3rd Quarter Results

30 Oct 2007 08:24

United Bank Limited30 October 2007 SECRETARY's DEPARTMENT FORM-7 SD/BOD/KSE/Results30 October 2007 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 30-09-2007 We have to inform you that the Board of Directors of United Bank Limited ("UBL")in their 151st meeting held at Islamabad on 30-10-2007 at 10.00 a.m. recommendedthe 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". We will be sending you 300 copies of printed Accounts for distribution amongstthe members of the exchange. Yours faithfully, Abdul Sattar Vaid Faraz Khan Aqeel Ahmed NasirVice President & Vice President & Company Secretary &Unit Head Financial Controller Chief Legal Counsel CC to 1. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs 2. London Stock Exchange 2/2 FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED SEPTEMBER 30, 2007 July - Sep July - Sep Jan - Sep Jan - Sep 2007 2006 2007 2006 ------------------------(Rupees in ' 000)-------------------------- Mark-up / return / interest earned 10,463,677 8,698,947 30,195,100 23,763,167Non Mark-up / interest / other income 2,164,783 1,402,182 6,379,045 4,649,744 12,628,460 10,101,129 36,574,145 28,412,911 Mark-up / return / interest expensed (4,272,453) (3,118,710) (12,102,949) (8,525,032)Provisions and write offs (2,858,804) (892,464) (3,600,589) (1,805,604)Operating expenditure (3,413,281) (2,672,391) (9,813,911) (7,595,173) (10,544,538) (6,683,565) (25,517,449) (17,925,809) Profit before taxation 2,083,922 3,417,564 11,056,696 10,487,102 Taxation - Current - for the year (861,767) (1,209,379) (4,016,675) (2,106,408)Taxation - Current - for prior years 17,863 (17,647) (420,706) (27,448)Taxation - Deferred 212,049 21,488 463,719 (1,446,617) (631,855) (1,205,538) (3,973,662) (3,580,473)Profit after taxation 1,452,067 2,212,026 7,083,034 6,906,629 Unappropriated profit brought forward 13,420,603 8,563,722 12,429,920 7,350,813 Transfer from surplus on revaluation of fixedassets - net of tax 23,614 23,614 70,841 70,841Profit before appropriations 14,896,284 10,799,362 19,583,795 14,328,283AppropriationsTransfer to:Statutory reserve (290,346) (442,406) (1,416,607) (1,381,327)Final cash dividend for the years ended December31, 2005 and 2006 declared subsequent to the year end - - (1,942,500) (1,295,000)Transfer to to reserve for issunace of bonusshares - - (1,618,750) (1,295,000) (290,346) (442,406) (4,977,857) (3,971,327)Unappropriated profit carried forward 14,605,938 10,356,956 14,605,938 10,356,956 -----------------------------(Rupees)--------------------------Basic and diluted earnings per share 1.79 2.73 8.75 8.53 This information is provided by RNS The company news service from the London Stock Exchange