Last checked at 20 Apr 2009 08:56
Secretary's Department
SD/BOD/KSE/Results
20 April 2009
FORM- 7
Fax No. 111-573-329
The General Manager
The Karachi Stock Exchange (Guarantee) Limited
Stock Exchange Building
Stock Exchange Road
Karachi
Dear Sir,
FINANCIAL RESULTS FOR THE 1st QUARTER ENDED AS OF 31-03-2009
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 160th meeting held on 20 April 2009 at 11.00 a.m. at Islamabad 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 Standalone & 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,
Aqeel Ahmed Nasir
Company Secretary &
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 PROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED MARCH 31, 2009 (Unaudited) | ||||||||||
| March 2009 | March 2008 | |||||||||
| ------- (Rupees in '000) ------- | ||||||||||
| Mark-up / return / interest earned | 16,308,130 | 11,156,658 | ||||||||
| Mark-up / return / interest expensed |
| (8,243,972) |
|
| (4,761,470) |
| ||||
| Net mark-up / interest income | 8,064,158 | 6,395,188 | ||||||||
| Provision against loans and advances - net |
| (1,671,662) |
|
| (888,598) |
| ||||
| General Provision against consumer loans |
| 67,217 |
|
| 23,822 |
| ||||
| Provision for diminution in value of investments - net |
| (290,060) |
|
| - |
| ||||
| Bad debts written off directly |
| (334,660) |
|
| (330,907) |
| ||||
| (2,229,165) | (1,195,683) | |||||||||
| Net mark-up / return / interest income after provisions | 5,834,993 | 5,199,505 | ||||||||
| Non Mark-up / Interest Income | ||||||||||
| Fee, commission and brokerage income |
| 1,289,121 |
|
| 1,450,365 |
| ||||
| Dividend income |
| 34,805 |
|
| 27,483 |
| ||||
| Income from dealing in foreign currencies |
| 318,649 |
|
| 249,741 |
| ||||
| Gain on sale of securities |
| 146,953 |
|
| 250,619 |
| ||||
| Other income |
| 316,790 |
|
| 994,696 |
| ||||
| Total non mark-up / return / interest income |
| 2,106,318 |
|
| 2,972,904 |
| ||||
| 7,941,311 | 8,172,409 | |||||||||
| Non Mark-up / Interest Expenses | ||||||||||
| Administrative expenses |
| (3,917,599) |
|
| (3,495,819) |
| ||||
| Other provisions / write offs - net |
| 2,970 |
|
| (56,699) |
| ||||
| Worker welfare fund |
| (82,618) |
|
| - |
| ||||
| Other charges |
| (820) |
|
| (179,151) |
| ||||
| Total non mark-up / interest expenses |
| (3,998,067) |
|
| (3,731,669) |
| ||||
| Profit before taxation | 3,943,244 | 4,440,740 | ||||||||
| Taxation - Current |
| (1,607,896) |
|
| (1,835,811) |
| ||||
| - Prior year |
| (4) |
|
| - |
| ||||
| - Deferred |
| 200,565 |
|
| 295,615 |
| ||||
|
| (1,407,335) |
|
| (1,540,196) |
| |||||
| Profit after taxation | 2,535,909 | 2,900,544 | ||||||||
| Unappropriated profit brought forward |
| 16,604,076 |
|
| 15,653,703 |
| ||||
| 19,139,985 | 18,554,247 | |||||||||
| Transfer from surplus on revaluation of fixed assets - net of tax | 97,315 | 80,420 | ||||||||
| Profit available for appropriation |
| 19,237,300 |
|
| 18,634,667 |
| ||||
| Appropriations | ||||||||||
| Transfer to statutory reserves | (507,182) | (580,109) | ||||||||
| Final cash dividend for the year ended December 31, 2007 | ||||||||||
| declared subsequent to the year | - | (2,428,125) | ||||||||
| Transfer to reserve for issue of bonus shares | - | (2,023,438) | ||||||||
