Last checked at 27 Apr 2010 07:10
Secretary's Department
SD/BOD/KSE/Results
27 April 2010
FORM- 7
Fax No. 111-573-329
The Managing Director
The Karachi Stock Exchange (Guarantee) Limited
Stock Exchange Building
Stock Exchange Road
Karachi
Dear Sir,
FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31-03-2010
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 166th meeting held on 26 April 2010 at 02.00 p.m. (UAE Time) at Abu Dhabi, UAE declared 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" for Unconsolidated & Annexure "B" Consolidated Accounts of the said period.
We will be sending you 300 copies of printed Accounts for distribution amongst the members of the exchange.
Yours faithfully,
Abdul Sattar Vaid Aqeel Ahmed Nasir
Senior Vice President & Company Secretary &
Head Secretary's Department Chief Legal Counsel
C.C. to : 1) Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs
2) London Stock Exchange
3) State Bank of Pakistan
2/2
Annexure - A
| UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (Unaudited) FOR THE QUARTER ENDED MARCH 31, 2010 |
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| March 2010 |
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| March 2009 |
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| ------- (Rupees in '000) ------- |
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| Mark-up / return / interest earned |
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| 14,129,423 |
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| 16,142,665 |
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| Mark-up / return / interest expensed |
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| (5,996,107) |
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| (8,243,972) |
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| Net mark-up / interest income |
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| 8,133,316 |
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| 7,898,693 |
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| Provision against loans and advances - net |
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| (1,735,122) |
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| (1,604,445) |
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| Provision for diminution in value of investments - net |
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| 5,733 |
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| (290,060) |
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| Bad debts written off directly |
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| (386,709) |
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| (334,660) |
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| (2,116,098) |
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| (2,229,165) |
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| Net mark-up / return / interest income after provisions |
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| 6,017,218 |
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| 5,669,528 |
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| Non Mark-up / Interest Income |
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| Fee, commission and brokerage income |
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| 1,473,016 |
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| 1,289,121 |
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| Dividend income |
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| 137,625 |
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| 34,805 |
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| Income from dealing in foreign currencies |
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| 361,362 |
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| 484,114 |
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| Gain on sale of securities |
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| 86,073 |
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| 85,749 |
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| Unrealized (loss) / gain on revaluation of investment classified as held for trading |
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| (7,901) |
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| 21,992 |
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| Other income |
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| 376,722 |
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| 356,002 |
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| Total non mark-up / return / interest income |
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| 2,426,897 |
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| 2,271,783 |
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| 8,444,115 |
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| 7,941,311 |
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| Non Mark-up / Interest Expenses |
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| Administrative expenses |
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| (4,082,348) |
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| (3,917,599) |
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| Other provisions / write offs - net |
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| (8,327) |
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| 2,970 |
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| Worker welfare fund |
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| (88,908) |
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| (82,618) |
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| Other charges |
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| (4,118) |
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| (820) |
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| Total non mark-up / interest expenses |
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| (4,183,701) |
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| (3,998,067) |
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| Profit before taxation |
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| 4,260,414 |
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| 3,943,244 |
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| Taxation - Current |
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| (1,541,710) |
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| (1,607,896) |
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| - Prior year |
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| (262) |
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| (4) |
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| - Deferred |
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| 65,080 |
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| 200,565 |
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| (1,476,892) |
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| (1,407,335) |
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| Profit after taxation |
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| 2,783,522 |
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| 2,535,909 |
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| Unappropriated profit brought forward |
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| 22,187,802 |
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| 16,604,076 |
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| 24,971,324 |
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| 19,139,985 |
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| Transfer from surplus on revaluation of fixed assets - net of tax |
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| 70,510 |
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| 97,315 |
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| Profit available for appropriation |
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| 24,041,834 |
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| 19,237,300 |
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| ----------- (Rupees) ----------- |
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| Earnings per share |
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| 2.50 |
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| 2.28 |
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Annexure - B
| Consolidated Condensed Interim Profit and Loss Account (Un-audited) |
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| For the quarter ended March 31, 2010 |
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| March 31, 2010 |
| March 31, 2009 |
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| ------- (Rupees in '000) ------- |
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| Mark-up / return / interest earned |
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| 14,301,263 |
| 16,293,857 |
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| Mark-up / return / interest expensed |
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| (6,028,856) |
| (8,282,966) |
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| Net mark-up / return / interest income |
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| 8,272,407 |
| 8,010,891 |
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| Provision against loans and advances - net |
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| (1,735,122) |
| (1,599,263) |
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| Provision for diminution in value of investments - net |
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| (5,515) |
| (290,060) |
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| Bad debts written off directly |
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| (386,709) |
| (334,660) |
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| (2,127,346) |
| (2,223,983) |
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| Net mark-up / return / interest income after provisions |
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| 6,145,061 |
| 5,786,908 |
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| Non Mark-up / Interest Income |
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| Fee, commission and brokerage income |
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| 1,627,138 |
| 1,376,493 |
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| Dividend income |
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| 26,896 |
| 35,116 |
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| Income from dealing in foreign currencies |
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| 370,598 |
| 502,316 |
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| Gain on sale of securities |
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| 87,364 |
| 94,113 |
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| Unrealized loss on revaluation of investments classified as |
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| held for trading |
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| (7,703) |
| 20,506 |
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| Other income |
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| 410,844 |
| 467,844 |
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| Total non mark-up / return / interest income |
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| 2,515,137 |
| 2,496,388 |
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| 8,660,198 |
| 8,283,295 |
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| Non Mark-up / Interest Expenses |
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| Administrative expenses |
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| (4,392,940) |
| (4,199,466) |
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| Other provisions / write offs / reversals - net |
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| (8,327) |
| 2,970 |
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| Workers' welfare fund |
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| (89,736) |
| (82,618) |
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| Other charges |
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| (4,118) |
| (820) |
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| Total non mark-up / interest expenses |
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| (4,495,121) |
| (4,279,934) |
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| 4,165,077 |
| 4,003,361 |
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| Share of income of associates |
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| 65,788 |
| 179,915 |
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| Profit before taxation |
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| 4,230,865 |
| 4,183,276 |
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| Taxation - Current |
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| (1,551,973) |
| (1,621,660) |
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| - Prior |
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| (262) |
| (4) |
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| - Deferred |
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| 64,294 |
| 202,930 |
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| (1,487,941) |
| (1,418,734) |
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| Profit after taxation |
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| 2,742,924 |
| 2,764,542 |
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| Attributable to: |
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| Equity shareholders of the Bank |
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| Minority Interest |
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| 2,742,924 2,764,542 |
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| ----------- (Rupees) ----------- |
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| Basis and diluted earnings per share |
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| 2.47 |
| 2.48 |
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