2012 Annual Report & Financial Statements - UBA Plc
2012 Annual Report & Financial Statements - UBA Plc
2012 Annual Report & Financial Statements - UBA Plc
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168<br />
Notes to the consolidated and separate financial statements<br />
continued …<br />
40. Related parties continued …<br />
Loans to key management personnel are granted on the same terms and conditions as loans to other employees. Interest charged<br />
on loans to close members of family of key management personnel as well as entities in which they exercise control were charged at<br />
commercial and market rates. Related party loans are secured over real estate, equity and other assets of the respective borrowers. No<br />
specific impairment losses (2011: Nil) have been recorded against related party loans.<br />
Deposit liabilities<br />
In millions of Nigerian Naira<br />
December<br />
<strong>2012</strong><br />
December<br />
2011<br />
Deposits as at end of year 782 650<br />
Interest expense during the year 7 6<br />
Compensation<br />
Aggregate remuneration paid to key management staff during the year is as follows:<br />
In millions of Nigerian Naira<br />
December<br />
<strong>2012</strong><br />
December<br />
2011<br />
Executive compensation 614 694<br />
Retirement benefit costs 13 89<br />
Short-term employee benefits 627 783<br />
41. Compensation to Employees and Directors<br />
(i)<br />
The number of persons in the employment of the Group as at year-end is as follows:<br />
(In absolute units)<br />
December<br />
<strong>2012</strong><br />
Group<br />
December<br />
2011<br />
December<br />
<strong>2012</strong><br />
Bank<br />
December<br />
2011<br />
Group Executive Directors 8 9 8 9<br />
Management 355 796 244 275<br />
Non-management 11,174 12,173 8,791 9,569<br />
11,537 12,978 9,043 9,853<br />
Compensation for the above staff (excluding Executive Directors):<br />
In millions of Nigerian Naira<br />
Salaries and wages 42,135 46,529 32,149 37,242<br />
Retirement benefit costs:<br />
Defined contribution plans 1,317 1,345 850 861<br />
43,452 47,874 32,999 38,103<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2012</strong>