ADC's investment, Union Bank of Nigeria (UBN), announces positive first half year 2012 results
UBN delivered H1 2012 results driven by growth in net fee income and lower operating costs. At the bank level, UBN reversed last year's loss of EUR 219.1 million (NGN 44.0 billion) coming in at H1 2012 net profit of EUR 67.5 million (NGN 13.6 billion), with a return on equity of 15.1% and 14.4% at group and bank level respectively.
Net interest income rose 1.9% for H1 2012 (EUR 155.5 million; NGN 31.2 billion) while net fee and commission income was up 24.3% (EUR 33.0 million; NGN 6.6 billion) year on year. Total operating expenses fell by 71.0% year on year to EUR 157.8 million (NGN 31.7 billion), with UBN's cost to income ratio improving significantly to 68.0% in H1 2012 from 141.0% in H1 2011, albeit partially due to a lower income base in 2011.
UBN's customer deposit base grew to EUR 2.2 billion (NGN 441.3 billion) on bank level, which shows an increase of 10.4% between year-end 2011 and reporting date. The loan book came in at EUR 664.8 million (NGN 133.5 billion) at the end of H1 2012. The net interest margins showed an increase of 120 basis points from 12.4% in H1 2011 to 14.6% in H1 2012.
UBN's transformation is on track, driven by a fortified management team, who continue to upgrade staff quality, operating infrastructure, customer base and operational efficiency.
ADC initially invested USD 30 million into a consortium of investors which represents an indirect stake of 3.9% in UBN. This exposure has been increased via a call option and ADC (including co-investments that are managed by ADC) now represents a stake of 12.2% in UBN. This call option was structured through a USD 3 million equity investment of ADC and is effective until ADC exits its investment in UBN.
ADC African Development Corporation ('ADC') (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR, www.african-development.com), was established in September 2007 and is on its way 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 international best practice processes to increase their profitability. ADC was amongst the first international emerging market investors to be 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.
T +49 69 719 12 80 119
Eschersheimer Landstraße 42
60322 Frankfurt am Main
Telefon: +49 (0) 69-905 50 55 2
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release ADC's investment, Union Bank of Nigeria (UBN), announces positive first half year 2012 results here
News-ID: 239073 • Views: 1143
More Releases from ADC African Development Corporation GmbH & Co. KGaA
ADC's associate, BancABC reports very strong half-year results
15.08.2012 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 50.4% owned associate BancABC achieved strong results for the half-year ended 30 June 2012. The results were largely driven by significant growth in income on the back of the expansion of retail banking. Pre-tax profits grew to BWP 96
ADC takes over majority of BancABC ++ Suspension of share buyback program
14.08.2012 Dissemination of an Ad hoc announcement according to § 15 WpHG 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 it has now become the majority shareholder in ABC Holdings Limited ('BancABC') with a shareholding of 50.4% as a result of the underwriting of BancABC's recently finished rights offer.
ADC African Development: ADC's newest investment, Union Bank Nigeria, reports a …
ADC African Development Corporation GmbH & Co. KGaA: ADC's newest investment, Union Bank Nigeria, reports a EUR 30 million net profit in Q1 2012 ++ Douglas Munatsi installed as ADC board representative 06.08.2012 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.
Resolution Health awarded Medical Insurance Provider of the Year 2012
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 portfolio company, Resolution Health East Africa Limited (RHEAL), won two awards at the Kenyan annual insurance awards ceremony in Nairobi. RHEAL was the winner of the Medical Insurance Provider of the Year award and the runner up for the