Last checked at 17 Feb 2016 09:38
Secretary's Department
UBL/BOD-201/PSX/Result-2015/16
February 17, 2016
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 2015
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 201st meeting held on Wednesday, February 17, 2016 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, 2015 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 57th Annual General Meeting (AGM) of UBL will be held on March 25, 2016 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 Wednesday, March 16, 2016.
Page 1 of 2
The Share Transfer Books of UBL will be closed from March 17, 2016 to March 25, 2016 (both days inclusive). Transfers received at the office of our Share Registrar, M/s. THK Associates (Pvt.) Limited, 2nd Floor, State Life Building No.3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on Wednesday, March 16, 2016 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
Annexure-A
UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2015 | ||||||||||
2015 | 2014 | |||||||||
------- (Rupees in '000) ------- | ||||||||||
Mark-up / return / interest earned | 94,352,931 | 82,735,467 | ||||||||
Mark-up / return / interest expensed | 38,511,161 | 37,768,546 | ||||||||
Net mark-up / return / interest income | 55,841,770 | 44,966,921 | ||||||||
Provision against loans and advances - net | 3,059,895 | 215,114 | ||||||||
Provision against lendings to financial institutions - net | - | 165,744 | ||||||||
Provision for diminution in value of investments - net | 411,056 | 326,966 | ||||||||
Bad debts written off directly | 161,229 | 174,150 | ||||||||
3,632,180 | 881,974 | |||||||||
Net mark-up / return / interest income after provisions | 52,209,590 | 44,084,947 | ||||||||
Non mark-up / return / interest income | ||||||||||
Fee, commission and brokerage income | 12,203,210 | 11,401,658 | ||||||||
Dividend income | 3,204,850 | 2,000,649 | ||||||||
Income from dealing in foreign currencies | 2,270,980 | 3,016,668 | ||||||||
Gain on sale of securities - net | 3,228,321 | 1,847,031 | ||||||||
Unrealized gain / (loss) on revaluation of investments classified as held for trading | 9,202 | (41,248) | ||||||||
Other income | 1,070,444 | 1,071,289 | ||||||||
Total non mark-up / return / interest income | 21,987,007 | 19,296,047 | ||||||||
74,196,597 | 63,380,994 | |||||||||
Non mark-up / return / interest expenses | ||||||||||
Administrative expenses | 30,896,159 | 29,030,374 | ||||||||
Other provisions - net | 78,143 | 274,172 | ||||||||
Workers' Welfare Fund | 845,507 | 667,931 | ||||||||
Other charges | 202,103 | 10,427 | ||||||||
Total non mark-up / return / interest expenses | 32,021,912 | 29,982,904 | ||||||||
Profit before taxation | 42,174,685 | 33,398,090 | ||||||||
Taxation - Current | 15,042,952 | 10,743,796 | ||||||||
- Prior | 1,800,541 | 356,425 | ||||||||
- Deferred | (395,957) | 368,308 | ||||||||
16,447,536 | 11,468,529 | |||||||||
Profit after taxation | 25,727,149 | 21,929,561 | ||||||||
----------- (Rupees) ----------- | ||||||||||
Earnings per share - basic and diluted | 21.02 | 17.91 | ||||||||
Annexure-B
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2015 | ||||||
2015 | 2014 | |||||
------ (Rupees in '000) ------ | ||||||
Mark-up / return / interest earned | 97,574,003 | 85,760,646 | ||||
Mark-up / return / interest expensed | 39,715,160 | 38,846,868 | ||||
Net mark-up / return / interest income | 57,858,843 | 46,913,778 | ||||
Provision against loans and advances - net | 2,942,024 | 533,523 | ||||
Provision against lendings to financial institutions - net | - | 165,744 | ||||
Provision for diminution in value of investments - net | 708,319 | 459,812 | ||||
Bad debts written off directly | 173,085 | 177,222 | ||||
3,823,428 | 1,336,301 | |||||
Net mark-up / return / interest income after provisions | 54,035,415 | 45,577,477 | ||||
Non mark-up / return / interest income | ||||||
Fee, commission and brokerage income | 14,239,098 | 13,292,093 | ||||
Dividend income | 2,350,112 | 1,819,136 | ||||
Income from dealing in foreign currencies | 2,588,176 | 3,091,592 | ||||
Gain on sale of securities - net | 3,195,016 | 2,063,436 | ||||
Unrealized gain / (loss) on revaluation of investments classified as held for trading | 16,245 | (28,723) | ||||
Other income | 1,298,577 | 1,118,583 | ||||
Total non mark-up / return / interest income | 23,687,224 | 21,356,117 | ||||
77,722,639 | 66,933,594 | |||||
Non mark-up / return / interest expenses | ||||||
Administrative expenses | 34,004,803 | 31,752,088 | ||||
Other provisions - net | 78,143 | 276,446 | ||||
Workers' Welfare Fund | 851,968 | 673,005 | ||||
Other charges | 202,103 | 10,427 | ||||
Total non mark-up / return / interest expenses | 35,137,017 | 32,711,966 | ||||
Share of profit of associates | 861,704 | 1,394,686 | ||||
Profit before taxation | 43,447,326 | 35,616,314 | ||||
Taxation - Current | 15,235,612 | 10,859,677 | ||||
- Prior | 1,801,172 | 361,962 | ||||
- Deferred | (599,084) | 369,872 | ||||
16,437,700 | 11,591,511 | |||||
Profit after taxation | 27,009,626 | 24,024,803 | ||||
Attributable to: | ||||||
Equity shareholders of the Bank | 26,154,344 | 23,647,704 | ||||
Non-controlling interest | 855,282 | 377,099 | ||||
27,009,626 | 24,024,803 | |||||
------------ (Rupees) ------------ | ||||||
Earnings per share - basic and diluted | 21.36 | 19.32 | ||||