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UNITED BANK FOR AFRICA PLC Interim Consolidated and ...

UNITED BANK FOR AFRICA PLC. Interim Consolidated and Separate financial Statements for the period ended 30 June 2019. Consolidated and Separate financial Statements for the period ended 30 June, 2019. UNITED Bank for AFRICA Plc Notes to the financial Statements Note Page Note Page i Directors' Report 2 6 Fair value measurement 91. ii Customer Complaints and Feedback Report 8 7 Offsetting of financial instruments 99. iii Corporate Governance Report 10 8 Critical accounting estimates and judgements 101. iv Statement of Directors' Responsibilities 15 9 Operating segments 103. v Report of the Statutory Audit Committee 16.

UNITED BANK FOR AFRICA PLC Interim Consolidated and Separate Financial Statements for the period ended 30 June 2019 Consolidated and Separate Financial Statements for the …

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Transcription of UNITED BANK FOR AFRICA PLC Interim Consolidated and ...

1 UNITED BANK FOR AFRICA PLC. Interim Consolidated and Separate financial Statements for the period ended 30 June 2019. Consolidated and Separate financial Statements for the period ended 30 June, 2019. UNITED Bank for AFRICA Plc Notes to the financial Statements Note Page Note Page i Directors' Report 2 6 Fair value measurement 91. ii Customer Complaints and Feedback Report 8 7 Offsetting of financial instruments 99. iii Corporate Governance Report 10 8 Critical accounting estimates and judgements 101. iv Statement of Directors' Responsibilities 15 9 Operating segments 103. v Report of the Statutory Audit Committee 16.

2 Vi Independent Auditor's Report 17 10 Interest income 106. Interim Consolidated and Separate Statements of vii Comprehensive Income 23 11 Interest expense 106. Interim Consolidated and Separate Statements of viii financial Position 24 12 Allowance for credit losses on financial assets 106. Interim Consolidated and Separate Statements of ix Changes in Equity 25 13 Fees and commission income 106. Interim Consolidated and Separate Statements of x Cash Flows 27 14 Fees and commission expense 107. 15 Net trading and foreign exchange income 107. xi Notes to the Interim Consolidated and Separate financial Statements 27 16 Other operating income 107.

3 1 General Information 28 17 Employee benefit expenses 107. 2 Basis of preparation 28 18 Depreciation and amortisation 107. 3 Significant accounting policies 28 19 Other operating expenses 108. Basis of measurement 28 20 Taxation 108. Functional and presentation currency 28 21 Earnings per share 110. Use of estimates and judgements 28 22 Cash and bank balances 110. Basis of consolidation 28 23 financial assets at fair value through profit or loss 110. Foreign currency 30 24 Loans and advances to banks 111. Interest income and interest expense 30 25 Loans and advances to customers 112.

4 Fees and commission income and expenses 30 26 Investment securities 115. Net trading and foreign exchange income 31 27 Other assets 117. Dividend income 31 28 Investment in equity-accounted investee 117. Income tax 31 29 Investment in subsidiaries 119. Cash and bank balances 31 30 Property and Equipment 124. Trading assets 31 31 Intangible assets 128. Derivative financial instruments 32 32 Deferred tax assets and liabilities 131. Property and Equipment 32 33 Derivative financial instruments 134. Intangible assets 33 34 Deposits from banks 135. Impairment of non- financial assets 33 35 Deposits from customers 135.

5 Repossessed collateral 34 36 Other liabilities 135. Deposits and debt securities issued 34 37 Borrowings 136. Provisions 34 38 Subordinated liabilities 138. financial guarantee contracts 34 39 Capital and reserves 139. Employee benefits 34 40 Dividends 140. Share capital and reserves 35 41 Contingencies 140. Earnings per share 35 42 Related parties 141. Fiduciary activities 35 43 Compensation to employees and directors 145. Stock of consumables 35 44 Transactions requiring regulatory approval 146. Segment reporting 36 45 Non-audit services 146. Changes in accounting policies 36 46 Compliance with banking regulations 146.

6 New standards and interpretations not yet adopted 43 47 Events after the reporting date 146. 4 financial risk management 46 48 Condensed results of Consolidated subsidiaries 147. 5 Capital 89 Additional Disclosures 152. 49 Statement of value added 153. 50 Five-year financial summary 154. Consolidated and Separate financial Statements for the period ended 30 June, 2019. Directors' Report The Directors present their report together with the audited financial statements of the Group for the year ended June 30, 2019. 1 Results at a Glance Group Bank 2019 June 2018 June 2019 June 2018 June (N'Million) (N'Million) (N'Million) (N'Million).

7 Profit before tax 70,274 58,140 43,630 34,176. Taxation (13,535) (14,348) (7,164) (12,529). Profit after tax 56,739 43,792 36,466 21,647. Other comprehensive income 5,341 (13,311) 16,604 1,635. Total comprehensive income 62,080 30,481 53,070 23,282. Total comprehensive income attributable to: Equity holders of the Bank 62,511 30,748 53,070 23,282. Non-controlling interest (431) (267) - Total comprehensive income 62,080 30,481 53,070 23,282. 2 Dividend The Board of Directors, pursuant to the powers vested in it by the provisions of Section 379 of the Companies and Allied Matters Act, 1990 (CAMA) of Nigeria, declared a dividend of per share from the retained earnings account as at June 30, 2019.

8 This will be presented to shareholders for approval at the next Annual General Meeting. Payment of Dividend is subject to applicable witholding tax. 3 Legal form UNITED Bank for AFRICA (UBA) Plc was incorporated in Nigeria as a limited liability company on February 23, 1961, under the Companies Ordinance [Cap 37] 1922. It took over the assets and liabilities of the British and French Bank Limited, which had carried on banking business in Nigeria since 1949. UBA merged with Standard Trust Bank Plc on August 01, 2005 and acquired Continental Trust Bank Limited on December 31, 2005. 4 Major activities & business review UBA Plc is engaged in the business of banking and cater for the banking needs of Institutions, Corporate, Commercial and Consumer customer segments, providing trade services, remittance, treasury management, custody/investor services, digital and general banking services.

9 Pension custody services are offered through its subsidiary, UBA Pension Custodian Limited. UBA. Plc carries out banking activities in accordance with its Memorandum and Articles of Association. 5 Directors NAME DESIGNATION. Mr. Tony O. Elumelu, CON Non-Executive Director (Chairman). Ambassador Joe Keshi, OON Non-Executive Director (Vice-Chairman). Mr. Kennedy Uzoka Executive Director (GMD/CEO). Mr. Victor Osadolor Executive Director (DMD). Mr. Dan Okeke Executive Director Mr. Emeke Iweriebor Executive Director Mr. Oliver Alawuba Executive Director Mr. Ayoku Liadi Executive Director Mr.

10 Ibrahim Puri Executive Director Mr. Uche Ike Executive Director Mr. Chukwuma Nweke Executive Director Mrs. Foluke Abdulrazaq Non-Executive Director Mrs. Owanari Duke Non-Executive Director High Chief Samuel Oni, FCA Non-Executive Director Ms. Angela Aneke Non-Executive Director Erelu Angela Adebayo Non-Executive Director Mr. Abdulqadir J. Bello Non-Executive Director Mr. Kayode Fasola Non-Executive Director Mr. Abdoul Aziz Dia* Non-Executive Director *Mr. Abdoul-Aziz Dia was appointed on August 1, 2019. Page 3 of 155 Consolidated and Separate financial Statements for the period ended 30 June, 2019.


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