2012 Annual Report & Financial Statements - UBA Plc

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Directors’ Report
The Directors present their report together with the audited financial statements of the Group for the year ended 31 December 2012.
1. RESULTS
2012
N’million
GROUP
2011
N’million
2012
N’million
Bank
2011
N’million
Profit before income tax 52,010 (26,600) 46,180 (26,468)
Taxation (charge)/credit (533) 17,935 1,195 18,502
Profit from continuing operations 51,477 (8,665) 47,375 (7,966)
Profit from discontinued operations 3,289 1,864 – –
Other comprehensive income 764 5,680 3,534 4,212
Total comprehensive income 55,530 (1,121) 50,909 (3,754)
Total comprehensive income attributable to
equity holders of the Bank 55,306 (1,971) 50,909 (3,754)
Non-controlling interest 224 850 – –
Profit/(loss) for the year 55,530 (1,121) 50,909 (3,754)
2. DIVIDEND
In respect of the current year, the Directors propose that a dividend of 50 kobo per ordinary share of 50 kobo each, amounting to
N16.49 billion, be paid to shareholders upon approval at the Annual General Meeting. The proposed dividend is subject to withholding
tax at the appropriate tax rate and is payable to shareholders whose names appear on the Register of Members at the close of business
on May 21, 2013.
3. LEGAL FORM
United Bank for Africa Plc was incorporated in Nigeria as a limited liability company on 23 February 1961 under the companies Ordinance
[Cap 37] 1922. It took over the assets and liabilities of the British and French Bank Limited which had carried on banking business in Nigeria
since 1949. UBA is the first Nigerian Bank to offer an Initial Public Offering (IPO) following its listing on the floor of the Nigerian Stock
Exchange in 1970. The Bank is also the first Nigerian company with a GDR programme. Following the consolidation reforms introduced and
driven by the Central Bank of Nigeria in 2004, the Bank merged with Standard Trust Bank Plc on 1 August 2005 and subsequently acquired
Continental Trust Bank Limited on 31 December 2005.
4. MAJOR ACTIVITIES
UBA Plc is engaged in the business of banking and provides corporate, commercial, consumer and international banking, trade services,
cash management, treasury and electronic banking services. Pensions Custody and Bureau de Change services are provided through
subsidiaries.
5. BUSINESS REVIEW AND FUTURE DEVELOPMENT
UBA Plc carries out banking activities in accordance with its Memorandum and Articles of Association. A comprehensive review of the
business for the year and the prospects for the ensuing year is contained in the Group CEO’s report.
Annual Report 2012