28 Oct 2010 10:47

Secretary's Department
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SD/BOD/KSE/Results
28 October 2010
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FORM- 7
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Fax No. 111-573-329
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The Managing Director
The Karachi Stock Exchange (Guarantee) Limited
Stock Exchange Building
Stock Exchange Road
Karachi
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Dear Sir,
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FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED 30-09-2010
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We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 168th meeting held on 28 October 2010 at 10:00 a.m. (UAE Time) at Abu Dhabi, UAE declared the following:
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(i) CASH DIVIDEND
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------NIL-------
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(ii) BONUS SHARES
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------NIL------
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(iii) RIGHT SHARES
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------NIL---------
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(iv) ANY OTHER ENTITLEMENT / CORPORATE ACTION
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------NIL-------
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(V) ANY OTHER PRICE-SENSITIVE INFORMATION
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----NIL-------
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The financial results of the Company are appended at Annexure "A" for Unconsolidated & Annexure "B" Consolidated Accounts of the said period.
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We will be sending you 300 copies of printed Accounts for distribution amongst the members of the exchange.
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Yours faithfully,
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Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
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C.C. to : 1) Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs
2) London Stock Exchange
3) State Bank of Pakistan
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 |  Annexure "A" | |||||||||
Unconsolidated Condensed Interim Profit And Loss Account (Un-audited)Â | Â | |||||||||
For the quarter and nine months ended September 30, 2010Â | Â | |||||||||
 Jul-Sep 2010 |  Jul-Sep 2009 |  Jan-Sep 2010 | Jan-Sep 2009 | |||||||
----------------------(Rupees in '000)-------------------------- | ||||||||||
Mark-up / return / interest earned | 14,770,768 | 14,534,687 | 43,251,033 | Â 46,163,070 | ||||||
Mark-up / return / interest expensed | (6,204,464) | (6,315,266) | (18,169,640) | (22,259,499) | ||||||
Net mark-up / return / interest income | 8,566,304 | 8,219,421 | 25,081,393 | 23,903,571 | ||||||
Provision against loans and advances - net | (1,861,529) | (2,321,431) | (5,254,930) | (7,710,812) | ||||||
Provision for diminution in value of investments - net | (77,667) | (45,567) | (142,136) | (659,156) | ||||||
Bad debts written off directly | (217,134) | (324,272) | (853,043) | (1,024,563) | ||||||
(2,156,330) | (2,691,270) | (6,250,109) | (9,394,531) | |||||||
Net mark-up / return / interest income after provisions | 6,409,974 | 5,528,151 | 18,831,284 | 14,509,040 | ||||||
Non mark-up / return / interest income | ||||||||||
Fee, commission and brokerage income | 1,602,632 | 1,448,714 | 4,710,386 | 4,320,938 | ||||||
Dividend income | 169,715 | 71,303 | 447,342 | 342,335 | ||||||
Income from dealing in foreign currencies | 505,440 | 78,211 | 1,197,474 | 920,402 | ||||||
Gain on sale of securities | 8,701 | 293,683 | 149,032 | 647,822 | ||||||
Unrealised loss on revaluation of investments classified as held for trading | (2,179) | (18,091) | (24,567) | (18,772) | ||||||
Other income | 280,917 | 167,995 | 813,877 | 2,038,225 | ||||||
Total non mark-up / return / interest income | 2,565,226 | 2,041,815 | 7,293,544 | 8,250,950 | ||||||
8,975,200 | 7,569,967 | 26,124,828 | 22,759,991 | |||||||
Non mark-up / interest expenses | ||||||||||
Administrative expenses | (4,432,572) | (4,212,401) | (12,859,820) | (12,280,176) | ||||||
