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Unity Bank 2012 Annual Report

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Unity Bank 2012 Annual Report Annual Report & a c c o u n t s 2012 Unity Bank Plc RC: 94524 Board of Directors OVERVIEW REPORTS OF THE BOARD M ANAGEMENT OTHER STATUTORY REPORTS FINANCIAL STATEMENTS CORPORATE INFORMATION SHAREHOLDER INFORMATION AdoChairman Yakubu of BoardWanka Managing Director/ Chief Executive Officer Ado Wanka is fifty eight y ears old. He became Managing Director on July 1, 2011. He has had wide and varied experience in banking, having worked in some of Nigeria's major banking institutions such as First Bank Nig eria Plc, Nigerian International Bank (Citibank Nigeria), the former FSB International Bank and Gamji Bank Limited. He has also been involved in international investment and regulatory function management. He served as Executive Director, Finance and Administration and, later on, Chairman of the Board of the Nigeria and Sao Tome joint Development Authority. He began his banking career in 1988 with the then Nigerian International Bank (Citibank Nigeria) before moving to the then FSB International Bank Plc (1991-1997) where he rose to become an Executive Director. He assumed duty as the Managing Director/Chief Executive Officer of the then Gamji Bank Limited in 1997,moved to First Bank of Nigeria Plc in 1998 as an Executive Director where he spenteight years. He is a member of the Institute of Directors (IoD) and F ellow of the Nig erian Institute of Management (FNIM) and Chartered Institute of Bankers. He holds a B.Sc in Chemical Engineering from Ahmadu Bello University, Zaria (1977), and an MBA from the same institution (1984).He is also an alumnus of the Harvard Business School and Switzerland's Institute of Management Development, Lausanne. Until his appointment as Managing Director, Ado Wanka was Group Executive Director, Risk Management & Controls at Unity Bank Plc. He has more than twenty three years banking experience. 7 Unity Bank Annual Report &Accounts 2012 Notes to the Financial Statement OVERVIEW REPORTS OF THE BOARD MANAGEMENT OTHER STATUTORY REPORTS FINANCIAL STATEMENTS CORPORATE INFORMATION SHAREHOLDER INFORMATION 1. First-Time Adoption of IFRS in Unity Bank Plc These financial statements, for the year ended 31 December 2012, are thefirst the Bank has prepared in accordance with IFRS. For periods up to and including the y ear ended 31 December 2011, the Bank prepared its financial statements in accordance with local Gener ally Accepted Accounting Principles (Local GAAP). Accordingly, the Bank has prepared financial statements which comply with IFRS applicable for periods ending on or after 31 December 2012, together with the comparative period data as at and for the year ended 31 December 2011, as described in the accounting policies. In preparing these financial statements, the Bank’s opening statement of financial position was prepared as at 1 January 2011, the Bank’s date of transition to IFRS. The principal adjustments made b y the Bank in restating its local Gener ally Accepted Accounting Principles (local GAAP) statementof financial position asat 1 January 2011 and its previously published local GAAP financial statements as at and for the year ended 31 December 2011 are explained in the notes to the reconciliationspresented Exemptions Applied IFRS 1 First-Time Adoption of International Financial R eporting Standards allows first-time adopters certain exemptions from the retrospective application of certain IFRS. I) I nvestment The Bank has elected to designate its equity inv estment and certain treasury bills and bonds as available-for- sale financial assets at the date of transition to IFRS. The Bank has also elected to measure its inv estment in subsidiaries at deemed cost using the local GAAP carrying amount at the date of transition ii) Business Combinations The Bank has elected not to restate prior business combinations before the transition date iii) P roperty Plant and Equipment T he Bank has adopted the carrying values under Nigerian GAAP of all items of property, plant and equipment at the date of transition as their deemed cost rather than eitherreverting to historical cost or carrying out a valuation 97 Unity Bank Annual Report &Accounts 2012 Notes to the Financial Statement OVERVIEW REPORTS OF THE BOARD MANAGEMENT OTHER STATUTORY REPORTS FINANCIAL STATEMENTS CORPORATE INFORMATION SHAREHOLDER INFORMATION vi) Goodwill The Bank has not appliedIFRS 3, 'Business Combinations' retrospectively to business combinations prior to the date of transition. The carrying amount of goodwill in the Nigerian GAAP balance sheet as at 31 December 2010 has accordingly been brought forward without adjustment. Effect of the transition to IFRS Reconciliations of balance sheet prepared under the Nigerian GAAP and IFRS at 1st January 2011 and 31st January 2011 after application of IAS 32 and IAS 39 are included inNote 2 and 3 to the accounts. Reconciliations of the profit and loss account prepared in accordance with Nigerian GAAP and prepared in accordance with IFRS for the year ended 31 December 2012 are included in Note 4 to the accounts. Explanations of the effects of the applications on the opening 2012 balance sheet,is presented in note 5 to the accounts. 