Banks

Nigeria

United Bank For Africa Plc

Update
Ratings
Foreign Currency
Long-Term IDR Short-Term IDR Viability Rating Support Rating Support Rating Floor B+ B b 4 B+

Key Rating Drivers

Support-Driven Ratings: The IDRs of United Bank for Africa Plc (UBA) are support driven. This reflects the limited probability of support that Fitch Ratings believes would be forthcoming from the Nigerian authorities given the banks relative systemic importance. While Fitch Ratings believes that the authorities willingness to support the bank would be high, the ability to do so may be limited in light of Nigerias BB rating. Capital Constrains Viability Rating: Although improving, UBAs low Fitch Core Capital (FCC) ratio constrains its Viability Rating (VR). The banks standalone strength is underpinned by a strong domestic franchise, improved asset quality and sound liquidity. Faster Loan Growth Expected: Loan growth was muted in 2012 (7% gross) as UBA, along with most peers, preferred to invest in high-yield government bonds, but Fitch expects faster growth this year. UBA is focusing on larger corporates and is specifically targeting the oil and gas, manufacturing and telecoms sectors, which together account for 70% of new lending. The bank is experienced in lending to these industries, but Fitch is cautious that if growth is excessive this year, this could weaken asset quality in the medium term. Low NPLs, Loan Concentration: Fitch expects UBA to maintain an acceptable level of nonperforming loans (NPL) although we do not discount the possibility of additional impairments as a result of the banks ambition for growth. The end-2012 NPL/gross loan ratio of 1.99% was the strongest among peers, and the 118% reserve ratio is conservative. The balance sheet was cleaned up significantly in 2011 following the sale of NPLs to AMCON. In line with peers, loans are concentrated, with the 20 largest accounting for 41% of gross loans at year-end. Earnings Challenge Despite Improvements: Fitch views favourably UBAs improved performance in recent years, driven by lower loan impairment charges (LICs) and revenue growth. In the medium term, the industry faces a number of challenges that we expect will hurt profitability, the most significant being the gradual abolition of commission on turnover by 2016. This represented 30% of UBAs profit before tax in 2012. Overall , UBA should remain profitable but, as with peers, margins are expected to come under pressure. Acceptable Liquidity: Liquidity is acceptable with 36% of assets invested in government bonds or cash. UBA is also well funded by deposits. Low but Improving Capital: The weak FCC ratio of 15.16% at end-2012 is considered a key negative rating driver. Fitch expects capitalisation to improve in 2013, driven by strong internal capital generation, but given the weak starting point it is likely to fall short of an acceptable level in the near term. Given the difficult operating environment and concentrated credit risk, we view an FCC ratio at 20% or above as appropriate for Nigerian banks.

National
Long-Term Rating Short-Term IDR A+(nga) F1(nga)

Sovereign Risk
Foreign-Currency Long-Term IDR Local-Currency Long-Term IDR Country Ceiling BB BB BB

Outlooks
Foreign-Currency Long-Term IDR Sovereign Foreign-Currency LongTerm IDR Sovereign Local-Currency LongTerm IDR Stable Stable Stable

Financial Data
United Bank For Africa Plc
31 Mar 31 Dec 13 12 Total assets (USDbn) Total assets (NGNbn) Total equity (NGNbn) Operating profit (NGNbn) Net income (NGNbn) Comprehensive income (NGNbn) Operating ROAA (%) Operating ROAE (%) Internal capital generation (%) Fitch core capital/weighted risks (%) Tier 1 ratio (%) 15.7 14.6 2,434.4 2,272.9 209.4 192.5 17.2 52.0 15.6 54.8 16.3 55.5 3.0 34.6 30.1 n.a n.a 2.5 27.8 28.5 15.2 15.9

Rating Sensitivities
Improved Core Capital: An upgrade of the b- VR is contingent on a significant improvement in UBAs FCC ratio to at least 20%. The improved capital position would also have to be accompanied by low LICs, resilient profitability and manageable growth in lending. Change in Support: A change in UBAs IDR would follow a change in Fitchs view of the authorities ability or willingness to support the bank.

