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18 Oct 2018 10:08
Secretary's Department
UBL/BOD-217/PSX/Results
18 October 2018
Form-7
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the Quarter Ended 30 September 2018
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 217th meeting held on Thursday, 18 October 2018 at 09:30 a.m. at Islamabad recommended the following:
(i) Cash Dividend
An Interim Cash Dividend for the quarter ended 30 September 2018 at Rs. 2/- per share i.e. 20%. This is in addition to Interim Dividend(s) already paid at Rs. 6/- per share i.e. 60%.
(ii) Bonus Shares
--- NIL ---
(iii) Right Shares
--- NIL ---
(iv) Any Other Entitlement / Corporate Action
--- NIL ---
(v) Any Other Price-Sensitive Information
--- NIL ---
The financial results of UBL are attached at Annexure "A" for Un-Consolidated Accounts and Annexure "B" for Consolidated Accounts of the said period.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Friday, 09 November 2018.
Page 1 of 2
The Share Transfer Books of UBL will remain closed from 12-November-2018 to 19-November-2018 (both days inclusive). Transfers received at the office of our Share Registrar, M/s. THK Associates (Pvt.) Limited, 1st Floor, 40-C, Block-6, P.E.C.H.S, Karachi-75400 at the close of business on Friday, 09 November 2018 will be treated in time for the purpose of above entitlement to the transferees.
The Quarterly Report of the Bank for the period ended 30 September 2018 will be transmitted through PUCARS separately, within stipulated time.
Yours faithfully,
-Sd-
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) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad;
Page 2 of 2
Annex A | |||||
UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | |||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| January - September 2018 |
| January - September 2017 |
|
|
| ----------- (Rupees in '000) ---------- | ||
|
|
|
|
|
|
Mark-up / return / interest earned |
|
| 83,884,857 |
| 78,157,814 |
Mark-up / return / interest expensed |
|
| (42,001,398) |
| (35,975,564) |
Net mark-up / return / interest income |
|
| 41,883,459 |
| 42,182,250 |
|
|
|
|
|
|
(Provision) / reversal against loans and advances - net |
|
| (6,178,554) |
| 202,198 |
Reversal of provision against lendings to financial institutions - net |
|
| 124,118 |
| 8,260 |
Provision for diminution in value of investments - net |
|
| (818,177) |
| (209,967) |
Bad debts written off directly |
|
| (99,965) |
| (43,520) |
|
|
| (6,972,578) |
| (43,029) |
Net mark-up / return / interest income after provisions |
|
| 34,910,881 |
| 42,139,221 |
|
|
|
|
|
|
Non mark-up / return / interest income |
|
|
|
|
|
Fee, commission and brokerage income |
|
| 9,990,302 |
| 8,763,034 |
Dividend income |
|
| 1,395,348 |
| 1,543,805 |
Income from dealing in foreign currencies |
|
| 2,688,646 |
| 1,323,130 |
Gain on sale of securities - net |
|
| 4,676,085 |
| 3,844,529 |
Unrealized gain / (loss) on revaluation of investments classified as held for trading |
|
| 6 |
| (20,845) |
Other income |
|
| 668,839 |
| 661,096 |
Total non mark-up / return / interest income |
|
| 19,419,226 |
| 16,114,749 |
|
|
| 54,330,107 |
| 58,253,970 |
Non mark-up / interest expenses |
|
|
|
|
|
Administrative expenses |
|
| (28,155,442) |
| (26,101,334) |
Other provisions / write offs - net |
|
| (473,456) |
| (76,173) |
Workers' Welfare Fund |
|
| (417,386) |
| (630,235) |
Other charges |
|
| (43,358) |
| (59,039) |
Total non mark-up / interest expenses |
|
| (29,089,642) |
| (26,866,781) |
Profit before extra ordinary / unusual item and taxation |
|
| 25,240,465 |
| 31,387,189 |
|
|
|
|
|
|
