United Bank for Africa Plc (UBA) hereby issues a profit warning in respect of its FY 2011 results, following the preliminary review of the Group’s Management Accounts for the year ended 31 December 2011. The Bank expects to announce a loss, driven principally by one off write-offs against earnings, including those arising from the transfer of loans to the Asset Management Company of Nigeria (AMCON). Management does not anticipate further similar write-offs in 2012 and following these actions, affirms that the group's balance sheet and capital are in a robust position, providing a solid foundation for the Group's future growth path.

Earnings from the underlying operations of the Group's Nigerian business give considerable grounds for optimism for the coming year, and the Group continues to witness significant growth in its operations across Africa, with an increasing contribution to Group profitability.

Accordingly, the Group is increasingly confident on the outlook for FY 2012, with an indicative forecast profit before tax of N15.1billion for Q1 2012. January results have been impressive and confirm our belief that the forecast will be achieved, barring any unforeseen circumstances.