DGAP-News: ADC achieves strong half-year 2013 results ++ Profit before tax of EUR 11.9 million largely driven by substantial growth in retail banking ++ Strong growth momentum indicates favorable second half-year
(firmenpresse) - DGAP-News: ADC African Development Corporation AG / Key word(s): Half
Year Results
ADC achieves strong half-year 2013 results ++ Profit before tax of EUR
11.9 million largely driven by substantial growth in retail banking ++
Strong growth momentum indicates favorable second half-year
30.08.2013 / 16:12
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ADC African Development Corporation AG (ADC), ISIN DE000A1E8NW9, announces
strong financial performance in the first half of 2013. The Group achieved
net interest income of EUR 42.9 million and total operating income of EUR
69.2 million in H1 2013 compared to an operating loss of EUR -13.4 million
in H1 2012. This leads to a profit before tax in H1 2013 of EUR 11.9
million compared to a loss of EUR -19.7 million in the prior year period
and a net profit of EUR 7.8 million in H1 2013.
At the end of June, ADC had assets totaling EUR 1,316.6 million, down
slightly from EUR 1,414.1 million at the end of 2012. Total deposits were
slightly up in local currency (BWP), however declined by 6.7% from EUR
1,041.9 million as at 31 December 2012 to EUR 972.3 million as at 30 June
2013 due to exchange rate differences. Net loans and advances also
increased marginally in local currency versus year-end, but again decreased
in Euro due to exchange rate fluctuations from EUR 886.6 million at
year-end 2012 to EUR 875.9 million at the end of H1 2013. Over the last six
months, the stable level of the Group's total assets in local currency is
the result of a deliberate slowdown in balance sheet growth to reduce risk
and balance the portfolio.
Total equity increased from EUR 154.6 million at the end of December 2012
to EUR 165.7 million at the end of June 2013 driven by profits recognized
in the period.
The Interim Report H1 2013 is available for download on ADC's website:
www.african-development.com/en/investor-relations/investor-information/fin
ancial-reports/
Dirk Harbecke, CEO of ADC, commented: 'ADC's H1 2013 profit is mainly
attributable to the very successful half-year at BancABC underpinned by
substantial growth in retail banking which has now achieved critical mass
in Botswana, Zambia and Zimbabwe and is starting to deliver the expected
strong profitability. In addition, a significant equity contribution from
ADC's indirect investment in Union Bank of Nigeria (UBN) resulted in a net
profit of EUR 2.1 million in the reporting period after the bank's
recapitalization and restructuring in 2012, which has already begun to
yield gains for investors. In light of the positive H1 2013 results and
growth forecasts of the banking operations, we confirm the aim of a
consolidated group net profit of EUR 20.0 million by the end of 2013.
Moreover, Management and the Supervisory Board jointly decided to undertake
the targeted large-scale capital increase in early 2014 in order to use the
momentum of ADC's growth in 2013 to maximize value for existing
shareholders. ADC's team has turned the vision to become a pan-African
banking group into a reality and is now working hard to prepare for the
Group's capital increase in the early part of next year, while
simultaneously strengthening governance processes by establishing
committees within ADC's newly expanded Supervisory Board. The Group will
continue to execute its strategic plan to create a geographically focused
pan-African banking group in key markets, leading in terms of size and
profitability.'
About ADC
ADC African Development Corporation AG (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 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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30.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ADC African Development Corporation AG
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: Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open
Market (Entry Standard)
End of News DGAP News-Service
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228432 30.08.2013
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Datum: 30.08.2013 - 16:12 Uhr
Sprache: Deutsch
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