1st Quarter Results

28 Apr 2008 10:11

United Bank Limited28 April 2008 SECRETARY's DEPARTMENT FORM-7 SD/BOD/KSE/Results28 April 2008 Fax No. 2415763 & 2437506 The Managing DirectorThe Karachi Stock Exchange (Guarantee) LimitedStock Exchange BuildingStock Exchange RoadKarachi Dear Sir, FINANCIAL RESULTS FOR THE QUARTER YEAR ENDED 31-03-2008 We have to inform you that the Board of Directors of United Bank Limited ("UBL")in their 155TH meeting held at Abu Dhabi on 26-04-2008 at 02.00 a.m.(Abu DhabiTime) recommended the following: (i) CASH DIVIDEND ------NIL------ (ii) BONUS SHARES ------NIL------ (iii) RIGHT SHARES ------NIL--------- (iv) ANY OTHER ENTITLEMENT / CORPORATE ACTION ------NIL------- (v) ANY OTHER PRICE-SENSITIVE INFORMATION ----NIL------- 1/2 The financial results of the Company are appended at Annexure "A" forStandalone & Annexure "B" Consolidated Accounts of the said period. We will be sending you 300 copies of printed Accounts for distribution amongstthe members of the exchange. Yours faithfully, Aqeel Ahmed NasirCompany Secretary &Chief Legal Counsel CC to 1. London Stock Exchange, London, UK 2. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs 2/2 UNITED BANK LIMITED - STAND ALONE Annexure - APROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED MARCH 31, 2008 Mar. 31, 2008 Mar. 31, 2007 (Rupees '000) Mark-up / Return / Interest Earned 11,156,658 9,646,981Mark-up / Return / Interest Expensed (4,761,470) (3,807,668) Net Mark-up / Interest Income 6,395,188 5,839,313 Provision for non-performing loans and advances (888,598) (145,176) Provision for diminution in value of investment - (6,750) General provision against consumer loans 23,822 (49,425) Bad debts written off directly (330,907) (154,226) (1,195,683) (355,577) Net Mark-up / Interest Income after provisions 5,199,505 5,483,736 NON MARK-UP/INTEREST INCOME Fee, Commission and Brokerage Income 1,450,365 1,152,263 Dividend Income 27,483 129,762 Gain on sale of securities 250,619 320,208 Income from dealing in foreign currencies 249,741 227,265 Other Income 994,696 229,134 Total non-markup/interest Income 2,972,904 2,058,632 8,172,409 7,542,368NON MARK-UP / INTEREST EXPENSES Administrative expenses (3,495,819) 2,915,468) Other provisions / write offs (56,699) (52,222) Other charges (179,151) (509) Total non-markup / interest expenses (3,731,669) (2,968,199) 4,440,740 4,574,169 Extra ordinary / unusual items - -PROFIT BEFORE TAXATION 4,440,740 4,574,169 Taxation - Current/ prior (1,835,811) (1,628,317) - Deferred 295,615 134,346 (1,540,196) (1,493,971)PROFIT AFTER TAXATION 2,900,544 3,080,198 Un-appropriated profit brought forward 15,653,703 12,429,853 18,554,247 15,510,051 Transferred from surplus on revaluation of fixed assets-net of tax 80,420 23,614 Profit before appropriations 18,634,667 15,533,664 APPROPRIATIONSTransfer to statutory reserve (580,109) (615,974)Cash Dividend 2007:Rs 3.00 (2006:Rs 3.00) per share (2,428,125) (1,942,500)Transfer to reserve for issue of bonus shares @25% (2006 @ 25%) (2,023,438) (1,618,750)Un-appropriated profit/ (accumulated loss) carried forward 13,602,995 11,356,441 RupeesBasic earnings per share 3.58 3.81Diluted earnings per share 2.87 3.04 UNITED BANK LIMITED - CONSOLIDATED ANNEXURE - BCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED MARCH 31, 2008 - (Unaudited) Jan - Mar Jan - Mar 2008 2007 ('Rupees in '000) Mark-up / Return / Interest Earned 11,373,574 9,866,894 Mark-up / Return / Interest Expensed (4,813,940) (3,875,267) Net Mark-up / Interest Income 6,559,634 5,991,627 Provision for non-performing loans and advances (886,594) (143,156) Provision against consumer loans 23,822 (49,425) Provision for diminution in value of investment - (6,750) Bad debts written off directly (330,907) (154,226) (1,193,679) (353,557) Net Mark-up / Interest Income after provisions 5,365,955 5,638,070 NON MARK-UP/INTEREST INCOME Fee, Commission and Brokerage Income 1,692,723 1,262,686 Dividend Income 130,133 27,879 Gain on sale of securities 251,542 320,208 Income from dealing in foreign currencies 260,870 244,319 Other Income 1,007,667 240,264 Total non-markup/interest Income 3,240,680 2,197,611 8,606,635 7,835,681 NON MARK-UP / INTEREST EXPENSES Administrative expenses (3,765,436) (3,106,472) Other provisions / write offs (56,699) (52,222) Other charges (179,151) (509) Total non-markup / interest expenses (4,001,286) (3,159,203) 4,605,349 4,676,477 Extra ordinary / unusual items - - Share of income of associates 121,850 - PROFIT BEFORE TAXATION 4,727,199 4,676,477 Taxation - Current / prior (1,862,891) (1,630,962) - Deferred 293,828 134,681 (1,569,063) (1,496,281) PROFIT AFTER TAXATION 3,158,136 3,180,197 Share of Minority Interest (28,001) (41,739) Profit attributable to Shareholders of the Bank 3,130,135 3,138,457 Un-appropriated profit brought forward 16,728,318 12,930,344 19,858,453 16,068,802 Transferred from surplus on revaluation of fixed assets-net of tax 23,614 80,420 Profit before appropriations 19,938,873 16,092,416 APPROPRIATIONS Transfer to statutory reserve (580,109) (616,040) Cash Dividend 2007:Rs 3.00 (2006:Rs 3.00) per share (2,428,125) (1,942,500) Transfer to reserve for issue of bonus shares @25% (2006 @ 25%) (2,023,438) (1,618,750) (5,031,672) (4,177,290) Un-appropriated profit carried forward 14,907,201 11,915,126 Basic earnings per share (Rupees) 3.87 3.88 Diluted earnings per share (Rupees) 3.09 3.10 This information is provided by RNS The company news service from the London Stock Exchange