2009 Annual Report and Financial Statements - UBA Plc

Notes to the consolidated fi nancial statements
for the period ended 31 December 2009 (continued)
58
Annual Report 2009
GROUP BANK
15 months to 12 months to 15 months to 12 months to
31 December 30 September 31 December 30 September
2009 2008 2009 2008
N’million N’million N’million N’million
4. INTEREST AND SIMILAR EXPENSE
Current accounts 7 650 1 471 5 676 1 471
Savings accounts 3 127 1 858 2 588 1 858
Time deposits 44 948 31 248 43 420 29 693
Inter–bank takings 3 911 6 778 3 219 6 778
Borrowed funds 23 – 17 –
59 659 41 355 54 920 39 800
Analysis by sources:
Interest expense – non-bank sources 55 725 34 577 51 684 33 022
Interest expense – bank sources 3 934 6 778 3 236 6 778
Interest expense paid outside Nigeria amounted to N6.89 billion
for the Group (2008: N6.6 billion) and N2.15 billion
(2008: N5.04 billion) for the Bank.
59 659 41 355 54 920 39 800
5. FEES AND COMMISSION INCOME
Credit related fees 13 415 10 943 13 151 8 436
Commission on turnover 15 545 11 051 15 468 11 051
Commission on off -balance sheet transactions 738 598 738 598
Remittance fees 320 201 214 201
Letters of credit commissions and fees 2 090 1 719 1 796 1 719
Other fees and commissions 17 967 17 910 14 386 13 944
50 075 42 422 45 753 35 949
6. INCOME FROM INVESTMENTS
Dividend income 363 1 308 216 –
Profi t on disposal of investment property 1 500 – – –
Rental income 752 179 408 179
2 615 1 487 624 179
7. OPERATING EXPENSES
Staff costs (note 35) 39 067 25 400 34 054 21 103
Depreciation (note 22) 11 623 6 116 10 370 5 747
Auditors’ remuneration 196 86 170 80
Directors’ emoluments (note 35) 376 73 376 73
Loss on disposal of property and equipment 1 067 95 1 067 51
Other operating expenses 77 738 36 705 63 343 31 053
130 067 68 475 109 380 58 107
8. EXCEPTIONAL ITEMS
Payment to OCC – 1 754 – 1 754
Write-off of special assets (note 21.4) 7 025 7 032 7 025 7 032
7 025 8 786 7 025 8 786