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
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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
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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
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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