ADC African Development: ADC's newest investment, Union Bank Nigeria, reports a EUR 30 million net profit
ADC African Development Corporation GmbH & Co. KGaA ('ADC'), ISIN DE000A1E8NW9, a fast growing pan-African banking group focused on the frontier markets of sub-Saharan Africa, is pleased to announce that its newest investment, Union Bank of Nigeria plc. (UBN), recorded EUR 30.1 million (NGN 6.3 billion) net profit for the first quarter 2012 on bank level, more than doubling its prior year first quarter results of EUR 12.7 million (NGN 2.8 billion) net profit.
UBN, one of Nigeria's longest established commercial banks with strong heritage and a pedigree brand, has recently been recapitalized by an international investor consortium, driving the turn-around of the bank.
Pending approval by the Central Bank of Nigeria (CBN), a representative of ADC has been installed on to the Board of UBN. ADC nominated Douglas Munatsi, the Chief Executive Officer of ADC's subsidiary BancABC, to represent ADC in the Board of UBN.
In the first quarter, UBN recorded an increase in its stable and low-cost depositor base, which registered 8% growth from EUR 1.9 billion (NGN 399.8 billion) at the end of 2011 to EUR 2.1 billion (NGN 432.2 billion) at the end of the first quarter 2012.
Review and disposal of significant parts of the loan book during FY2011 have led to a decrease in loans from EUR 824.6 million (NGN 180.5 billion) in Q1 2011 to EUR 651.5 million (NGN 136.8 billion) in Q1 2012 by 39%. Despite the decrease in loan book, net interest income only came down by approx. 25% from EUR 84.1 million (NGN 18.4 billion) in Q1 2011 to EUR 65.4 million (NGN 13.7 billion) in Q1 2012.
Dirk Harbecke, ADC's CEO commented: 'The first quarter numbers clearly show the potential of the bank post recapitalization. The loan to deposit ratio of 32% combined with an average net interest margin of around 11% and a capital adequacy ratio of almost 24% in Q1 2012 demonstrates the bank's potential. With the recapitalization and ongoing turnaround in governance, risk management and operational efficiency, the bank will be optimally positioned to benefit from the growing middle class and urbanization trend in Nigeria, one of the largest economies and fastest growing countries in Africa. Building on its strong capitalization, high liquidity and low NPL-ratio, we are confident that the bank will subsequently be able to build a profitable loan book and deploy its capital at an attractive risk-return profile. ADC will accompany this process actively with its board representative Douglas Munatsi, which will also contribute to strong integration of the portfolio.'
ADC African Development Corporation (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR, www.african-development.com), a member of the Angermayer, Brumm & Lange Group (www.abl-group.de), was established in September 2007 and aims to become one of the leading banking groups in sub-Saharan Africa, active in corporate and retail banking and proprietary investments. The company's success is primarily due to its local management team, which follows international best practice principles to further develop its operational companies and implements conventional international processes to increase their profitability. As the second international emerging market investor in the world, ADC was integrated into the insurance solution offered by the Multilateral Investment Guarantee Agency ('MIGA'), a member of the World Bank Group, primarily due to its strong operational approach and adherence to the highest ethical standards. This insurance offers protection against a variety of political risks, in particular the risk of radical political change.
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