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22 Apr 2014 07:01
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Secretary's Department
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UBL/BOD-190/KSE/Results
18 April 2014
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FORM- 7
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Fax No. (021) 111-573-329
The Managing Director
M/s. Karachi Stock Exchange Ltd.,
Stock Exchange Building,
Stock Exchange Road,
Karachi.
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Dear Sir,
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Financial Results for 1st Quarter Ended 31-Mar-2014
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We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 190th meeting held on 18-Apr-2014 at Islamabad, Pakistan at 10:00 a.m. declared the following:
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(i) Cash Dividend1st Interim Cash Dividend for the year 2014 at Rs.2.50per share i.e 25%.
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(ii) Bonus Shares
--- NIL ---
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(iii) Right Shares
--- NIL ---
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(iv) Any Other Entitlement / Corporate Action
--- NIL ---
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(v) Any Other Price-Sensitive Information
--- NIL ---
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The Share Transfer Books of the Company will be closed from 10-May-2014 to 16-May-2014 (both days inclusive). Transfers received at the office of the Company's Share Registrar, M/s. THK Associates (Pvt.) Ltd., 2nd Floor, State Life Building No.3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on Friday, 09-May-2014 will be treated in time for the purpose of above entitlement to the transferees.
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Page 1 of 2
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The financial results of the Company are appended at Annexure "A" for Un-consolidated Accounts and Annexure "B" for Consolidated Accounts of the said period.
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We will be sending you 200 copies of printed Accounts for distribution amongst the members of the exchange.
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Yours faithfully,
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Sd/-
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;
4) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad;
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Page 2 of 2
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" A "
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UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | |||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||
March 31, 2014 | March 31, 2013 | ||||
------- (Rupees in '000) ---------- | |||||
Mark-up / return / interest earned | 19,394,031 | 17,005,878 | |||
Mark-up / return / interest expensed | Β (9,580,200) | (8,218,114) | |||
Net mark-up / return / interest income | 9,813,831 | 8,787,764 | |||
Provision against loans and advances - net | Β (146,947) | Β (419,155) | |||
Reversal of provision against lendings to financial institutions - net | 338 | 4,338 | |||
Reversal / (provision) for diminution in value of investments - net | 5,578 | Β (13,220) | |||
Bad debts written off directly | Β (43,730) | Β (44,691) | |||
Β (184,761) | Β (472,728) | ||||
Net mark-up / return / interest income after provisions | 9,629,070 | 8,315,036 | |||
Non mark-up / interest income | |||||
Fee, commission and brokerage income | 2,703,171 | 2,344,275 | |||
Dividend income | 674,592 | 548,856 | |||
Income from dealing in foreign currencies | 654,435 | 394,018 | |||
Gain on sale of securities - net | 783,002 | 393,011 | |||
Unrealized (loss) / gain on revaluation of investments | |||||
classified as held for trading | Β (46,728) | 6,222 | |||
Other income | 305,315 | 168,191 | |||
Total non mark-up / interest income | 5,073,787 | 3,854,573 | |||
14,702,857 | 12,169,609 | ||||
Non mark-up / interest expenses | |||||
Administrative expenses | Β (6,720,293) | (6,194,632) | |||
Other provisions - net | Β (13,522) | Β (3,954) | |||
Workers' Welfare Fund | Β (156,876) | Β (116,523) | |||
Other charges | Β (151) | Β (299) | |||
Total non mark-up / interest expenses | Β (6,890,842) | (6,315,408) | |||
Profit before taxation | 7,812,015 | 5,854,201 | |||
Taxation - Current | Β (2,670,060) | (1,924,554) | |||
- Deferred | 67,520 | 24,188 | |||
Β (2,602,540) | (1,900,366) | ||||
Profit after taxation | 5,209,475 | 3,953,835 | |||
-------------- (Rupees) --------------- | |||||
Earnings per share - basic and diluted | 4.26 | 3.23 | |||
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" B "
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CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | |||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||
Β March 31, 2014 | Β March 31, 2013 | ||||||
-------------- Rs. in '000 ---------- | |||||||
Β Mark-up / return / interest earned | 20,114,281 | 17,709,285 | |||||
Β Mark-up / return / interest expensed | Β (9,856,766) | Β (8,567,121) | |||||
Net mark-up / return / interest income | 10,257,515 | 9,142,164 | |||||
Β Provision against loans and advances - net | Β (268,035) | Β (525,584) | |||||
Β Reversal of provision against lendings to financial institutions - net | 338 | 4,338 | |||||
Β Reversal / (provision) for diminution in value of investments - net | 5,578 | Β (13,220) | |||||
Β Bad debts written off directly | Β (43,730) | Β (44,691) | |||||
Β (305,849) | Β (579,157) | ||||||
Β Net mark-up / return / interest income after provisions | 9,951,666 | 8,563,007 | |||||
Β Non mark-up / interest income | |||||||
Β Fee, commission and brokerage income | 3,112,052 | 2,653,593 | |||||
Β Dividend income | 655,396 | 542,851 | |||||
Β Income from dealing in foreign currencies | 669,565 | 416,029 | |||||
Β Gain on sale of securities - net | 762,547 | 1,000,117 | |||||
Β Unrealized (loss) / gain on revaluation of investments | |||||||
classified as held for trading | Β (45,862) | 6,287 | |||||
Β Other income | 329,343 | 183,442 | |||||
Β Total non mark-up / interest income | 5,483,041 | 4,802,319 | |||||
15,434,707 | 13,365,326 | ||||||
Β Non mark-up / interest expenses | |||||||
Β Administrative expenses | Β (7,377,123) | Β (6,664,019) | |||||
Β Other provisions - net | Β (15,863) | Β (3,954) | |||||
Β Workers' Welfare Fund | Β (157,936) | Β (117,315) | |||||
Β Other charges | Β (151) | Β (299) | |||||
Β Total non mark-up / interest expenses | Β (7,551,073) | Β (6,785,587) | |||||
7,883,634 | 6,579,739 | ||||||
Β Share of income of associates | 269,692 | 294,359 | |||||
Β Profit before taxation | 8,153,326 | 6,874,098 | |||||
Taxation - Current | Β (2,694,911) | Β (1,948,654) | |||||
- Deferred | 65,789 | 23,284 | |||||
Β (2,629,122) | Β (1,925,370) | ||||||
Β Profit after taxation | 5,524,204 | 4,948,728 | |||||
Β Attributable to: | |||||||
Β Equity shareholders of the Bank | 5,512,963 | 4,675,952 | |||||
Β Non-controlling interest | 11,241 | 272,776 | |||||
5,524,204 | 4,948,728 | ||||||
---------------Rupees --------------- | |||||||
Β Earnings per share - basic and diluted | 4.50 | 3.82 | |||||
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