DGAP-News: ADC African Development Corporation GmbH&Co. KGaA: ADC's investment, Union Bank of Nigeria (UBN), announces positive first half year 2012 results ++ ADC increases its representation in UBN
(firmenpresse) - DGAP-News: ADC African Development Corporation GmbH&Co. KGaA / Key
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ADC African Development Corporation GmbH&Co. KGaA: ADC's investment,
Union Bank of Nigeria (UBN), announces positive first half year 2012
results ++ ADC increases its representation in UBN
09.10.2012 / 14:19
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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, announces the strong second quarter
performance of Union Bank of Nigeria ('UBN'), ADC's banking asset in
Nigeria.
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.
About ADC
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. Thisinsurance offers
protection against a variety of political risks, in particular the risk of
radical political change.
Contact:
Investor Relations
investor-relations(at)african-development.com
T +49 69 719 12 80 119
End of Corporate News
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09.10.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ADC African Development Corporation GmbH&Co. KGaA
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 69 719 12 80 00
Fax: +49 69 719 12 80 011
E-mail: info(at)african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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188133 09.10.2012
Themen in dieser Pressemitteilung:
adc-african-development-corporation-gmbhco-kgaa-adc-s-investment
union-bank-of-nigeria-ubn
announces-positive-first-half-year-2012-results-adc-increases-its-representation-in-ubn
Unternehmensinformation / Kurzprofil:
Datum: 09.10.2012 - 14:19 Uhr
Sprache: Deutsch
News-ID 190613
Anzahl Zeichen: 5338
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Kategorie:
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