ADC African Development Corporation GmbH & Co. KGaA ("ADC"), ISIN DE000A1E8NW9, a fast growing pan-African banking group focused on the frontier markets of sub-Saharan Africa, announces the strong second quarter performance of Union Bank of Nigeria ("UBN"), ADC's banking asset in Nigeria.
UBN delivered H1 2012 results driven by growth in net fee income and lower operating costs. At the bank level, UBN reversed last year's loss of EUR 219.1 million (NGN 44.0 billion) coming in at H1 2012 net profit of EUR 67.5 million (NGN 13.6 billion), with a return on equity of 15.1% and 14.4% at group and
UBN delivered H1 2012 results driven by growth in net fee income and lower operating costs. At the bank level, UBN reversed last year's loss of EUR 219.1 million (NGN 44.0 billion) coming in at H1 2012 net profit of EUR 67.5 million (NGN 13.6 billion), with a return on equity of 15.1% and 14.4% at group and
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