2009 Annual Report and Financial Statements - UBA Plc

More documents

Recommendations

Info

Notes to the consolidated fi nancial statements for the period ended 31 December 2009 (continued) GROUP BANK 31 December 30 September 31 December 30 September 2009 2008 2009 2008 N’million N’million N’million N’million 19. GOODWILL Acquired during the period (note 39) 2 983 – – – The goodwill arose as a result of the Bank’s acquisition of Continental Bank Benin on 31 December 2008. Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. Goodwill has been tested for impairment and there is no impairment arising therefrom. 20. INVESTMENT PROPERTIES Opening net book amount 589 589 – – Disposal of investment property (320) – – – Closing net book amount 269 589 – – 21. OTHER ASSETS Interest and fees receivable 21 912 8 144 19 438 6 500 Prepayments 14 236 16 867 8 547 15 556 Due from clients (note 21.1) 1 287 3 856 – – Accounts receivable 11 675 12 460 12 470 4 733 Open buy back Treasury bills (note 21.2) 9 150 32 000 9 150 32 000 Staff share investment scheme (note 21.3) 30 882 16 208 30 882 16 208 Special assets accounts (note 21.4) 7 032 14 065 7 032 14 065 Provision for doubtful receivables (note 21.5) (9 171) (1 164) (7 333) (1 055) 87 003 102 436 80 186 88 007 21.1 Due from clients represents amounts receivable from clients of the Asset Management business of the Group and amounts due from Trusteeship clients of the Trust business of the Group. 21.2 Treasury bills sold under repurchase agreements are classifi ed as other assets in accordance with Central Bank of Nigeria circular BSD/8/2003. The corresponding liability is included in amounts due to other banks (note 24). 21.3 The Staff Share Investment Scheme balance represents the outstanding investment in the shares of UBA Plc by the Staff Share Investment Trust. This is a closed investment scheme designed to encourage staff to invest in shares of the Bank to engender a strong sense of belonging. The Central Bank of Nigeria in its letter dated 5 August 2005, ref: BSD/G5P15/STB/volume 29/15 conveyed its approval of the Scheme, which is only allowed to hold a maximum of 10% of the outstanding shares in issue of UBA Plc. 21.4 The Central Bank of Nigeria (CBN) granted a regulatory approval to write off the special assets over a fi fteen year period as contained in the CBN’s letter reference BSD/G5.715/STB/VOL.29/34 of 29 December 2005 during the acquisition of Continental Trust Bank Limited by United Bank for Africa Plc. As part of the consolidation incentives of CBN, the special assets were expected to be assumed by Asset Management Company (AMC) when it commences operation. The Bank had amortised for two years based on the regulatory approval. However in 2008, an accelerated amortisation came into eff ect based on the agreement reached with the Nigerian Accounting Standards Board (NASB) to write off the special assets over a period not exceeding fi ve years eff ective from 2006. The balance outstanding in the special assets accounts is expected to be fully written off by fi nancial year-end 2010. Annual Report 2009 69 Financials
Notes to the consolidated fi nancial statements for the period ended 31 December 2009 (continued) 70 Annual Report 2009 GROUP BANK 31 December 30 September 31 December 30 September 2009 2008 2009 2008 N’million N’million N’million N’million 21. OTHER ASSETS (continued) The movement in special assets account during the period is as follows: At start of period 14 065 21 097 14 065 21 097 Recoveries (8) – (8) – Amortised during the period (note 8) (7 025) (7 032) (7 025) (7 032) At end of period 7 032 14 065 7 032 14 065 21.5 Movement in provision for doubtful receivables At start of period 1 164 1 133 1 055 998 Additional provision 8 007 878 6 278 899 Amount written off – (847) – (842) At 31 December 9 171 1 164 7 333 1 055 22. PROPERTY AND EQUIPMENT At start of Disposals/ Reclassifi - Exchange At end of period Additions Write-off s cations diff erence period N’million N’million N’million N’million N’million N’million 22.1 Group Cost Work in progress 3 540 7 468 (382) (5 300) – 5 326 Leasehold land, buildings and improvement 33 045 4 239 (81) 1 327 30 38 560 Motor vehicles 9 804 2 921 (662) 989 – 13 052 Other transportation equipment – 7 196 (4 010) – – 3 186 Furniture and offi ce equipment 41 595 6 495 (870) 2 984 145 50 349 87 984 28 319 (6 005) – 175 110 473 Accumulated depreciation Leasehold land, buildings and improvement 3 347 1 176 (5) (4) 2 4 516 Motor vehicles 4 476 2 927 (351) – – 7 052 Other transportation equipment – 193 (167) – – 26 Furniture and offi ce equipment 18 608 7 327 (188) 4 86 25 837 26 431 11 623 (711) – 88 37 431
Page 1 and 2:
United Bank for Africa Plc RC: 2457
Page 3 and 4:
Deposits (N’Billion) 1500 1200 90
Page 5 and 6:
Group at a glance Countries of oper
Page 7 and 8:
Board of directors 4 Annual Report
Page 9 and 10:
Board of directors (continued) 6 An
Page 11 and 12:
Board of directors (continued) 8 An
Page 13 and 14:
Senior management 10 Annual Report
Page 15 and 16:
Chairman’s statement CHIEF FERDIN
Page 17 and 18:
Chairman’s statement (continued)
Page 19 and 20:
Group Managing Director/Chief Execu
Page 21 and 22: Group Managing Director/Chief Execu
Page 23 and 24: Group Managing Director/Chief Execu
Page 25 and 26: Review of Group’s fi nancial perf
Page 27 and 28: Review of Group’s fi nancial perf
Page 29 and 30: Our products and services Selected
Page 31 and 32: Corporate social responsibility rep
Page 37 and 38: Directors’ report for the period
Page 39 and 40: Directors’ report (continued) •
Page 41 and 42: Directors’ report (continued) AUD
Page 43 and 44: Corporate governance report (contin
Page 45 and 46: Report of the Audit Committee To Me
Page 47 and 48: Report of the independent auditors
Page 49 and 50: Accounting policies for the period
Page 55 and 56: Consolidated profi t and loss accou
Page 57 and 58: Consolidated cash fl ow statement f
Page 59 and 60: Notes to the consolidated fi nancia
Page 71: Notes to the consolidated fi nancia
Page 87 and 88: Group fi ve-year fi nancial summary
Page 89 and 90: Risk management report ENTERPRISE-W
Page 91 and 92: Risk management report (continued)
Page 119 and 120: Shareholder information MARKET STAT
Page 121 and 122: Shareholder information (continued)
Page 123 and 124:
Shareholder information (continued)
Page 125 and 126:
Glossary AML Anti Money Laundering
Page 127 and 128:
Corporate information (continued) N
Page 129 and 130:
Notice of annual general meeting (c
Page 131 and 132:
Notes 128 Annual Report 2009
Page 134:
e-Dividend mandate form Dear Shareh
Page 137 and 138:
Registrars UBA Registrars Limited R
show all

2009 Annual Report and Financial Statements - UBA Plc

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?