Analysts
Mahin Dissanayake +44 20 3530 1618 mahin.dissanayake@fitchratings.com Bjorn Norrman +44 20 3530 1330 bjorn.norrman@fitchratings.com

www.fitchratings.com

2 August 2013

Banks
Margins
Net interest margin (RHS) Impairment charge/pre-impairment profit (LHS) (%) 180 150 120 90 60 30 0 2011 2012 4 2 0 Q113 10 0 -10 2011 40 20 0 Q113 (%) 10 8 6 (%) 40 30 20

Key Profitability Metrics

Cost/income (RHS) Operating ROAA (LHS) Operating ROAE (LHS)

(%) 100 80 60

2012

Credit
Loan growth (%) 25 20 15 10 5 0 -5 2011 2012 Total asset growth

Loan Book End-12

Other 14% Agriculture 7% Construction 7% General commerce 8% Telecoms 11% Consumer /retail 20%

Oil & gas 20%

Manufacturing 13%

Credit Quality (As % of Gross Loans)

Impaired loans (LHS) Reserves for impaired loans (LHS) Impairment charge (RHS) 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 End-11 End-12 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0

Non-Equity Funding Mix End-12

Senior debt 6% Deposits savings 15% Interbank Subordinated 3% debt (Tier 2) 3%

Deposits current 55%

Deposits term 18%

Funding Dependencies
Loans/customer funding (LHS) Interbank assets/interbank liabilities (RHS) (%) 60 50 40 30 20 10 0 End-11 End-12 100 50 0 End-March 13 (%) 250 200 150

Capital & Leverage

Total capital (LHS) Tier 1 capital (LHS) Equity/assets (RHS) Fitch core capital/RWA (RHS) Tier 1 ratio (RHS)

(NGNbn) 300 250 200 150 100 50 0

(%) 30 25 20 15 10 5 0

End-2011

End-2012

Related Criteria
Global Financial Institution Rating Criteria (August 2012) Evaluating Corporate Governance (December 2012)

