2012 Annual Report & Financial Statements - UBA Plc

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142 Notes to the consolidated and separate financial statements continued … 12. Other operating income In millions of Nigerian Naira December 2012 Group December 2011 December 2012 Bank December 2011 Dividend income 2,887 427 4,772 407 Rental income 490 444 448 440 Others 3,296 7,725 825 1,916 6,673 8,596 6,045 2,763 Included in dividend income is a sum of N1.58 billion (2011: Nil) being dividend received from some African subsidiaries. 13. Impairment loss on loans and receivables In millions of Nigerian Naira Impairment (losses)/gains on loans and advances to customers: December 2012 Group December 2011 December 2012 Bank December 2011 – specific impairment (6,414) (28,670) (4,578) (10,741) – portfolio impairment 964 3,761 2,694 3,766 Impairment gains/(losses) on loans and advances to banks: – portfolio impairment 357 (337) 357 (337) Recoveries on loans and advances 8,513 16,195 1,130 8,045 Write-offs on loans and advances (7,859) (9,499) (2,910) (9,499) Recoveries on other assets 934 1,531 934 1,258 Impairment loss on other assets (1,055) (719) (281) (672) (4,560) (17,738) (2,654) (8,180) 14. Personnel expenses In millions of Nigerian Naira December 2012 Group December 2011 December 2012 Bank December 2011 Wages and salaries (39,331) (42,524) (28,895) (35,240) Retirement benefit costs (1,317) (1,345) (850) (861) Other staff costs (2,804) (4,005) (3,254) (2,002) (43,452) (47,874) (32,999) (38,103) 15. Depreciation and amortisation In millions of Nigerian Naira December 2012 Group December 2011 December 2012 Bank December 2011 Depreciation of property and equipment (note 28) (9,775) (9,348) (6,043) (7,128) Amortisation of intangible assets (note 29) (1,113) (1,152) (860) (1,111) (10,888) (10,500) (6,903) (8,239) Annual Report 2012
143 16. Other operating expenses In millions of Nigerian Naira December 2012 Group December 2011 December 2012 Bank December 2011 Auditors remuneration (309) (308) (179) (100) Directors fees (37) (67) (37) (67) Asset Management Corporation of Nigeria (AMCON) levy (4,966) (4,298) (4,966) (4,298) Nigerian Deposit Insurance Corporation (NDIC) premium (5,685) (4,936) (5,685) (4,936) Others (37,255) (38,121) (24,624) (26,341) (48,252) (47,730) (35,491) (35,742) 17. Taxation Recognised in the profit or loss In millions of Nigerian Naira (a) Current tax expense December 2012 Group December 2011 Bank December 2012 December 2011 Current year (3,126) (2,185) (1,353) (784) Prior year over provision – 167 – 237 (3,126) (2,018) (1,353) (547) (b) Deferred tax expense Origination and reversal of temporary differences (note 30) 2,593 19,953 2,548 19,049 Total income tax (expense)/credit (533) 17,935 1,195 18,502 (c) Current tax liabilities Balance, beginning of year 2,627 2,869 784 1,185 Tax paid (4,479) (2,427) (812) (1,185) Income tax charge 3,126 2,185 1,353 784 Balance, end of year 1,274 2,627 1,325 784 (d) Reconciliation of effective tax rate (i) 31 December 2012 Profit before income tax 52,010 46,180 Income tax using the domestic corporation tax rate 15,603 13,854 Income tax payable for Bank is based on the minimum tax provisions in the Nigerian tax law, which is applicable to companies that do not have taxable profits Companies Income Tax 1,173 – Minimum tax 894 894 Effect of tax rates in foreign jurisdictions (352) – Information Technology Levy 459 459 Disallowed permanent differences 403 350 Exempted permanent differences (17,647) (16,752) Total income tax expense in comprehensive income 533 (1,195)
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United Bank for Africa Plc RC: 2457
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1 United Bank for Africa (UBA) Plc
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3 Highlights of 2012 Performance Gr
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5 Emmanuel N. Nnorom, Executive Dir
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7 Angela Aneke, Non-Executive Direc
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9 Emem Etuk, Regional Bank Head (Cr
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11 Chairman’s Statement “We ach
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13 Sustainability In conducting our
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15 Chief Executive Officer’s Repo
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17 Net interest income grew by 34.3
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19 Review of Group Strategy Driven
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21 UBA POST-RESTRUCTURE SHAREHOLDER
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23 Group Financial Performance Revi
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25 Non-Performing Loan Ratio (%) Ou
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27 Review of UBA’s e-Banking Reso
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29 Services (SMS, e-Mail Notificati
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31 Education 2012 Projects include
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33 Projects Besides these projects,
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35 6. DIRECTORS The names of the Di
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37 10. SUMMARY OF DEALING IN UBA SH
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39 As a reflection of our diverse w
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41 Customer Complaints Report Intro
