DGAP-News: ADC's banking investment in Nigeria, Union Bank of Nigeria (UBN) reports sustained profitability in Q1 2013 ++ Group net profit grew 49% ++ Transformation remains on track
(firmenpresse) - DGAP-News: ADC African Development Corporation GmbH&Co. KGaA / Key
word(s): Quarter Results
ADC's banking investment in Nigeria, Union Bank of Nigeria (UBN)
reports sustained profitability in Q1 2013 ++ Group net profit grew
49% ++ Transformation remains on track
14.06.2013 / 13:38
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ADC's banking investment, Union Bank of Nigeria (UBN) released its Q1 2013
financial results, delivering a quarterly profit after tax of NGN 7.8
billion (EUR 37.8 million) at group level, and NGN 4.8 billion (EUR 23.1
million) at bank level. This is an increase of 49% at group level and a 21%
increase from the bank's Q1 2012 results of NGN 3.9 billion (EUR 18.9
million).
This was driven by gross revenues for the quarter of NGN 29.8 billion (EUR
144.6 million) at group level, and gross revenues of NGN 25.4 billion (EUR
123.3 million) at bank level, inclusive of net interest income of NGN 13.7
billion (EUR 66.5 million), and fee, commission and other income of NGN 5.6
billion (EUR 27.0 million).
Bank operating income was down 7.9% year-over-year, at NGN 19.3 billion
(EUR 93.7 million). This was partly due to a 22% fall in fee, commission
and other income in Q1 2013 vs. Q1 2012.
Deposit growth increased by 11% compared to Q1 2012, with total deposits of
NGN 483.0 billion (EUR 2.3 billion) at bank level. Net loans were up 1% at
NGN 138.1 billion (EUR 670 million) for the quarter, while investment
securities increased to NGN 297.7 billion (EUR 1.4 billion), up 5%
year-on-year. Total assets ended the first quarter at NGN 851.3 billion
(EUR 4.1 billion), a slight decrease from the NGN 853.1 billion (EUR 4.1
billion) of Q1 2012.
Net interest margins improved to 10.1% in Q1 2013, a total increase of 7.2%
from Q1 2012. Weighted average asset yields finished the period at 14.2%,
up from 7.2% for Q1 2012. UBN's funding costs rose slightly to 4.9% from
4.7% in Q1 2012.
UBN is currently trading with a price to book ratio of 1.3x, compared to
ADC's entry price of 0.7x book.
The UBN results publication is available for download via the following
link on the ADC website:
www.african-development.com/en/operations/banking-operations/union-bank-of
-nigeria-ubn/
Karima Ola, CIO of ADC commented: 'The profits in the first quarter of 2013
clearly show that the transformation remains on track. Given that all the
costs of the recapitalization and loan book clean-up were included in the
full year 2012 results, on-going transformation and business as usual
initiatives should reinforce these positive results as UBN moves forward.'
About ADC
ADC African Development Corporation (ADC) (ISIN: DE000A1E8NW9; Bloomberg:
AZC.GR, www.african-development.com), is a German listed, emerging
pan-African banking group. ADC has a strong footprint in Southern Africa
via BancABC, a regional commercial banking platform operating in Botswana,
Mozambique, Tanzania, Zambia and Zimbabwe as well as exposure in West
Africa via Union Bank of Nigeria. Parallel to its banking operations, ADC
has a private equity portfolio active in growth markets across sub-Saharan
Africa. ADC follows an active management approach with a team of experts
that comprise operational banking management, investment banking and
merchant banking expertise. ADC optimizes its risk-return profile through a
political risk insurance solution offered by the MIGA (World Bank Group).
Contact:
Investor Relations
investor-relations(at)african-development.com
T +49 69 719 12 80 119
End of Corporate News
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company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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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 80 119
Fax: +49 69 719 12 80 999
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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216477 14.06.2013
Themen in dieser Pressemitteilung:
adc-s-banking-investment-in-nigeria
union-bank-of-nigeria-ubn-reports-sustained-profitability-in-q1-2013-group-net-profit-grew-49-transformation-remains-on-track
Unternehmensinformation / Kurzprofil:
Datum: 14.06.2013 - 13:38 Uhr
Sprache: Deutsch
News-ID 269768
Anzahl Zeichen: 6323
contact information:
Kategorie:
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