United Bank For Africa Plc August 2013

Banks
United Bank For Africa Plc Income Statement
31 Mar 2013 3 Months - 1st Quarter 3 Months - 1st Quarter USDm NGNbn Unaudited Unaudited 1. Interest Income on Loans 2. Other Interest Income 3. Dividend Income 4. Gross Interest and Dividend Income 5. Interest Expense on Customer Deposits 6. Other Interest Expense 7. Total Interest Expense 8. Net Interest Income 9. Net Gains (Losses) on Trading and Derivatives 10. Net Gains (Losses) on Other Securities 11. Net Gains (Losses) on Assets at FV through Income Statement 12. Net Insurance Income 13. Net Fees and Commissions 14. Other Operating Income 15. Total Non-Interest Operating Income 16. Personnel Expenses 17. Other Operating Expenses 18. Total Non-Interest Expenses 19. Equity-accounted Profit/ Loss - Operating 20. Pre-Impairment Operating Profit 21. Loan Impairment Charge 22. Securities and Other Credit Impairment Charges 23. Operating Profit 24. Equity-accounted Profit/ Loss - Non-operating 25. Non-recurring Income 26. Non-recurring Expense 27. Change in Fair Value of Own Debt 28. Other Non-operating Income and Expenses 29. Pre-tax Profit 30. Tax expense 31. Profit/Loss from Discontinued Operations 32. Net Income 33. Change in Value of AFS Investments 34. Revaluation of Fixed Assets 35. Currency Translation Differences 36. Remaining OCI Gains/(losses) 37. Fitch Comprehensive Income 38. Memo: Profit Allocation to Non-controlling Interests 39. Memo: Net Income after Allocation to Non-controlling Interests 40. Memo: Common Dividends Relating to the Period 41. Memo: Preferred Dividends Related to the Period 157.0 129.2 0.5 286.8 89.0 22.0 111.1 175.7 26.5 n.a. n.a. n.a. 77.3 8.4 112.2 62.3 113.8 176.1 n.a. 111.8 0.7 0.4 110.7 n.a. n.a. n.a. n.a. n.a. 110.7 10.3 n.a. 100.4 (0.5) n.a. 5.4 n.a. 105.3 1.9 98.5 n.a. n.a. 24.3 20.0 0.1 44.5 13.8 3.4 17.2 27.2 4.1 n.a. n.a. n.a. 12.0 1.3 17.4 9.7 17.6 27.3 n.a. 17.3 0.1 0.1 17.2 n.a. n.a. n.a. n.a. n.a. 17.2 1.6 n.a. 15.6 (0.1) n.a. 0.8 n.a. 16.3 0.3 15.3 n.a. n.a. 31 Dec 2012 Year End As % of NGNbn Earning Audited/Report not seen Earning Assets Assets As % of 7.03 5.78 0.02 12.83 3.98 0.99 4.97 7.86 1.19 3.46 0.38 5.02 2.79 5.09 7.88 5.00 0.03 0.02 4.95 4.95 0.46 4.49 (0.02) 0.24 4.71 0.09 4.41 83.3 66.7 2.9 152.9 44.9 13.5 58.4 94.5 9.7 6.1 n.a. n.a. 45.1 3.8 64.7 43.5 59.1 102.6 (0.1) 56.6 4.4 0.1 52.0 n.a. 0.0 n.a. n.a. n.a. 52.0 0.5 3.3 54.8 3.8 n.a. (3.0) n.a. 55.5 0.1 54.7 n.a. n.a. 6.09 4.87 0.21 11.17 3.28 0.99 4.27 6.90 0.71 0.45 3.30 0.28 4.73 3.17 4.32 7.50 (0.00) 4.13 0.32 0.01 3.80 0.00 3.80 0.04 0.24 4.00 0.27 (0.22) 4.06 0.01 3.99 31 Dec 2011 Year End As % of NGNbn Earning Unaudited Assets 55.9 57.7 0.4 114.0 37.4 8.0 45.4 68.6 3.5 (1.9) n.a. n.a. 38.7 8.2 48.5 47.9 58.2 106.1 0.0 11.0 18.6 (0.8) (6.7) n.a. n.a. 19.9 n.a. n.a. (26.6) (17.9) 1.9 (6.8) 4.1 n.a. 1.6 n.a. (1.1) 0.9 (7.7) 12.9 n.a. 4.05 4.18 0.03 8.26 2.71 0.58 3.29 4.97 0.26 (0.14) 2.80 0.59 3.51 3.47 4.22 7.68 0.00 0.80 1.34 (0.06) (0.49) 1.44 (1.93) (1.30) 0.13 (0.49) 0.29 0.12 (0.08) 0.06 (0.55) 0.93 -

United Bank For Africa Plc August 2013

Banks
United Bank For Africa Plc Balance Sheet
31 Mar 2013 3 Months - 1st Quarter 3 Months - 1st Quarter USDm NGNbn As % of Assets 31 Dec 2012 Year End As % of NGNbn Assets 31 Dec 2011 Year End As % of NGNbn Assets