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43 Reports of the complaints receiv
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45 Appointments and retirements Dur
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47 Meetings are held at least once
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49 S/N Members Number of meetings h
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51 Audit Committee Report TO MEMBER
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53 Statement of Directors’ Respon
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55 Report on other legal requiremen
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57 Consolidated and Separate Statem
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59 (ii) Bank In millions of Nigeria
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61 (ii) Bank In millions of Nigeria
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63 Notes to the consolidated and se
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65 recognition of further losses is
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67 Deferred tax assets and liabilit
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69 - there is an observable data in
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71 Any interest in transferred fina
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73 (n) Intangible assets (i) Goodwi
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75 (v) (w) (x) Fiduciary activities
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77 Impairment losses on initial cla
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79 These Board committees are suppo
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81 In playing this role, GALCO does
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83 Risk Management Structure In res
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85 Financial crime risk This is the
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87 The universal market risk factor
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89 Business continuity management B
Page 93 and 94: 91 - periodic vulnerability assessm
Page 95 and 96: 93 General risk rating process Unit
Page 97 and 98: 95 An estimate of the fair value of
Page 99 and 100: 97 Concentration by location (net)
Page 101 and 102: 99 Bank In millions of Nigerian Nai
Page 103 and 104: 101 Bank For the year ended 31 Dece
Page 105 and 106: 103 Loans and advances individually
Page 107 and 108: 105 Statement of Prudential adjustm
Page 109 and 110: 107 Group In millions of Nigerian N
Page 111 and 112: 109 Liquidity risk management focus
Page 113 and 114: 111 The tables below show the undis
Page 115 and 116: 113 1 January 2011 In millions of N
Page 117 and 118: 115 Market risk profile The Group
Page 119 and 120: 117 Analysis of the Group’s sensi
Page 121 and 122: 119 Group 31 December 2012 In milli
Page 123 and 124: 121 Group Bank Group Bank Group Ban
Page 125 and 126: 123 Group In millions of Nigerian N
Page 127 and 128: 125 Fixed income re-pricing gap Pri
Page 129 and 130: 127 Tier 2 capital, which includes
Page 131 and 132: 129 5. USE OF ESTIMATES AND JUDGEME
Page 133 and 134: 131 (b) (i) Group: December 2011 In
Page 135 and 136: 133 Business segments The Group ope
Page 137 and 138: 135 (b) Business reporting (i) 31 D
Page 139 and 140: 137 7. Financial assets and liabili
Page 141 and 142: 139 The table below sets out the Ba
Page 143: 141 9. Net fees and commission inco
Page 147 and 148: 145 (c) Analysis of the result of d
Page 149 and 150: 147 21. Financial assets held-for-t
Page 151 and 152: 149 24. Investment securities In mi
Page 153 and 154: 151 In millions of Nigerian Naira (
Page 155 and 156: 153 In millions of Nigerian Naira B
Page 157 and 158: 155 (b) (i) Group As at 31 December
Page 159 and 160: 157 29. Intangible assets continued
Page 161 and 162: 159 30. Deferred tax assets and lia
Page 163 and 164: 161 30. Deferred tax assets and lia
Page 165 and 166: 163 34. Other liabilities continued
Page 167 and 168: 165 37. Capital and reserves contin
Page 169 and 170: 167 40. Related parties United Bank
Page 171 and 172: 169 41. Compensation to Employees a
Page 173 and 174: 171 44. Explanation of transition t
Page 175 and 176: 173 Reconciliation of equity In mil
Page 181 and 182: 179 Material adjustments reconcilin
Page 183 and 184: 181 44. Explanation of transition t
Page 185 and 186: 183 Statement of value added For th
Page 187 and 188: 185 Five-Year Financial Summary IFR
Page 189 and 190: 187 IFRS 31 December 2011 NGAAP Ban
Page 191 and 192: 189 Investor Information UBA is one
Page 193 and 194: 191 Top ten shareholders as at 31 D
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193 Credit rating summary As of 31
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195 Key Ratio Capital adequacy rati
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Shareholder Data Form United Bank f
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E-Share Allotment Mandate Form Unit
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Admission Form United Bank for Afri
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209 Corporate Information Registere
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AFRICA LONDON NEW YORK PARIS Head o
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2012 Annual Report & Financial Statements - UBA Plc

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