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Annual Financial Report for the Year 2016

Fri, 17th Feb 2017 10:07

RNS Number : 1888X
United Bank Limited
17 February 2017

Secretary's Department

UBL/BOD-207/PSX/Result-2017/17

February 17, 2017

The General Manager Form-3

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,

Karachi.

Dear Sir,

Financial Results for the year Ended 31 December 2016

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 207 meeting held on Friday, February 17, 2017 at Dubai at 10:00 a.m. (UAE Time) recommended the following:

(i) Cash Dividend

A final Cash Dividend for the year ended December 31, 2016 at Rs.4/- per share i.e.40%. This is in addition to Interim Dividends already paid at Rs.9/- per share i.e. 90%.

(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 58 Annual General Meeting (AGM) of UBL will be held on March 25, 2017 at 09:30 a.m. at Islamabad.

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on Thursday, March 16, 2017.

Page 1 of 2

The Share Transfer Books of UBL will be closed from March 17, 2017 to March 25, 2017 (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 Thursday, March 16, 2017 will be treated in time for the purpose of above entitlement to the transferees.

We will be sending you 200 copies of printed Accounts for distribution amongst the TRE Certificate Holders of the exchange 21 days before the date of AGM.

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 PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2016

2016

2015

----------- (Rupees in '000) ----------

Mark-up / return / interest earned

98,219,214

94,352,931

Mark-up / return / interest expensed

41,176,686

38,511,161

Net mark-up / return / interest income

57,042,528

55,841,770

Provision against loans and advances - net

504,901

3,058,621

Reversal of provision against lendings to financial institutions - net

(15,500)

-

Provision for diminution in value of investments - net

891,684

411,056

Bad debts written off directly

97,781

161,229

1,478,866

3,630,906

Net mark-up / return / interest income after provisions

55,563,662

52,210,864

Non mark-up / return / interest income

Fee, commission and brokerage income

12,318,684

12,203,210

Dividend income

3,266,559

3,204,850

Income from dealing in foreign currencies

1,701,016

2,270,980

Gain on sale of securities - net

5,364,463

3,228,321

Unrealized (loss) / gain on revaluation of investments

classified as held for trading

(2,184)

9,202

Other income

960,104

1,070,444

Total non mark-up / return / interest income

23,608,642

21,987,007

79,172,304

74,197,871

Non mark-up / return / interest expenses

Administrative expenses

31,903,598

30,896,159

Other provisions - net

260,848

79,417

Workers' Welfare Fund

922,449

845,507

Other charges

69,813

202,103

Total non mark-up / return / interest expenses

33,156,708

32,023,186

Profit before taxation

46,015,596

42,174,685

Taxation - Current

14,898,709

15,042,952

- Prior

2,100,381

1,800,541

- Deferred

1,286,394

(395,957)

18,285,484

16,447,536

Profit after taxation

27,730,112

25,727,149

-------------- (Rupees) ------------

Earnings per share - basic and diluted

22.65

21.02

Annex B

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2016

2016

2015

---------- (Rupees in '000) -------------

Mark-up / return / interest earned

101,755,044

97,574,003

Mark-up / return / interest expensed

42,933,935

39,715,160

Net mark-up / return / interest income

58,821,109

57,858,843

Provision against loans and advances - net

624,626

2,940,750

Reversal of provision against lendings to financial institutions - net

(15,500)

-

Provision for diminution in value of investments - net

898,109

708,319

Bad debts written off directly

97,781

173,085

1,605,016

3,822,154

Net mark-up / return / interest income after provisions

57,216,093

54,036,689

Non mark-up / return / interest income

Fee, commission and brokerage income

14,377,568

14,239,098

Dividend income

2,276,408

2,350,112

Income from dealing in foreign currencies

1,955,790

2,588,176

Gain on sale of securities - net

5,609,581

3,195,016

Unrealized (loss) / gain on revaluation of investments

classified as held for trading

(1,221)

16,245

Other income

916,264

1,298,577

Total non mark-up / return / interest income

25,134,390

23,687,224

82,350,483

77,723,913

Non mark-up / return / interest expenses

Administrative expenses

35,022,240

34,004,803

Other provisions - net

231,368

79,417

Workers' Welfare Fund

930,022

851,968

Other charges

69,818

202,103

Total non mark-up / return / interest expenses

36,253,448

35,138,291

Share of profit of associates

1,057,248

861,704

Profit before taxation

47,154,283

43,447,326

Taxation - Current

15,305,737

15,235,612

- Prior

2,251,412

1,801,172

- Deferred

1,594,832

(599,084)

19,151,981

16,437,700

Profit after taxation

28,002,302

27,009,626

Attributable to:

Equity shareholders of the Bank

27,782,758

26,154,344

Non-controlling interest

219,544

855,282

28,002,302

27,009,626

-------------- (Rupees) -------------

Earnings per share - basic and diluted

22.70

21.36

This information is provided by RNS
The company news service from the London Stock Exchange
END
FR TRMMTMBMBBAR
Date   Source Headline
19th Feb 20208:11 amRNSFinal Results
7th Feb 20209:49 amRNS225th Board Meeting of UBL
10th Dec 201911:14 amRNSBOARD MEETING OTHER THAN FINANCIAL RESULTS
16th Oct 201911:25 amRNS3rd Quarter Results
4th Oct 201912:19 pmRNSNotice of Board Meeting and Closed Period

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