Page 308 - ACCESS BANK ANNUAL REPORTS_eBook

Specific allowance for impairment on available for sale investment securities

Group Group Bank Bank
In thousands of Naira December December December December
2017 2016 2017 2016

Balance, beginning of year 3,389,059 3,326,078 3,389,059 3,326,078
Allowance written off - (21,358) - (21,358)
Revaluation difference 20,745 84,338 20,745 84,339
Balance, end of year 3,409,804 3,389,059 3,409,804 3,389,059

26 Other assets

Group Group Bank Bank
In thousands of Naira December December December December
2017 2016 2017 2016
Financial assets
Accounts receivable 29,153,377 23,063,084 15,988,773 13,804,165
Receivable on E-business channels 16,502,776 2,333,865 16,502,776 2,253,689
Receivable from disposal of non-current asset - 19,341,974 - 19,341,974
Deposit for investment in AGSMEIS (i) 3,201,307 - 3,201,307 -
Subscription for investment 612,055 25,003 920,768 833,102
49,469,515 44,763,926 36,613,624 36,232,930

(i) Deposit for investment in AGSMEIS represents the Bank’s deposit as equity investment in Agri-business/Small
and Medium Enterprises Investment Scheme.
As approved by the Bankers’ Committee on 9th February 2017, all Deposit Money Banks are required to invest
5% of prior year’s Profit After Tax as equity investment in the scheme.

(ii) Subscription for investment balance relate to deposit paid for the acquisition of equity investments for which
shares have not been issued to the bank

Non-financial assets
Prepayments 34,611,077 20,751,238 29,329,123 16,668,917
Inventory 1,343,160 707,748 1,343,160 660,491
35,954,237 21,458,986 30,672,283 17,329,408
Gross other assets 85,423,752 66,222,912 67,285,907 53,562,338
Allowance for impairment on financial assets
Accounts receivable (2,645,320) (2,942,857) (2,071,109) (2,942,857)
Subscription for investment (25,001) (25,001) (25,001) (25,001)

82,753,433 63,255,054 65,189,797 50,594,480

Movement in allowance for impairment on other assets:
Group Group Bank Bank
In thousands of Naira Accounts subscription for Accounts subscription for
Receivable investments Receivable investments
Balance as at 1 January 2016 2,635,576 25,001 2,635,576 25,001

Impairment loss for the year:
- Additional provision 1,321,935 - 1,321,935 -
Net impairment 1,321,935 - 1,321,935 -

Allowance written off (1,016,504) - (1,016,504) -
Revaluation difference 1,849 - 1,849 -
Balance as at 31 December 2016/1 January 2017 2,942,856 25,001 2,942,857 25,001

308 Access BAnk Plc
Annual Report & Accounts 2017