DGAP-News: ADC African Development Corporation GmbH & Co. KGaA / Key word(s): Final Results ADC African Development Corporation GmbH & Co. KGaA: ADC's banking investment in Nigeria reports turnaround in 2012 ++ Operating income of Union Bank of Nigeria grew 85% ++ Customer deposits increased by 21% 30.04.2013 / 18:14 --------------------------------------------------------------------- ADC's banking investment, Union Bank of Nigeria (UBN) has released its 2012 financial results, delivering a full year profit after tax of NGN 7.3 billion (EUR 35.8 million) at group level, and NGN 7.9 billion (EUR 38.1 million), at bank level; a significant turnaround from the bank level 2011 full year net loss of NGN 76.7 billion (EUR 371.9 million) before the consortium, which includes ADC, finalized the transaction. This was driven by gross revenues of NGN 112.8 billion (EUR 546.8 million) at group level, and gross revenues of NGN 96.5 billion (EUR 467.7 million), net interest income of NGN 58.6 billion (EUR 284.1 million), and fee, commission and other income of NGN 15.3 billion (EUR 74.0 million) at bank level year end. Bank operating income was up 85% year-over-year coming in at NGN 73.9 billion (EUR 358.1 million) compared to NGN 39.9 billion (EUR 193.6 million) in 2011. Deposits grew 21% year-over-year, with total deposits at NGN 485.5 billion (EUR 2,353.6 million). Net loans decreased 5%, at NGN 137.0 billion (EUR 664.0 million) for full year 2012, while investment securities increased to NGN 280.4 billion (EUR 1,359.5 million), up 14% year-over-year. Total assets ended the year at NGN 886.5 billion (EUR 4,297.3 million), up NGN 59.3 billion (EUR 287.5 million), (7%), versus 2011. Net interest margins improved significantly to 10.0% at year-end 2012, an increase of 150% year-over-year. Weighted average asset yields settled at 13.4%, up from 9.1% at year-end 2011. UBN's funding costs also improved to 4.8% at year-end 2012 versus 5.2% in 2011, notwithstanding the 21% increase in deposits. Operational expenditure fell 10% year-over-year to NGN 66.2 billion (EUR 321.0 million), with cost to income roughly halving, from 172% to 90% at year-end 2012. Q4 2012 saw a considerable uptick in operating expenditure (+89%) versus Q3 2012, part of UBN's transformation plan. The UBN results publication is available for download via the following link on the ADC website: http://www.african-development.com/en/operations/banking-operations/union- bank-of-nigeria-ubn/ Karima Ola, CIO of ADC commented: 'The results clearly show that UBN's transformation is on track, with all expenses relating to the recent recapitalization and clean-up of the loan portfolio now incorporated in the 2012 results. The core management team is complete with ex-Citibank (Nigeria) CEO, Emeka Emuwa, at the helm. Mr Emuwa is continuing to drive UBN's restructuring, via upgrading staff quality, operating infrastructure, customer base and operational efficiency, putting the bank in a strong position for future growth.' About ADC ADC African Development Corporation (ADC) (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR, www.african-development.com), is a German Prime Standard (Main Board) listed, emerging pan-African banking group. ADC has a strong footprint in Southern Africa via BancABC, a regional commercial banking platform operating in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe as well as exposure in West Africa via Union Bank of Nigeria. Parallel to its banking operations, ADC has a private equity portfolio active in key growth markets across sub-Saharan Africa. ADC follows an active management approach with a team of experts that comprise operational banking management, investment banking and merchant banking expertise. ADC optimizes its risk-return profile through a political risk insurance solution offered by the MIGA (World Bank Group). Contact: Investor Relations investor-relations@african-development.com T +49 69 719 12 80 119 End of Corporate News --------------------------------------------------------------------- 30.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: ADC African Development Corporation GmbH & Co. KGaA Grüneburgweg 18 60322 Frankfurt/Main Germany Phone: +49 69 719 12 80 119 Fax: +49 69 719 12 80 999 E-mail: info@african-development.com Internet: www.african-development.com ISIN: DE000A1E8NW9 WKN: A1E8NW Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf End of News DGAP News-Service --------------------------------------------------------------------- 209258 30.04.2013
DGAP-News: ADC African Development Corporation GmbH & Co. KGaA: ADC's banking investment in Nigeria reports turnaround in 2012 ++ Operating income of Union Bank of Nigeria grew 85% ++ Customer deposits increased by 21%
| Source: EQS Group AG