| (507,182) | (5,031,672) | |||||||||
| 18,730,118 | 13,602,995 | |||||||||
| ----------- (Rupees) ----------- | ||||||||||
| Earnings per share |
| 2.51 | 2.87 |
| ||||||
Annexure "B"
| CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED MARCH 31, 2009 - (Unaudited) | ||||||||||
| March 2009 | March 2008 | |||||||||
| ------- (Rupees in '000) ------- | ||||||||||
| Mark-up / return / interest earned | 16,459,320 | 11,373,574 | ||||||||
| Mark-up / return / interest expensed |
| (8,282,966) |
|
| (4,813,940) |
| ||||
| Net mark-up / interest income | 8,176,355 | 6,559,634 | ||||||||
| Provision for non-performing loans and advances |
| (1,666,480) |
|
| (886,594) |
| ||||
| Provision against consumer loans |
| 67,217 |
|
| 23,822 |
| ||||
| Provision for diminution in value of investments |
| (290,060) |
|
| - |
| ||||
| Bad debts written off directly |
| (334,660) |
|
| (330,907) |
| ||||
| (2,223,983) | (1,193,679) | |||||||||
| Net mark-up / return / interest income after provisions | 5,952,372 | 5,365,955 | ||||||||
| Non Mark-up / Interest Income | ||||||||||
| Fee, commission and brokerage income |
| 1,376,493 |
|
| 1,692,723 |
| ||||
| Dividend income |
| 35,116 |
|
| 27,879 |
| ||||
| Income from dealing in foreign currencies |
| 336,852 |
|
| 260,870 |
| ||||
| Gain on sale of securities |
| 153,831 |
|
| 251,542 |
| ||||
| Other income |
| 428,632 |
|
| 1,007,667 |
| ||||
| Total non mark-up / return / interest income |
| 2,330,923 |
|
| 3,240,680 |
| ||||
| 8,283,295 | 8,606,635 | |||||||||
| Non Mark-up / Interest Expenses | ||||||||||
| Administrative expenses |
| (4,199,466) |
|
| (3,765,436) |
| ||||
| Other provisions / write offs |
| 2,970 |
|
| (56,699) |
| ||||
| Worker welfare fund |
| (82,618) |
|
| - |
| ||||
| Other charges |
| (820) |
|
| (179,151) |
| ||||
| Total non mark-up / interest expenses |
| (4,279,934) |
|
| (4,001,286) |
| ||||
| 4,003,361 | 4,605,349 | |||||||||
| Extra ordinary / unusual items | - | - | ||||||||
| Share of income of associates | 179,915 | 121,850 | ||||||||
| Profit before taxation | 4,183,276 | 4,727,199 | ||||||||
| Taxation - Current /prior |
| (1,621,664) |
|
| (1,862,891) |
| ||||
| - Deferred |
| 202,930 |
|
| 293,828 |
| ||||
|
| (1,418,734) |
|
| (1,569,063) |
| |||||
| Profit after taxation | 2,764,542 | 3,158,136 | ||||||||
| Share of Minority Interest |
| (7,984) |
|
| (28,001) |
| ||||
| Profit attributable to shareholders of the Bank | 2,756,558 | 3,130,135 | ||||||||
| Unappropriated Profit brought forward | 17,703,327 | 16,728,318 | ||||||||
| 20,459,885 | 19,858,453 | |||||||||
| Transferred from surplus on revaluation of fixed assets-net of tax |
| 97,315 |
|
| 80,420 |
| ||||
| Profit before appropriations | 20,557,199 | 19,938,873 | ||||||||
| Appropriations | ||||||||||
| Transfer to statutory reserves | (507,182) | (580,109) | ||||||||
| Final cash dividend for the year ended December 31, 2007 | ||||||||||
| declared subsequent to the year end | - | (2,428,125) | ||||||||
| Transfer to reserve for issue of bonus shares | - | (2,023,438) | ||||||||
| (507,182) | (5,031,672) | |||||||||
| Unappropriated profit carried forward | 20,050,017 | 14,907,201 | ||||||||
| ----------- (Rupees) ----------- | ||||||||||
| Earnings per share |
| 2.72 | 3.09 |
| ||||||