bank reported gross earnings of 66.2bn, 17.3% down from the N80.0bn recorded in the corresponding 2009 period.
- The bank however reported a huge boost in pre-tax profits to N10.2bn.
- Afrinvest Research believes that this is very much in tandem with the observed trend in the banking sector where the small universe of high quality borrowers has adversely impacted the capacity of banks for credit expansion, and by extension interest income.

FY ’10 Outlook:
- While we have yet to speak with management regarding these results, we are inclined to believe that the increased focus on cost containment (following the drastic cost cutting of Q4 2009) have had a positive impact on its performance.
- On this basis, we establish a 2010E PAT and EPS forecast of N11.2bn and N0.97 respectively.
- On a valuation basis, the bank is trading at 7.7x its 2010F earnings, which is at a discount to its peer average of 9.7x. We therefore establish a BUY recommendation based on a 6M price target of N9.37 (a 27.0% upside).

Oceanic Bank Plc
Q3 ’10 Results:
- Oceanic Bank reported gross earnings of N89.4bn (US$594.7m), 31.1% down from the N129.7bn (US$862.6m) recorded in the corresponding 2009 period.
- The bank reported a pre-tax profit of N13.1bn (US$87.0m) for Q3, 2010 as against a loss of N88.4bn (US$587.8m) recorded in Q3, 2009.
- Our analysis shows that these profits were fuelled by a write-back of N14.5bn (US$96.7m) as it made a net operating loss of N1.5bn (US$9.7m) during the period under review.

FY ’10 Outlook:
- While the brand impairment (reputation damage) suffered by the bank in the wake of the CBN’s intervention on August 14, 2009 limited its ability to grow deposits in the early part of the year, recent performance suggests that it may have regained market confidence with deposits rising to N644.5bn and comparing favourably with the N633.2bn in deposits, pre-intervention (March 2009).
- The bank has also remained a net taker of funds in the inter-bank market, with net deficit of N143.9bn.
- Overall, we remain cautious in our outlook on the bank while watching to see how the sale of bad loans to AMCON could boost its liquidity and help fuel risk asset creation; we hereby put a HOLD recommendation on Oceanic Bank.

I will be posting a chart with the summary of the results later.

Access Bank Q3 2010 Financials (64).

Access Bank Q3 2010 Investors Conference Call Presentation (259).

Access Bank Q3 2010 Press Release (95).

Afrinvest - GT Bank Q3 2010 Earnings Update (81).

Afrinvest - UBA Q3 2010 Research Update (92).

Afrinvest - Unity Bank Plc Q3 2010 Earnings Update (71).

Afrinvest - Zenith Bank Q3 2010 Earnings Update (71).

FCMB Plc Q3 2010 Results Press Release (95).

FCMB Q3 2010 Results (49).

Stanbic IBTC 2010 Reults Press Release (124).

Stanbic IBTC Q3 2010 Results (66).

UBA Press Relase 3Q 2010 Results - 21 Oct 10 (48).

UBA Q3 2010 Results (54).

Vetiva Research - Guaranty Trust Assurance Plc - 2010 (99).

Vetiva Research - Stanbic IBTC Bank Plc Update (121).

Zenith Bank Q3 2010 Group Results Presentation (127).

Afrinvest 2010 Banking Sector Report

Here are some charts from the report:

Market share by total assets and total deposits:

Bank share by shareholder funds and total loans:

Bank Capitalization:

Market share by gross revenues:

Operating statistics:

FCMB H1 2010 Results Presentation
FCMB H1 2010 Results Press Release
Fidelity Bank H1 2010 Results
Fidelity Bank Q2 2010 Presentation
Fidelity Bank Q2 2010 Press Release
FSDH – Company Report – Zenith Bank 2010
GT Bank June 2010 Half Year Investor Presentation
GTBank HY2010 Financial Statement
GTBank HY2010 Financial Summary
Skye Bank H1 2010 Full Results
Skye Bank H1 2010 Press Release
Zenith Bank H1 2010 Group Results Presentation

Here is CBN‘s press release after the bill was signed:
CBN Press Release On The Signing Of The AMCON Bill

Vetiva Banking Update – July 2010 – Analysis Of Bad Bank Bill

1. Diamond Bank 6M 2010 Results
2. Diamond Bank Q2 2010 Results
   
3. Diamond Bank Press Release
4. FCMB 6M 2010 Results
5. FCMB 6M 2010 Press Release
6. Zenith Bank 6M 2010 Results
7. First Bank 6M 2010 Results
8. First Bank 6M 2010 Results Press Release
9. UBA 6M 2010 Results Press Release

Vetiva Securities has prepared a short analysis of the bank reports. You can view that below:
Vetiva H1 Banking Update

• UBA reported gross earnings of N246.7bn (US$1.6bn) for the 15 months ended 31 December 2009, representing a 45.6% increase from the corresponding 12 month period to September 2008.
• Total assets decreased by 7.5% from N1.7tn (US$11.5bn) in 2008 to N1.5tn(US$10.3bn) as at FY2009
• Total loans and advances grew by 40.6% to N606.6bn ($4.0bn) while its loan to deposit ratio went up to 48.7% from 32.4% recorded in the prior year. • Operating income was up 46.0% from N128.2bn (US$852.6m) to N187.1bn (US$1.2bn)
• Deposits and other accounts decreased by 6.6% from N1.3tn (US$8.9bn) as at September 2008 to N1.2tn(US$8.3bn)
• Keeping loan quality at an acceptable limit seemed to be a challenge as Non-Performing Loans (NPL) (as a proportion of gross loans) went up from 4.0% in FY2008 to 8.0%
• The exceptional item reported included a net charge of N38.2bn (US$254.0m) for diminution in the value of assets which significantly hampered the bank’s bottom-line earnings potential; After-Tax Profits went down 94.9% from N41.2bn(US$274.4m) in 2008 to N2.1bn(US$14.1m) for FY2009.

Afrinvest, ARM and Meristem each prepared analyses of the company’s results:

Afrinvest - UBA FY 2009 Earnings Update (307).

ARM - UBA Plc 15M Dec 2009 (302).

Meristem - UBA - FY2009 (240).

1. Chief Executive Officers, CEO of banks shall serve a maximum tenure of ten years.
2. All CEOs who would have served for ten years by July 31, 2010 shall cease to function in that capacity and shall hand over to their successors.
3. Where a bank is a product of merger, acquisition, take-over or any other form of combination, the ten–year period shall include the pre and post combination service years of a CEO provided that the bank in which he previously served as CEO was part of the new bank that emerged after the combination.
4. Any person who has served as CEO for the maximum tenure in a bank shall not qualify for appointment in his former bank or subsidiaries in any capacity until after a period of three years after the expiration of his tenure as CEO.
5. The Governor/Deputy Governors of the CBN and the Managing Director/CEO and Executive Directors of the Nigeria Deposit Insurance Corporation, NDIC shall not be eligible for appointment in any capacity in banks until after the expiration of five years from the date of their exit from the CBN or NDIC as the case may be.
6. The Departmental Directors of the CBN and the NDIC shall not be eligible for appointment in any capacity in banks and their subsidiaries under the supervision of the CBN and NDIC until after the expiration of three years from the date of their exit from the CBN or NDIC as the case may be.
7. Henceforth, all banks shall reflect the provisions of these guidelines in the terms of engagement of their CEOs.

You can download the CBN release here.