Last checked at 25 Oct 2013 11:47
Secretary's Department
UBL/BOD-186/KSE/Results
24 October 2013
FORM- 7
Fax No. (021) 111-573-329
The Managing Director
M/s. Karachi Stock Exchange Ltd.,
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for 3rd Quarter Ended 30-Sep-2013
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 186th meeting held on 24-Oct-2013 at Abu Dhabi, UAE at 11:00 a.m. (UAE time) declared the following:
(i) Cash Dividend
3nd Interim Cash Dividend for the year 2013 at Rs.2/-per share i.e 20%.
(ii) Bonus Shares
--- NIL ---
(iii) Right Shares
--- NIL ---
(iv) Any Other Entitlement / Corporate Action
--- NIL ---
(v) Any Other Price-Sensitive Information
--- NIL ---
The Share Transfer Books of the Company will be closed from 15-Nov-2013 to 21-Nov-2013 (both days inclusive). Transfers received at the office of the Company's Share Registrar, M/s. THK Associates (Pvt.) Ltd. Ground Floor, State Life Building No.3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on 14-Nov-2013 will be treated in time for the purpose of above entitlement to the transferees.
Page 1 of 2
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.
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;
4) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad;
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UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | |||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | Annexure A | ||||||||||||
Jul-Sep 2013 | Jul-Sep 2012 (Restated) | Jan-Sep 2013 | Jan-Sep 2012 (Restated) | ||||||||||
------------------------------(Rupees in '000)---------------------------- | |||||||||||||
Mark-up / return / interest earned | 18,076,337 | 19,214,270 | 53,434,182 | 55,469,908 | |||||||||
Mark-up / return / interest expensed | (8,552,601) | (9,285,847) | (26,072,861) | (26,330,890) | |||||||||
Net mark-up / interest income | 9,523,736
|
| 9,928,423 | 27,361,321 | 29,139,018 | ||||||||
Provision against loans and advances - net | (242,548) | (1,747,776) | (1,221,814) | (2,730,419) | |||||||||
(Provision) / reversal against lendings to financial institutions - net |
338 |
(15) |
(60,848) |
(171,039) | |||||||||
(Provision) / reversal for diminution in value of investments - net |
9,857 |
(86,233) |
(19,216) |
(42,296) | |||||||||
Bad debts written off directly | (57,526) | (69,316) | (166,209) | (262,351) | |||||||||
(289,879) | (1,903,340) | (1,468,087) | (3,206,105) | ||||||||||
Net mark-up / interest income after provisions | 9,233,857 | 8,025,083 | 25,893,234 | 25,932,913 | |||||||||
Non mark-up / interest income | |||||||||||||
Fee, commission and brokerage income | 2,633,953 | 1,949,215 | 7,250,202 | 5,913,844 | |||||||||
Dividend income | 339,540 | 77,912 | 1,062,020 | 1,520,686 | |||||||||
Income from dealing in foreign currencies | 762,621 | 486,210 | 1,552,833 | 1,533,292 | |||||||||
Gain on sale of securities - net | 701,843 | 128,800 | 2,682,996 | 591,086 | |||||||||
Unrealized (loss) / gain on revaluation of investments | |||||||||||||
classified as held for trading | (66,813) | 11,167 | (75,664) | 3,436 | |||||||||
Other income | 251,299 | 2,833,111 | 779,788 | 3,606,655 | |||||||||
Total non mark-up / interest income | 4,622,443 | 5,486,415 | 13,252,175 | 13,168,999 | |||||||||
13,856,300 | 13,511,498 | 39,145,409 | 39,101,912 | ||||||||||
Non mark-up / interest expenses | |||||||||||||
Administrative expenses | (6,493,763) | (6,102,157) | (19,193,467) | (17,476,519) | |||||||||
Other provisions - net | (20,563) | (44,754) | (75,698) | (212,702) | |||||||||
Workers' Welfare Fund | (131,904) | (145,537) | (374,637) | (421,954) | |||||||||
Other charges | (112,827) | (25,231) | (138,201) | (77,622) | |||||||||
Total non mark-up / interest expenses | (6,759,057) | (6,317,679) | (19,782,003) | (18,188,797) | |||||||||
Profit before taxation | 7,097,243 | 7,193,819 | 19,363,406 | 20,913,115 | |||||||||