Assets
A. Loans 1. Residential Mortgage Loans 2. Other Mortgage Loans 3. Other Consumer/ Retail Loans 4. Corporate & Commercial Loans 5. Other Loans 6. Less: Reserves for Impaired Loans/ NPLs 7. Net Loans 8. Gross Loans 9. Memo: Impaired Loans included above 10. Memo: Loans at Fair Value included above B. Other Earning Assets 1. Loans and Advances to Banks 2. Reverse Repos and Cash Collateral 3. Trading Securities and at FV through Income 4. Derivatives 5. Available for Sale Securities 6. Held to Maturity Securities 7. At-equity Investments in Associates 8. Other Securities 9. Total Securities 10. Memo: Government Securities included Above 11. Memo: Total Securities Pledged 12. Investments in Property 13. Insurance Assets 14. Other Earning Assets 15. Total Earning Assets C. Non-Earning Assets 1. Cash and Due From Banks 2. Memo: Mandatory Reserves included above 3. Foreclosed Real Estate 4. Fixed Assets 5. Goodwill 6. Other Intangibles 7. Current Tax Assets 8. Deferred Tax Assets 9. Discontinued Operations 10. Other Assets 11. Total Assets Liabilities and Equity D. Interest-Bearing Liabilities 1. Customer Deposits - Current 2. Customer Deposits - Savings 3. Customer Deposits - Term 4. Total Customer Deposits 5. Deposits from Banks 6. Repos and Cash Collateral 7. Other Deposits and Short-term Borrowings 8. Total Deposits, Money Market and Short-term Funding 9. Senior Debt Maturing after 1 Year 10. Subordinated Borrowing 11. Other Funding 12. Total Long Term Funding 13. Derivatives 14. Trading Liabilities 15. Total Funding E. Non-Interest Bearing Liabilities 1. Fair Value Portion of Debt 2. Credit impairment reserves 3. Reserves for Pensions and Other 4. Current Tax Liabilities 5. Deferred Tax Liabilities 6. Other Deferred Liabilities 7. Discontinued Operations 8. Insurance Liabilities 9. Other Liabilities 10. Total Liabilities F. Hybrid Capital 1. Pref. Shares and Hybrid Capital accounted for as Debt 2. Pref. Shares and Hybrid Capital accounted for as Equity G. Equity 1. Common Equity 2. Non-controlling Interest 3. Securities Revaluation Reserves 4. Foreign Exchange Revaluation Reserves 5. Fixed Asset Revaluations and Other Accumulated OCI 6. Total Equity 7. Total Liabilities and Equity 8. Memo: Fitch Core Capital 9. Memo: Fitch Eligible Capital n.a. n.a. n.a. 4,193.2 n.a. 102.1 4,091.1 4,193.2 0.0 n.a. 194.3 n.a. 39.7 n.a. 1,227.5 3,512.7 n.a. n.a. 4,779.8 1,607.8 951.2 n.a. n.a. n.a. 9,065.2 5,811.8 780.4 n.a. 448.7 n.a. 51.7 n.a. 188.6 n.a. 139.6 15,705.7 n.a. n.a. n.a. 649.9 n.a. 15.8 634.1 649.9 0.0 n.a. 30.1 n.a. 6.1 n.a. 190.3 544.5 n.a. n.a. 740.9 249.2 147.4 n.a. n.a. n.a. 1,405.1 900.8 121.0 n.a. 69.6 n.a. 8.0 n.a. 29.2 n.a. 21.6 2,434.4 26.70 0.65 26.05 26.70 0.00 1.24 0.25 7.82 22.37 30.43 10.24 6.06 57.72 37.00 4.97 2.86 0.33 1.20 0.89 100.00 n.a. n.a. 111.4 563.4 n.a. 15.8 658.9 674.7 13.4 n.a. 28.5 n.a. 0.5 n.a. 128.7 552.2 n.a. n.a. 681.3 645.6 131.0 n.a. n.a. n.a. 1,368.7 714.1 119.7 n.a. 70.7 5.7 1.9 n.a. 29.6 63.6 18.6 2,272.9 4.90 24.79 0.70 28.99 29.69 0.59 1.25 0.02 5.66 24.29 29.97 28.40 5.76 60.22 31.42 5.27 3.11 0.25 0.08 1.30 2.80 0.82 100.00 n.a. n.a. 91.2 538.8 n.a. 24.5 605.6 630.1 16.9 n.a. 41.6 n.a. 1.3 n.a. 96.7 625.6 10.4 n.a. 734.0 656.3 69.4 n.a. n.a. n.a. 1,381.2 434.2 81.8 n.a. 55.6 3.5 2.5 n.a. 27.0 n.a. 16.5 1,920.4 4.75 28.06 1.27 31.54 32.81 0.88 2.16 0.07 5.04 32.57 0.54 38.22 34.18 3.61 71.92 22.61 4.26 2.90 0.18 0.13 1.41 0.86 100.00

12,443.4 n.a. n.a. 12,443.4 569.3 n.a. n.a. 13,012.6 681.3 346.3 n.a. 1,027.6 1.0 n.a. 14,041.2 n.a. n.a. n.a. 12.8 0.4 n.a. n.a. n.a. 300.4 14,354.8 n.a. n.a. 1,011.1 25.5 97.7 (4.3) 220.9 1,350.9 15,705.7 1,299.2 n.a.

