2009 Annual Report and Financial Statements - UBA Plc

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Bank fi ve-year fi nancial summary 31 December 30 September 31 March 2009 2008 2007 2006 2005 N’million N’million N’million N’million N’million Assets Cash and balances with central banks 38 972 95 733 63 902 57 866 12 411 Treasury bills and other eligible bills 15 945 171 401 96 958 159 571 53 444 Due from other banks 459 829 591 791 454 399 406 239 97 305 Loans and advances to customers 543 289 405 540 320 229 107 194 67 610 Investment securities 150 565 96 397 74 421 49 543 7 432 Investment in subsidiaries 37 753 13 562 5 786 5 533 403 Investment in associates 9 943 595 21 21 Investment in joint venture 900 900 Other assets 80 186 88 007 38 419 33 048 4 169 Property and equipment 63 497 56 165 48 213 32 226 6 154 1 400 879 1 520 091 1 102 348 851 241 248 928 Finance by: Ordinary share capital 10 778 8 622 5 748 3 530 1 530 Share premium account 113 645 114 036 119 066 23 209 Reserves 63 296 65 497 40 007 20 882 16 172 Customers’ deposits 1 151 086 1 258 036 897 651 757 407 205 110 Due to other banks 10 080 32 000 – – – Borrowings 14 760 – 1 135 1 135 1 676 Current income tax 1 416 3 443 3 959 1 359 2 494 Other liabilities 34 273 37 424 33 749 35 118 18 998 Deferred income tax liabilities – 991 991 1 499 1 070 Dividend payable 42 42 42 7 102 1 878 Retirement benefi t obligations 1 503 – – – – Total equity and liabilities 1 400 879 1 520 091 1 102 348 851 241 248 928 Acceptance and guarantees 684 047 616 031 372 325 167 184 81 821 15 months to 12 months to 12 months to 18 months to 12 months to 31 December 30 September 31 March 2009 2008 2007 2006 2005 N’million N’million N’million N’million N’million Gross earnings 220 467 154 330 101 106 86 079 25 506 Net operating income 165 547 114 530 74 575 61 200 22 016 Operating expenses (111 653) (58 345) (44 424) (43 522) (15 737) Provision for losses (30 905) (1 548) (3 163) (5 164) (40) Profi t before taxation and exceptional items 22 989 54 637 26 988 12 514 6 239 Exceptional items (7 025) (8 786) (4 161) – – Taxation (3 075) (5 849) (2 996) (1 046) (1 586) Profi t after taxation and exceptional items 12 889 40 002 19 831 11 468 4 653 Profi t attributable to shareholders 12 889 40 002 19 831 11 468 4 653 Earnings per share (basic) – kobo 60 305 241 186 249 Basic earnings per share is based on the weighted average number of ordinary shares of 50 kobo each in issue during the respective periods. Annual Report 2009 85 Five-year financial summary
Risk management report ENTERPRISE-WIDE RISK MANAGEMENT Risk culture and strategy Risk management in UBA is enterprise-wide and integrated. Its application is targeted at enhancing and protecting the unique combination of tangible and intangible assets that make up the Group’s business model. Risk Management is integral to the Group’s strategy setting process. This is achieved by keeping risk management at the centre of all executive agenda and building a culture in which risk management is embedded and integrated in all banking activities. UBA’s risk management philosophy is tailored to achieve the following objectives: • Meet and exceed best practice standards in risk management as defi ned by local and international regulatory bodies. We aim to achieve this by adhering to the sound practice principles of the Basel II Accord and COSO (Commission of Sponsoring Organisations) for the eff ective implementation of Enterprise-wide Risk Management (ERM) in the Group. This involves an on-going process for the management of credit, market, operational and other risks in a holistic manner. • Maintain appropriate checks and balances by segregating risk-taking functions from risk-control functions. • Automate and innovate by utilising state-of-the-art enterprise tools and electronic platforms that act as enablers for enterprise risk management. • Enhance corporate governance by inextricably linking ERM and corporate governance. Minimise the Group’s risk exposure, liability, related management costs and ensure that the Group is fully compliant in the relevant regulatory environment. • Strong and visible commitment from the Board and Senior Management by defi ning the Group’s risk appetite; establishing a central oversight of group-wide risk management; designing, approving and implementing policies, guidelines and procedures which are supported by best practice principles and ensuring that management controls and reporting procedures are satisfactory and reliable. The key activities of UBA enterprise-wide risk management and governance framework are depicted below. The output of a robust framework leads to optimal risk and compliance costs and profi tability enhancement as part of the value-based objectives of striving for an optimal tradeoff between risk and reward. Similarly these principles are aligned to Central Bank of Nigeria (CBN) risk based supervision framework that is under review and consideration for implementation in 2010. 86 Risk Governance Risk committee structures Policies and framework Set risk appetite Corporate governance Compliance rule book Annual Report 2009 Risk Assessment Principle Risks Credit default measurement Operational risk assessment Trading loss elimination Recovery risk Key Activities Risk Monitoring Eff ective reporting Early warning Event tracking Compliance dashboard Key risk indicator tracking Risk Mitigation Eff ective controls Debt restructuring Maximised recoveries Limit concentration Risk appetite management Hedging Outputs Optimised Risk Profi le Market risk Credit risk Operational risk Minimised Compliance Cost Eff ective compliance process Reduced noncompliance cost Reduced reputational risk
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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
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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
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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 87: Group fi ve-year fi nancial summary
Page 91 and 92: Risk management report (continued)
Page 119 and 120: Shareholder information MARKET STAT
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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
Page 134: e-Dividend mandate form Dear Shareh
Page 137 and 138: Registrars UBA Registrars Limited R
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2009 Annual Report and Financial Statements - UBA Plc

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