Other provisions / write offs / reversals - net | 14,084 | (59,202) | 130,641 | (242,295) | ||||||
Workers' welfare fund | (122,246) | (113,026) | (300,613) | (282,371) | ||||||
Other charges | (74,991) | (2,383) | (170,052) | (3,551) | ||||||
Total non mark-up / interest expenses | (4,615,725) | (4,387,012) | (13,199,844) | (12,808,393) | ||||||
Profit before taxation | 4,359,475 | 3,182,955 | 12,924,984 | Â 9,951,598 | ||||||
Taxation | ||||||||||
- Current | (2,132,147) | (2,003,513) | (5,230,611) | (4,950,410) | ||||||
- Prior | (1,693) | (757) | (396,443) | (75,722) | ||||||
- Deferred | 633,926 | 901,007 | 762,343 | 1,441,775 | ||||||
(1,499,914) | (1,103,263) | (4,864,711) | (3,584,357) | |||||||
Profit after taxation | 2,859,561 | 2,079,692 | 8,060,273 | 6,367,241 | ||||||
-------------------------(Rupees)------------------------------- | ||||||||||
Basic and diluted earnings per share | 2.34 | 1.70 | 6.58 | 5.20 |
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"Annexure B"
Consolidated Condensed Interim Profit and Loss Account (Un-audited) | ||||||||||
For the quarter and nine months ended September 30, 2010 | Â Jul-Sep 2010 | Jul-Sep 2009 | Jan-Sep 2010 | Jan-Sep 2009 | ||||||
--------------------------------- (Rupees in '000) --------------------------------- | ||||||||||
Mark-up / return / interest earned | 14,981,888 | 14,858,248 | 43,799,493 | 46,663,260 | ||||||
Mark-up / return / interest expensed | (6,258,491) | (6,356,511) | (18,295,350) | (22,376,712) | ||||||
Net mark-up / return / interest income | 8,723,397 | 8,501,737 | 25,504,143 | 24,286,548 | ||||||
Provision against loans and advances - net | (1,861,850) | (2,321,442) | (5,287,529) | (7,699,453) | ||||||
Provision for diminution in value of investments - net | (88,159) | (45,567) | (148,889) | (659,156) | ||||||
Bad debts written off directly | (217,134) | (324,272) | (853,043) | (1,024,563) | ||||||
(2,167,143) | (2,691,281) | (6,289,461) | (9,383,172) | |||||||
Net mark-up / return / interest income after provisions | 6,556,254 | 5,810,456 | 19,214,682 | 14,903,376 | ||||||
Non mark-up / return / interest income | ||||||||||
Fee, commission and brokerage income | 1,730,538 | 1,553,276 | 5,167,258 | 4,590,309 | ||||||
Dividend income | 27,405 | 71,706 | 69,290 | 343,248 | ||||||
Income from dealing in foreign currencies | 518,857 | 90,360 | 1,233,484 | 968,122 | ||||||
Gain on sale of securities | 4,931 | 324,221 | 147,087 | 719,255 | ||||||
Unrealized loss on revaluation of investments classified as | ||||||||||
held for trading | 10,785 | (18,091) | (12,316) | (18,772) | ||||||
Other income | 308,830 | 164,535 | 901,406 | 2,398,036 | ||||||
Total non mark-up / return / interest income | 2,601,346 | 2,186,007 | 7,506,209 | 9,000,198 | ||||||
9,157,600 | 7,996,463 | 26,720,891 | 23,903,574 | |||||||
Non mark-up / interest expenses | ||||||||||
Administrative expenses | (4,735,451) | (4,532,480) | (13,814,875) | (13,191,346) | ||||||
Other provisions / write offs / reversals - net | 14,084 | (59,301) | 130,641 | (242,607) | ||||||
Workers' welfare fund | (123,101) | (113,026) | (303,133) | (282,371) | ||||||
Other charges | (74,991) | (2,383) | (170,052) | (3,551) | ||||||
Total non mark-up / interest expenses | (4,919,459) | (4,707,190) | (14,157,419) | (13,719,875) | ||||||
4,238,141 | 3,289,273 | 12,563,472 | 10,183,699 | |||||||
Share of income from associates | 56,290 | 181,201 | 240,941 | 393,519 | ||||||
Profit before taxation | 4,294,431 | 3,470,474 | 12,804,413 | 10,577,218 | ||||||
Taxation - Current | (2,145,987) | (2,031,062) | (5,263,021) | (5,008,597) | ||||||
- Prior | (1,693) | (757) | (396,443) | (75,722) | ||||||
- Deferred | 634,627 | 901,598 | 762,258 | 1,445,126 | ||||||
(1,513,053) | (1,130,221) | (4,897,206) | (3,639,193) | |||||||
Profit after taxation | 2,781,378 | 2,340,253 | 7,907,207 | 6,938,025 | ||||||
Profit/ (loss) attributable to: | ||||||||||
Equity shareholders of the Bank | 2,793,532 | 2,335,055 | 7,959,663 | 6,926,066 | ||||||
Non-controlling interests | (12,154) | 5,198 | (52,456) | 11,959 | ||||||
2,781,378 | 2,340,253 | 7,907,207 | 6,938,025 | |||||||
------------------------------------------- (Rupees) ----------------------------------------- | ||||||||||
Basic and diluted earnings per share | 2.28 | 1.91 | 6.50 | 5.66 |
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