1,928.7 n.a. n.a. 1,928.7 88.2 n.a. n.a. 2,017.0 105.6 53.7 n.a. 159.3 0.2 n.a. 2,176.4 n.a. n.a. n.a. 2.0 0.1 n.a. n.a. n.a. 46.6 2,225.0 n.a. n.a. 156.7 4.0 15.1 (0.7) 34.2 209.4 2,434.4 201.4 n.a.

79.23 79.23 3.62 82.85 4.34 2.20 6.54 0.01 89.40 0.08 0.00 1.91 91.40 6.44 0.16 0.62 (0.03) 1.41 8.60 100.00 8.27 -

1,087.3 285.4 347.4 1,720.0 57.8 n.a. 53.5 1,831.3 61.0 53.7 n.a. 114.7 0.1 n.a. 1,946.2 n.a. n.a. 0.1 1.3 0.1 n.a. 51.5 n.a. 81.3 2,080.5 n.a. n.a. 141.2 3.4 15.2 (1.5) 34.2 192.5 2,272.9 165.5 n.a.

47.84 12.56 15.28 75.67 2.54 2.35 80.57 2.68 2.36 5.05 0.01 85.62 0.01 0.06 0.00 2.27 3.58 91.53 6.21 0.15 0.67 (0.07) 1.51 8.47 100.00 7.28 -

885.7 247.2 313.0 1,445.8 19.5 n.a. 13.9 1,479.3 123.1 53.5 51.9 228.5 0.8 n.a. 1,708.6 n.a. n.a. 0.1 2.6 0.0 n.a. n.a. n.a. 58.1 1,769.5 n.a. n.a. 108.3 3.6 11.5 1.6 26.0 150.9 1,920.4 131.2 n.a.

46.12 12.87 16.30 75.29 1.02 0.73 77.03 6.41 2.79 2.70 11.90 0.04 88.97 0.00 0.14 0.00 3.03 92.14 5.64 0.19 0.60 0.08 1.35 7.86 100.00 6.83 -

United Bank For Africa Plc August 2013

Banks
United Bank For Africa Plc Summary Analytics
31 Mar 2013 3 Months - 1st Quarter A. Interest Ratios 1. Interest Income on Loans/ Average Gross Loans 2. Interest Expense on Customer Deposits/ Average Customer Deposits 3. Interest Income/ Average Earning Assets 4. Interest Expense/ Average Interest-bearing Liabilities 5. Net Interest Income/ Average Earning Assets 6. Net Int. Inc Less Loan Impairment Charges/ Av. Earning Assets 7. Net Interest Inc Less Preferred Stock Dividend/ Average Earning Assets B. Other Operating Profitability Ratios 1. Non-Interest Income/ Gross Revenues 2. Non-Interest Expense/ Gross Revenues 3. Non-Interest Expense/ Average Assets 4. Pre-impairment Op. Profit/ Average Equity 5. Pre-impairment Op. Profit/ Average Total Assets 6. Loans and securities impairment charges/ Pre-impairment Op. Profit 7. Operating Profit/ Average Equity 8. Operating Profit/ Average Total Assets 9. Taxes/ Pre-tax Profit 10. Pre-Impairment Operating Profit / Risk Weighted Assets 11. Operating Profit / Risk Weighted Assets C. Other Profitability Ratios 1. Net Income/ Average Total Equity 2. Net Income/ Average Total Assets 3. Fitch Comprehensive Income/ Average Total Equity 4. Fitch Comprehensive Income/ Average Total Assets 5. Net Income/ Av. Total Assets plus Av. Managed Securitized Assets 6. Net Income/ Risk Weighted Assets 7. Fitch Comprehensive Income/ Risk Weighted Assets D. Capitalization 1. Fitch Core Capital/Weighted Risks 2. Fitch Eligible Capital/ Weighted Risks 3. Tangible Common Equity/ Tangible Assets 4. Tier 1 Regulatory Capital Ratio 5. Total Regulatory Capital Ratio 6. Core Tier 1 Regulatory Capital Ratio 7. Equity/ Total Assets 8. Cash Dividends Paid & Declared/ Net Income 9. Cash Dividend Paid & Declared/ Fitch Comprehensive Income 10. Cash Dividends & Share Repurchase/Net Income 11. Net Income - Cash Dividends/ Total Equity E. Loan Quality 1. Growth of Total Assets 2. Growth of Gross Loans 3. Impaired Loans(NPLs)/ Gross Loans 4. Reserves for Impaired Loans/ Gross loans 5. Reserves for Impaired Loans/ Impaired Loans 6. Impaired Loans less Reserves for Imp Loans/ Equity 7. Loan Impairment Charges/ Average Gross Loans 8. Net Charge-offs/ Average Gross Loans 9. Impaired Loans + Foreclosed Assets/ Gross Loans + Foreclosed Assets F. Funding 1. Loans/ Customer Deposits 2. Interbank Assets/ Interbank Liabilities 3. Customer Deposits/ Total Funding excl Derivatives 31 Dec 2012 Year End 31 Dec 2011 Year End

