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) GROUP BANK 31 December 30 September 31 December 30 September 2009 2008 2009 2008 N’million N’million N’million N’million 36. CASH GENERATED FROM OPERATIONS (continued) Increase/(decrease) in operating liabilities: Customers’ deposits (87 639) 427 483 (106 950) 360 384 Due to other banks (16 193) 32 000 (21 920) 32 000 Customers’ deposits for foreign currency denominated obligations 2 927 (3 030) 2 495 (3 029) Investment contract liabilities (18 420) (25 455) – – Interest payable and unearned income 981 1 593 446 1 495 Accounts payable (1 053) 1 483 1 697 1 537 Outstanding claims, public off er proceeds, other payables (10 445) 21 871 (7 949) 3 128 (129 842) 455 945 (132 181) 395 515 Cash (used in operations)/generated (148 744) 216 155 (77 249) 194 092 37. DIVIDEND Proposed dividend 10 kobo (2008: 100 kobo) per share 2 156 15 808 2 156 15 808 In the fi nancial period ended 30 September 2008 (prior period), a fi nal dividend of 75 kobo per share was proposed and an interim dividend of 25 kobo per share was paid by the Directors to shareholders. In respect of the current fi nancial period ended 31 December 2009, a fi nal dividend of 10 kobo is proposed for the approval of shareholders at the next Annual General Meeting (AGM). Dividend to shareholders is accounted for on the date of declaration as they do not meet the criteria of present obligation as required by Statement of Accounting Standard (SAS 23). Proposed dividend is subject to a withholding tax at the appropriate tax rate and is payable to shareholders whose names appear in the register of members as at closure date. The total estimated dividend to be paid is proposed at N2.156 billion (gross). 38. EARNINGS PER SHARE Basic earnings per share (EPS) is calculated by dividing the net profi t attributable to shareholders by the weighted average number of ordinary shares during the period. GROUP BANK 31 December 30 September 31 December 30 September 2009 2008 2009 2008 Net profi t attributable to shareholders (N’million) 2 113 41 239 12 889 40 002 Amount attributable to preference shareholders – – – – 2 113 41 239 12 889 40 002 Number of ordinary shares in issue as at period end (millions) 21 556 17 244 21 556 17 244 Time weighted average number of ordinary shares in issue (millions) 21 556 13 134 21 556 13 134 Basic earnings per share (kobo) 10 314 60 305 Annual Report 2009 81 Financials
Notes to the consolidated fi nancial statements for the period ended 31 December 2009 (continued) 39. ACQUISITIONS AND DISPOSALS 39.1 Acquisitions On 31 December 2008, the Group acquired 76.39% of the share capital of Continental Bank Benin. The acquired company contributed operating loss of N452 million to the Group for the period ended 31 December 2009. 82 Annual Report 2009 GROUP 31 December 2009 N’million N’million N’million Purchase consideration (settled in cash) 6 229 Less Net assets as at 31 December 2008 analysed as follows Share capital (3 573) Minority deposit for shares 1 004 Retained earnings brought forward (677) Net assets as at 31 December 2008 (3 246) Goodwill on acquisition 2 983 39.2 Disposals There was no disposal of any of the Group’s subsidiaries during the period. 40. CASH AND CASH EQUIVALENTS For the purpose of the cash fl ow statement, cash and cash equivalents include cash and non-restricted balances with central banks, treasury bills and eligible bills, operating account balances with other banks, amounts due from other banks and short-term government securities. GROUP BANK 31 December 30 September 31 December 30 September 2009 2008 2009 2008 N’million N’million N’million N’million Cash and balances with central banks (less restricted balances) 54 900 107 267 31 260 83 396 Treasury bills and eligible bills 990 6 020 990 6 020 Due from other banks 470 195 654 869 459 829 591 791 526 085 768 156 492 079 681 207 41. COMPLIANCE WITH BANKING REGULATIONS The Bank did not contravene any regulation of the Banks and Other Financial Institutions Act, CAP B3 LFN 2004 or relevant circulars issued by the Central Bank of Nigeria. 42. EVENTS AFTER THE BALANCE SHEET DATE There are no post balance sheet events that could materially aff ect either the reported state of aff airs of the Bank and the Group as at 31 December 2009 or the profi t for the period ended on the same date which have not been adequately provided for or disclosed. 43. COMPARATIVES Where necessary, comparative fi gures have been adjusted to conform to changes in presentation in current year.
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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
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Our products and services Selected
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Corporate social responsibility rep
Page 33 and 34: Corporate social responsibility rep
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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
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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)
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Page 125 and 126: Glossary AML Anti Money Laundering
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Page 129 and 130: Notice of annual general meeting (c
Page 131 and 132: 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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2009 Annual Report and Financial Statements - UBA Plc

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