2009 Annual Report and Financial Statements - UBA Plc

Notes to the consolidated fi nancial statements
for the period ended 31 December 2009
1. GENERAL INFORMATION
The Bank was incorporated in Nigeria as a limited liability company on 23 February 1961 under the Companies Ordinance [CAP 37] 1922.
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.
The Bank has seventeen (17) subsidiaries as analysed below:
1. UBA Ghana Limited 91%
2. UBA Cameroun SA 99%
3. UBA Cote d’lvoire 99%
4. UBA Liberia Limited 99%
5. UBA (SL) Limited 99%
6. UBA Uganda Limited 99%
7. Banque International du Burkina Faso 57%
8. UBA Chad SA 99%
9. UBA Senegal (SA) 99%
10. Continental Bank Benin 76%
11. UBA Kenya Bank Limited 99%
12. UBA Asset Management Limited 99%
13. UBA Capital (Africa) Limited 99%
14. UBA FX Mart Limited 99%
15. UBA Pension Custodian Limited 99%
16. UBA Retail Financial Services Limited 99%
17. UBA Insurance Brokers 99%
2. SEGMENT ANALYSIS
(a) By geographical segment
As a result of the Group’s expansion into African territories, it has become imperative to redefi ne the Group’s geographical segment
from Nigeria and Foreign in prior period to Nigeria, Rest of Africa and Rest of the World in current period. Accordingly, prior period
balances have been restated to refl ect this change in the defi nition of the Group’s geographical segment. Geography is assumed as
the primary segment of the Group.
Transactions between the business segments are at normal commercial terms and conditions.
Rest of Rest of
Nigeria Africa the World Total
N’million N’million N’million N’million
At 31 December 2009
External revenues 223 195 17 864 5 666 246 725
Operating profi t 170 423 13 131 3 512 187 066
Profi t before tax and exceptional items 17 063 (4 226) 1 615 14 992
Loss in joint venture (655) – – (655)
Loss in associate – – (675) (675)
16 948 (4 226) 940 13 662
Income tax expense (4 194) (68) – (4 262)
Exceptional items (7 025) – – (7 025)
Profi t/(loss) for the period 5 729 (4 294) 94 2 375
Total segment assets 1 304 824 175 075 68 382 1 548 281
Total segment liabilities 1 149 573 145 114 66 765 1 361 452
Other segment items
Depreciation 10 329 1 048 246 11 623
Amortisation 7 025 – – 7 025
Annual Report 2009 55
Financials