14.70 3.07 13.00 3.39 7.97 7.93 7.97 38.97 61.17 4.70 34.98 2.99 1.02 34.63 2.96 9.29 n.a. n.a. 31.41 2.68 32.95 2.81 n.a. n.a. n.a. n.a. n.a. 8.30 n.a. n.a. n.a. 8.60 n.a. n.a. n.a. 30.14 7.10 (3.67) n.a. 2.43 n.a. n.a. 0.07 59.39 n.a. 33.70 34.13 88.63

12.11 2.88 11.06 3.25 6.84 6.52 6.84 40.64 64.44 4.88 30.24 2.69 8.06 27.80 2.47 1.02 5.18 4.76 29.28 2.60 29.68 2.64 n.a. 5.02 5.09 15.16 n.a. 7.37 15.90 23.50 n.a. 8.47 n.a. n.a. n.a. 28.45 18.35 7.09 1.99 2.34 117.61 (1.23) 0.65 (0.10) 1.99 39.23 49.35 88.39

8.86 2.76 9.16 2.92 5.51 4.02 5.51 41.42 90.61 6.03 7.26 0.63 160.79 (4.41) (0.38) 67.42 1.17 (0.71) (4.47) (0.39) (0.74) (0.06) n.a. (0.72) (0.12) 13.88 n.a. 6.73 13.30 21.70 n.a. 7.86 (189.78) (1,151.38) n.a. (13.06) 20.09 (0.20) 2.69 3.88 144.38 (4.98) 2.94 (1.06) 2.69 43.58 213.04 84.66

