2009 Annual Report and Financial Statements - UBA Plc

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Notes to the consolidated fi nancial statements for the period ended 31 December 2009 (continued) 33. OFF-BALANCE SHEET ENGAGEMENTS AND CONTINGENCIES (continued) Off -balance sheet engagements In the normal course of business, the Group is party to fi nancial instruments with off -balance sheet risk. The instruments are used to meet the credit and other fi nancial requirements of customers. The contractual amounts of the off -balance fi nancial instruments are: GROUP BANK 31 December 30 September 31 December 30 September 2009 2008 2009 2008 N’million N’million N’million N’million Performance bonds and guarantees 254 236 234 671 248 981 233 968 Letters of credits 49 213 212 786 49 036 212 786 Contingent liability – funds under custody 386 030 169 277 386 030 169 277 689 479 616 734 684 047 616 031 34. RELATED PARTY TRANSACTIONS A number of banking transactions are entered into with related parties in the normal course of business. These include loans, deposits, and foreign currency transactions. The volumes of related party transactions, outstanding balances at period-end, and relating expenses and income for the period are as follows: (a) Risk assets outstanding as at 31 December 2009 Direct credit assets Included in loans and advances is an amount of N117 million (2008: N805 million) representing credit facilities to companies in which certain directors and shareholders have interests. The balances as at 31 December, 2009 are as follows: Name of company/individual Relationship Facility type N’million Status Security Abbey Building Society Director Overdraft 48 Performing Cash collateral Vine Foods Limited Director Overdraft 3 Performing Mortgage debenture Vine Foods Limited Director Term loan 66 Performing Mortgage debenture Type of 2009 2008 Name of company/individual Relationship Deposit N’million N’million (b) Deposits outstanding as at 31 December 2009 Abbey Building Society Limited Director Demand 1 115 0.03 Abbey Building Society Limited Director Call Deposits 420 1 188 Abbey Building Society Limited Director Commercial Papers 590 – Abbey Building Society Limited Director Time 701 – Bridge House College Director Demand 13 13 Bridge House College Director Time 110 40 Infant Jesus Academy Director Demand 1 0.4 Rosabon Financial Services Limited Director Demand – 3 117 Annual Report 2009 77 Financials
Notes to the consolidated fi nancial statements for the period ended 31 December 2009 (continued) 78 Nature of 2009 2008 Name of company/individual Relationship transaction N’million N’million 34. RELATED PARTY TRANSACTIONS (continued) (c) Interest income for the period ended 31 December 2009 Abbey Building Society Limited Director Overdraft 1.9 2.91 Rosabon Financial Services Limited Director Overdraft 58 19 Vine Foods Limited Director Overdraft 0.02 0.1 Vine Foods Limited Director Term loan 1 1 (d) Expenses as at 31 December 2009 Abbey Building Society Director Call 14.5 – Bridge House College Director Time 1 – Annual Report 2009 GROUP BANK 31 December 30 September 31 December 30 September 2009 2008 2009 2008 Number Number Number Number 35. EMPLOYEES AND DIRECTORS (a) Employees The average number of persons employed by the Group during the period was as follows: Executive Directors 9 9 9 9 Management 743 621 555 577 Non-management 13 068 6 051 11 227 5 029 13 820 6 681 11 791 5 615 Compensation for the above staff (excluding Executive Directors): N’million N’million N’million N’million Salaries and wages Pension costs 36 777 23 636 31 784 19 354 Defi ned contribution plans 1 377 1 764 1 357 1 749 Defi ned benefi t plans 913 – 913 – 39 067 25 400 34 054 21 103
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United Bank for Africa Plc RC: 2457
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Deposits (N’Billion) 1500 1200 90
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Group at a glance Countries of oper
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Board of directors 4 Annual Report
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Board of directors (continued) 6 An
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Board of directors (continued) 8 An
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Senior management 10 Annual Report
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Chairman’s statement CHIEF FERDIN
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Chairman’s statement (continued)
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Group Managing Director/Chief Execu
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Review of Group’s fi nancial perf
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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 79: 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
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Notes 128 Annual Report 2009
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e-Dividend mandate form Dear Shareh
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Registrars UBA Registrars Limited R
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