Extraordinary / unusual item - accrual in respect of pension liability |
|
| (8,746,607) |
| - |
Profit before taxation |
|
| 16,493,858 |
| 31,387,189 |
|
|
|
|
|
|
Taxation - Current |
|
| (8,272,967) |
| (11,105,212) |
- Prior |
|
| 172,200 |
| (72,612) |
- Deferred |
|
| 1,338,373 |
| (1,109,865) |
|
|
| (6,762,394) |
| (12,287,689) |
Profit after taxation |
|
| 9,731,464 |
| 19,099,500 |
|
|
|
|
|
|
|
|
| -------------- (Rupees) ------------ | ||
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|
|
|
|
|
Earnings per share - basic and diluted |
|
| 7.95 |
| 15.60 |
Annex B CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | |||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
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| January - September 2018 | January - September 2017 | |
|
|
| --------------- (Rupees in '000) ---------------- | ||
|
|
|
|
|
|
Mark-up / return / interest earned |
|
| 86,991,106 |
| 80,621,771 |
Mark-up / return / interest expensed |
|
| (43,553,484) |
| (37,245,028) |
Net mark-up / return / interest income |
|
| 43,437,622 |
| 43,376,743 |
|
|
|
|
|
|
Provision against loans and advances - net |
|
| (6,190,069) |
| (103,188) |
Reversal of provision against lendings to financial institutions - net | 124,118 |
| 8,260 | ||
Provision for diminution in value of investments - net | (1,344,757) |
| (209,967) | ||
Bad debts written off directly |
|
| (104,454) |
| (136,637) |
|
|
| (7,515,162) |
| (441,532) |
Net mark-up / return / interest income after provisions | 35,922,460 |
| 42,935,211 | ||
|
|
|
|
|
|
Non mark-up / interest income |
|
|
|
|
|
Fee, commission and brokerage income |
|
| 11,447,163 |
| 10,470,520 |
Dividend income |
|
| 1,045,814 |
| 1,031,875 |
Income from dealing in foreign currencies |
|
| 2,843,801 |
| 1,535,891 |
Gain on sale of securities - net |
|
| 4,793,268 |
| 4,295,042 |
Unrealized gain / (loss) on revaluation of investments classified |
|
| |||
as held for trading |
|
| 6 |
| (20,907) |
Other income |
|
| 632,474 |
| 598,064 |
Total non mark-up / interest income |
|
| 20,762,526 |
| 17,910,485 |
|
|
| 56,684,986 |
| 60,845,696 |
Non mark-up / interest expenses |
|
|
|
|
|
Administrative expenses |
|
| (30,733,737) |
| (28,462,966) |
Other provisions / write offs - net |
|
| (473,456) |
| (76,173) |
Workers' Welfare Fund |
|
| (424,918) |
| (638,724) |
Other charges |
|
| (43,358) |
| (59,039) |
Total non mark-up / interest expenses |
|
| (31,675,469) |
| (29,236,902) |
|
|
| 25,009,517 |
| 31,608,794 |
Share of income / (loss) of associates |
|
| 455,007 |
| 342,570 |
Profit before extraordinary / unusual item and taxation | 25,464,524 |
| 31,951,364 | ||
|
|
|
|
|
|
Extraordinary / unusual item - accrual in respect of |
|
|
| ||
pension liability |
|
| (8,746,607) |
| - |
|
|
|
|
|
|
Profit before taxation |
|
| 16,717,917 |
| 31,951,364 |
|
|
|
|
|
|
Taxation - Current |
|
| (8,420,574) |
| (11,348,979) |
- Prior |
|
| (6,375) |
| (72,612) |
- Deferred |
|
| 1,202,437 |
| (1,077,347) |
|
|
| (7,224,512) |
| (12,498,938) |
Profit after taxation |
|
| 9,493,405 |
| 19,452,426 |
|
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|
|
|
|
|
|
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Attributable to: |
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|
|
|
|
Equity shareholders of the Bank |
|
| 9,747,927 |
| 19,349,717 |
Non-controlling interest |
|
| (254,522) |
| 102,709 |
|
|
| 9,493,405 |
| 19,452,426 |
|
|
|
|
|
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|
|
| --------------------- (Rupees) --------------------- | ||
Earnings per share - basic and diluted |
|
| 7.96 |
| 15.81 |
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