United Bank For Africa Plc August 2013

Banks
United Bank For Africa Plc Reference Data
31 Mar 2013 3 Months - 1st Quarter 3 Months - 1st Quarter USDm NGNbn A. Off-Balance Sheet Items 1. Managed Securitized Assets Reported Off-Balance Sheet 2. Other off-balance sheet exposure to securitizations 3. Guarantees 4. Acceptances and documentary credits reported off-balance sheet 5. Committed Credit Lines 6. Other Contingent Liabilities 7. Total Business Volume 8. Memo: Total Weighted Risks 9. Fitch Adjustments to Weighted Risks. 10. Fitch Adjusted Weighted Risks B. Average Balance Sheet Average Loans Average Earning Assets Average Assets Average Managed Securitized Assets (OBS) Average Interest-Bearing Liabilities Average Common equity Average Equity Average Customer Deposits C. Maturities Asset Maturities: Loans & Advances < 3 months Loans & Advances 3 - 12 Months Loans and Advances 1 - 5 Years Loans & Advances > 5 years Debt Securities < 3 Months Debt Securities 3 - 12 Months Debt Securities 1 - 5 Years Debt Securities > 5 Years Interbank < 3 Months Interbank 3 - 12 Months Interbank 1 - 5 Years Interbank > 5 Years Liability Maturities: Retail Deposits < 3 months Retail Deposits 3 - 12 Months Retail Deposits 1 - 5 Years Retail Deposits > 5 Years Other Deposits < 3 Months Other Deposits 3 - 12 Months Other Deposits 1 - 5 Years Other Deposits > 5 Years Interbank < 3 Months Interbank 3 - 12 Months Interbank 1 - 5 Years Interbank > 5 Years Senior Debt Maturing < 3 months Senior Debt Maturing 3-12 Months Senior Debt Maturing 1- 5 Years Senior Debt Maturing > 5 Years Total Senior Debt on Balance Sheet Fair Value Portion of Senior Debt Covered Bonds Subordinated Debt Maturing < 3 months Subordinated Debt Maturing 3-12 Months Subordinated Debt Maturing 1- 5 Year Subordinated Debt Maturing > 5 Years Total Subordinated Debt on Balance Sheet Fair Value Portion of Subordinated Debt D. Equity Reconciliation 1. Equity 2. Add: Pref. Shares and Hybrid Capital accounted for as Equity 3. Add: Other Adjustments 4. Published Equity E. Fitch Eligible Capital Reconciliation 1. Total Equity as reported (including non-controlling interests) 2. Fair value effect incl in own debt/borrowings at fv on the B/S- CC only 3. Non-loss-absorbing non-controlling interests 4. Goodwill 5. Other intangibles 6. Deferred tax assets deduction 7. Net asset value of insurance subsidiaries 8. First loss tranches of off-balance sheet securitizations 9. Fitch Core Capital 10. Eligible weighted Hybrid capital 11. Government held Hybrid Capital 12. Fitch Eligible Capital n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 346.3 n.a. 1,350.9 n.a. n.a. 1,350.9 1,350.9 0.0 0.0 0.0 51.7 0.0 0.0 0.0 1,299.2 n.a. 0.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 53.7 n.a. 209.4 n.a. n.a. 209.4 209.4 0.0 0.0 0.0 8.0 0.0 0.0 0.0 201.4 n.a. 0.0 n.a. 2.20 8.60 8.60 8.60 0.00 0.00 0.00 0.33 0.00 0.00 0.00 8.27 0.00 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 53.7 n.a. 192.5 n.a. n.a. 192.5 192.5 0.0 0.0 5.7 1.9 19.4 0.0 0.0 165.5 n.a. 0.0 n.a. 2.36 8.47 8.47 8.47 0.00 0.00 0.25 0.08 0.85 0.00 0.00 7.28 0.00 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 53.5 n.a. 150.9 n.a. n.a. 150.9 150.9 0.0 0.0 0.0 2.5 17.3 0.0 0.0 131.2 n.a. 0.0 n.a. 2.79 7.86 7.86 7.86 0.00 0.00 0.00 0.13 0.90 0.00 0.00 6.83 0.00 As % of Assets 31 Dec 2012 Year End As % of NGNbn Assets 31 Dec 2011 Year End As % of NGNbn Assets

n.a. n.a. 2,134.7 669.6 n.a. n.a. 18,509.9 n.a. n.a. n.a. 4,273.1 8,947.8 15,184.9 n.a. 13,298.5 960.9 1,296.3 11,770.1

n.a. n.a. 330.9 103.8 n.a. n.a. 2,869.0 n.a. n.a. n.a. 662.3 1,386.9 2,353.7 n.a. 2,061.3 148.9 200.9 1,824.4

13.59 4.26 117.85 27.21 56.97 96.68 84.67 6.12 8.25 74.94

n.a. n.a. 305.5 95.8 n.a. n.a. 2,674.2 1,091.8 n.a. 1,091.8 688.0 1,382.0 2,103.9 n.a. 1,796.8 162.5 187.1 1,557.8

13.44 4.22 117.66 48.04 48.04 30.27 60.80 92.56 79.05 7.15 8.23 68.54

n.a. n.a. 239.0 133.0 n.a. n.a. 2,292.5 945.3 n.a. 945.3 630.7 1,244.5 1,759.8 n.a. 1,555.1 125.5 152.0 1,358.1

12.45 6.93 119.37 49.22 49.22 32.84 64.80 91.64 80.98 6.54 7.91 70.72

United Bank For Africa Plc August 2013

Banks

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United Bank For Africa Plc August 2013