Taxation | |||||||||||||
- Current | (2,324,616) | (2,584,035) | (6,315,240) | (7,153,001) | |||||||||
- Prior | (345,697) | (491,853) | (348,457) | (491,853) | |||||||||
- Deferred | 240,594 | 593,370 | 235,996 | 703,174 | |||||||||
(2,429,719) | (2,482,518) | (6,427,701) | (6,941,680) | ||||||||||
Profit after taxation | 4,667,524 | 4,711,301 | 12,935,705 | 13,971,435 | |||||||||
------------------------------( Rupees )---------------------------- | |||||||||||||
Earnings per share - basic and diluted | 3.81 | 3.85 | 10.57 | 11.41 | |||||||||
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) Annexure B | ||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||
Jul-Sep 2013 | Jul-Sep 2012 | Jan-Sep 2013 | Jan-Sep 2012 | |||||
(Restated) | (Restated) | |||||||
---------------------------------------- (Rupees in '000) ---------------------------------------- | ||||||||
Mark-up / return / interest earned | 18,769,847 | 19,732,587 | 55,485,953 | 56,686,874 | ||||
Mark-up / return / interest expensed | (8,849,585) | (9,517,578) | (27,066,163) | (26,821,546) | ||||
Net mark-up / interest income | 9,920,262 | 10,215,009 | 28,419,790 | 29,865,328 | ||||
Provision against loans and advances - net | (384,349) | (1,722,111) | (1,529,748) | (2,694,657) | ||||
(Provision) / reversal against lendings to financial institutions - net |
338 |
(15) |
(60,848) |
(171,039) | ||||
(Provision) / reversal for diminution in value of investments - net |
9,857 |
(86,233) |
(19,216) |
(42,296) | ||||
Bad debts written off directly | (57,526) | (69,333) | (166,209) | (263,793) | ||||
(431,680) | (1,877,692) | (1,776,021) | (3,171,785) | |||||
Net mark-up / interest income after provisions | 9,488,582 | 8,337,317 | 26,643,769 | 26,693,543 | ||||
Non mark-up / interest income | ||||||||
Fee, commission and brokerage income | 2,956,030 | 2,260,564 | 8,256,774 | 6,832,984 | ||||
Dividend income | 335,192 | 77,704 | 948,797 | 374,336 | ||||
Income from dealing in foreign currencies | 772,242 | 508,117 | 1,596,311 | 1,592,865 | ||||
Gain on sale of securities - net | 636,737 | 217,058 | 2,773,833 | 687,554 | ||||
Unrealized (loss) / gain on revaluation of investments | ||||||||
classified as held for trading | (66,552) | 11,795 | (74,145) | 891 | ||||
Other income | 266,790 | 2,809,352 | 827,013 | 3,614,738 | ||||
Total non mark-up / interest income | 4,900,439 | 5,884,590 | 14,328,583 | 13,103,368 | ||||
14,389,021 | 14,221,907 | 40,972,352 | 39,796,911 | |||||
Non mark-up / interest expenses | ||||||||
Administrative expenses | (7,098,452) | (6,495,647) | (20,887,764) | (18,773,837) | ||||
Other provisions - net | (20,840) | (95,851) | (91,855) | (302,081) | ||||
Workers' Welfare Fund | (132,452) | (146,976) | (377,174) | (425,398) | ||||
Other charges | (112,827) | (25,231) | (138,201) | (77,622) | ||||
Total non mark-up / interest expenses | (7,364,571) | (6,763,705) | (21,494,994) | (19,578,938) | ||||
7,024,450 | 7,458,202 | 19,477,358 | 20,217,973 | |||||
Share of income of associates | 205,967 | 653,143 | 1,032,548 | 1,743,975 | ||||
Profit before taxation | 7,230,417 | 8,111,345 | 20,509,906 | 21,961,948 | ||||
Taxation | ||||||||
- Current | (2,335,583) | (2,624,991) | (6,354,879) | (7,232,782) | ||||
- Prior | (345,788) | (491,853) | (356,332) | (491,853) | ||||
- Deferred | 241,104 | 592,131 | 236,237 | 700,096 | ||||
(2,440,267) | (2,524,713) | (6,474,974) | (7,024,539) | |||||
Profit after taxation | 4,790,150 | 5,586,632 | 14,034,932 | 14,937,409 | ||||
Attributable to: | ||||||||
Equity shareholders of the Bank | 4,790,234 | 5,524,912 | 13,652,179 | 14,852,390 | ||||
Non-controlling interest | (84) | 61,720 | 382,753 | 85,019 | ||||
4,790,150 | 5,586,632 | 14,034,932 | 14,937,409 | |||||
---------------------------------------- (Rupees) ---------------------------------------- | ||||||||
Earnings per share - basic and diluted | 3.91 | 4.51 | 11.15 | 12.13 | ||||