98 Unity Bank Annual Report &Accounts 2012 Notes to the Financial Statement OVERVIEW REPORTS OF THE BOARD MANAGEMENT OTHER STATUTORY REPORTS FINANCIAL STATEMENTS CORPORATE INFORMATION SHAREHOLDER INFORMATION 2. Reconciliation of equity as at 1 January, 2011 IFRS as at 1 Local GAAP Remeasurement January 2011 DESCRIPTION Notes N'000 N'000 N'000 Cash and balances with central banks 17,334,974 17,334,974 Due from banks 31,721,965 31,721,965 Cash collateral on bank's clearing position at CBN Loans and advances to customers A, B 114,460,355 2,228,542 116,688,897 Financial investments – available-for-sale C,D 26,684,443 (950,077) 25,734,365 Financial investments – available-for-sale Pledged as collateral Financial investments – held-to-maturity E 35,524,632 (97,294) 35,427,338 Other assets 27,120,263 27,120,263 Property and equipment 22,076,596 22,076,596 Goodwill and other intangible assets 18,263,548 18,263,548 Deferred tax assets H 7,796,712 (41,104) 7,755,608 Investment in subsidiaries 1,921,177 1,921,177 TOTAL ASSETS 302,904,664 1,140,066 304,044,730 Liabilities and Equity Liabilities Due to customers 222,145,561 222,145,561 Debt issued and other borrowed funds 17,738,789 17,738,789 Current tax liabilities 899,277 899,277 Other liabilities F 17,737,619 928,887 18,666,506 Employee benefit liabilities G 230,182 1,162,641 1,392,823 TOTAL LIABILITIES 258,751,428 2,091,528 260,842,956 Equity Issued share capita 16,643,588 16,643,588 Share reconstruction reserve Share premium 14,509,272 14,509,272 Statutory reserve 5,106,539 5,106,539 Reserve for SMEIES Asset revaluation reserve Retained earnings (14,267,185) (3,506,710) (17,773,895) Other reserves A,C 22,161,020 2,555,250 24,716,270 TOTAL EQUITY 44,153,234 (951,460) 43,201,774 TOTAL LIABILITIES AND EQUITY 302,904,662 1,140,068 304,044,730 99 Unity Bank Annual Report &Accounts 2012 Notes to the Financial Statement OVERVIEW REPORTS OF THE BOARD MANAGEMENT OTHER STATUTORY REPORTS FINANCIAL STATEMENTS CORPORATE INFORMATION SHAREHOLDER INFORMATION 3. Reconciliation of equity as at 31December, 2011 IFRS as at 31st Local GAAP Remeasurement December 2011 DESCRIPTION Notes N'000 N'000 N'000 Assets Cash and balances with central bank 27,702,285 27,702,285 Due from banks 61,034,229 61,034,229 Loans and advances to customers A, B 114,324,430 3,550,829 117,875,259 Financial investments – available-for-sale C, D 31,136,619 (1,310,809) 29,825,810 Financial investments – available-for-sale Pledged as collateral Financial investments – held-to-maturity E 55,893,808 45,337 55,939,144 Other assets 31,431,905 198,026 31,629,931 Property and equipment 21,954,455 21,954,455 Goodwill and other intangible assets 17,928,538 17,928,538 Deferred tax assets H 7,796,712 (162,447) 7,634,265 Investment in subsidiaries 1,402,832 1,402,832 TOTAL ASSETS 370,605,812 2,320,936 372,926,749 Liabilities and Equity Liabilities Due to customers 266,877,426 266,877,426 Debt issued and other borrowed funds 43,007,826 43,007,826 Current tax liabilities 642,480 642,480 Other liabilities F 15,403,069 1,525,929 16,928,998 Employee benefit liabilities G 164,924 1,483,411 1,648,335 TOTAL LIABILITIES 326,095,725 3,009,340 329,105,065 Equity Issued share capita 17,475,768 17,475,768 Share reconstruction reserve Share premium 13,677,092 13,677,092 Statutory reserve 5,837,033 5,837,033 Reserve for SMEIES Asset revaluation reserve Retained earnings (14,442,800) (4,458,291) (18,901,090) Other reserves A, C 21,962,994 3,769,887 25,732,881 TOTAL EQUITY 44,510,087 (688,403) 43,821,684 TOTAL LIABILITIES AND EQUITY 370,605,812 2,320,936 372,926,749 100 Unity Bank Annual Report &Accounts 2012 Notes to the Financial Statement OVERVIEW REPORTS OF THE BOARD MANAGEMENT OTHER STATUTORY REPORTS FINANCIAL STATEMENTS CORPORATE INFORMATION SHAREHOLDER INFORMATION 4. Reconciliation of total comprehensive income for the year ended 31 December 2011 IFRS as at 31st Local GAAP Remeasurement December 2011 Notes N'000 N'000 N'000 Interest and similar income A, B, C, E 30,267,422 1,438,905 31,706,327 Interest and similar expense (9,155,905) (9,155,905) Net interest income 21,111,517 4,336,565 22,550,422 Fee and commission income F 8,942,138 (597,041) 8,345,097 Fee and commission expense Net fee and commission income 8,942,138 (597,041) 8,345,097 Net trading income 356,489 356,489 Other operating income 5,859,550 5,859,550 Total operating income 36,269,694 3,739,523 37,111,558 Credit loss expense
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