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25 Feb 2015 10:28
Secretary's Department
UBL/BOD-195/SEs/Results-Dec 14
25 February 2015
FORM- 3
1. The General Manager Companies Affairs, Karachi Stock Exchange Ltd. Karachi Stock Exchange Bldg., Stock Exchange Road, KARACHI. Fax No. (021) 111-573-329 | 2. The General Manager Companies Affairs, Lahore Stock Exchange Ltd. 19, Khayaban-e-Aiwan-e-Iqbal, LAHORE.
Fax No. (042) 36368485 | 3. The General Manager Companies Affairs, Islamabad Stock Exchange Ltd. 55-B, Jinnah Avenue, Blue Area, ISLAMABAD.
Fax No. (051) 111-473-329 |
Dear Sirs,
Financial Results for the Year Ended 31-Dec-2014
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 195th meeting held on Wednesday, 25 February 2015 at Dubai, UAE at 10:00 a.m. (UAE Time) declared the following:
(i) Cash Dividend
A Final Cash Dividend for the year ended 2014 at Rs 4.00 per share i.e. 40%. This is in addition to Interim Dividends already paid at Rs 7.50 per share i.e. 75%.
(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 the Company are attached at Annexure "A" for Un-consolidated Accounts and Annexure "B" for Consolidated Accounts of the said period.
The 56th Annual General Meeting (AGM) of the Company will be held on 27 March 2015 at 9:30 a.m. at Islamabad.
The above entitlement will be paid to the shareholders whose names will appear in the register of Members on 18- March-2015.
Page 1 of 2
The Share Transfer Books of the Company will be closed from 19-March-2015 to 27-March-2015 (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 18-March-2015, (Wednesday) will be treated in time for the purpose of above entitlement to the transferees.
We will be sending you respective copies of printed Accounts for distribution amongst the members of Exchange 21 days before the date of AGM.
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;
Page 2 of 2
Annexure "A"
UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2014 | |||
2014 | 2013 | ||
------- (Rupees in '000) ------- | |||
Mark-up / return / interest earned | 82,735,467 | 72,846,281 | |
Mark-up / return / interest expensed | 37,768,546 | 34,910,356 | |
Net mark-up / return / interest income | 44,966,921 | 37,935,925 | |
Provision against loans and advances - net | 215,114 | 1,055,067 | |
Provision against lendings to financial institutions - net | 165,744 | 60,509 | |
Provision for diminution in value of investments - net | 326,966 | 5,871 | |
Bad debts written off directly | 174,150 | 181,724 | |
881,974 | 1,303,171 | ||
Net mark-up / return / interest income after provisions | 44,084,947 | 36,632,754 | |
Non mark-up / return / interest income | |||
Fee, commission and brokerage income | 11,154,420 | 10,049,350 | |
Dividend income | 2,000,649 | 2,074,118 | |
Income from dealing in foreign currencies | 3,016,668 | 2,155,628 | |
Gain on sale of securities - net | 1,847,031 | 2,777,035 | |
Unrealized loss on revaluation of investments classified as held for trading | (41,248) | (6,390) | |
Other income | 1,318,527 | 1,064,054 | |
Total non mark-up / return / interest income | 19,296,047 | 18,113,795 | |
63,380,994 | 54,746,549 | ||
Non mark-up / return / interest expenses | |||
Administrative expenses | 29,030,374 | 26,045,441 | |
Other provisions - net | 274,172 | 145,073 | |
Workers' Welfare Fund | 667,931 | 499,746 | |
Other charges | 10,427 | 249,377 | |
Total non mark-up / return / interest expenses | 29,982,904 | 26,939,637 | |
Profit before taxation | 33,398,090 | 27,806,912 | |
Taxation - Current | 10,743,796 | 8,242,269 | |
- Prior | 356,425 | 54,398 | |
- Deferred | 368,308 | 896,290 | |
11,468,529 | 9,192,957 | ||
Profit after taxation | 21,929,561 | 18,613,955 | |
----------- (Rupees) ----------- | |||
Earnings per share - basic and diluted | 17.91 | 15.21 | |
Annexure "B"
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2014 | |||
2014 | 2013 | ||
------ (Rupees in '000) ------ | |||
Mark-up / return / interest earned | 85,760,646 | 75,709,170 | |
Mark-up / return / interest expensed | 38,846,868 | 36,199,807 | |
Net mark-up / return / interest income | 46,913,778 | 39,509,363 | |
Provision against loans and advances - net | 533,523 | 1,346,141 | |
Provision against lendings to financial institutions - net | 165,744 | 60,509 | |
Provision for diminution in value of investments - net | 459,812 | 5,871 | |
Bad debts written off directly | 177,222 | 181,724 | |
1,336,301 | 1,594,245 | ||
Net mark-up / return / interest income after provisions | 45,577,477 | 37,915,118 | |
Non mark-up / return / interest income | |||
Fee, commission and brokerage income | 13,044,855 | 11,443,576 | |
Dividend income | 1,819,136 | 1,611,917 | |
Income from dealing in foreign currencies | 3,091,592 | 2,211,756 | |
Gain on sale of securities - net | 2,063,436 | 3,026,130 | |
Unrealized loss on revaluation of investments classified as held for trading | (28,723) | (4,416) | |
Other income | 1,365,821 | 1,127,398 | |
Total non mark-up / return / interest income | 21,356,117 | 19,416,361 | |
66,933,594 | 57,331,479 | ||
Non mark-up / return / interest expenses | |||
Administrative expenses | 31,752,088 | 28,570,569 | |
Other provisions - net | 276,446 | 325,562 | |
Workers' Welfare Fund | 673,005 | 503,175 | |
Other charges | 10,427 | 249,377 | |
Total non mark-up / return / interest expenses | 32,711,966 | 29,648,683 | |
Share of profit of associates | 1,394,686 | 1,282,382 | |
Profit before taxation | 35,616,314 | 28,965,178 | |
Taxation - Current | 10,859,677 | 8,302,311 | |
- Prior | 361,962 | 61,892 | |
- Deferred | 369,872 | 870,204 | |
11,591,511 | 9,234,407 | ||
Profit after taxation | 24,024,803 | 19,730,771 | |
Attributable to: | |||
Equity shareholders of the Bank | 23,647,704 | 19,285,513 | |
Non-controlling interest | 377,099 | 445,258 | |
24,024,803 | 19,730,771 | ||
------------ (Rupees) ------------ | |||
Earnings per share - basic and diluted | 19.32 | 15.75 | |
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