Last checked at 19 Feb 2018 12:12
Secretary's Department
UBL/BOD-213/PSX/Result-2018/18
February 19, 2018
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 2017
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 213th meeting held on Monday, February 19, 2018 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, 2017 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
"The Board of Directors of the Bank has resolved to issue Additional Tier 1 instrument(s) in accordance with the guidelines issued by the State Bank of Pakistan vide BPRD Circular No 06 dated August 15, 2013 to raise Additional Tier 1 Capital of up to PKR 10,000 million (inclusive of green shoe option) either through (i) private placement, (ii) private placement and subsequent listing in accordance with the OTC regulations or (iii) through a public offer, subject to obtaining of all applicable corporate and regulatory approvals and completion of necessary formalities"
A Disclosure Form as required by SRO 143/(1)/2012 dated December 5, 2012 of the Securities & Exchange Ordinance, 1969 is enclosed as Annexure A.
The financial results of UBL are attached at Annexure "B" for Un-Consolidated Accounts and Annexure "C" for Consolidated Accounts of the said period.
The 59th Annual General Meeting (AGM) of UBL will be held on March 31, 2018 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 22, 2018.
Page 1 of 2
The Share Transfer Books of UBL will be closed from March 24, 2018 to March 31, 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 Thursday, March 22, 2018 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" to the letter dated 19 February 2018
DISCLOSURE FORMIN TERMS OF SECTIONS 96 AND 131 OF THE SECURITIES ACT, 2015
Name of Company: | United Bank Limited |
Date of Report: | 19 February 2018 |
Contact Information: | Ms. Sima Kamil, President & CEO, United Bank Limited Mr. Aqeel Ahmed Nasir, Company Secretary & Chief Legal Counsel, United Bank Limited, Head Office, I. I. Chundrigar Road, Karachi- 74000. |
Please mark the appropriate box below (see General Instruction A.1 below before filing the details).
[P] Disclosure of price sensitive / inside information by listed company.
Public disclosure of price sensitive/inside information, which directly concerns the listed securities.
The Board of Directors of the Bank has resolved to issue Additional Tier 1 instrument(s) in accordance with the guidelines issued by the State Bank of Pakistan vide BPRD Circular No 06 dated August 15, 2013 to raise Additional Tier 1 Capital of up to PKR 10,000 million (inclusive of green shoe option) either through (i) private placement, (ii) private placement and subsequent listing in accordance with the OTC regulations or (iii) through a public offer, subject to obtaining of all applicable corporate and regulatory approvals and completion of necessary formalities.
For United Bank Limited,
Sd/-________________
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
Dated: February 19, 2018
UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2017 | Annexure 'B' | |||||||||
2017 | 2016 | |||||||||
------- (Rupees in '000) ------- | ||||||||||
Mark-up / return / interest earned | 107,205,820 | 98,219,214 | ||||||||
Mark-up / return / interest expensed | 50,781,440 | 41,176,686 | ||||||||
Net mark-up / return / interest income | 56,424,380 | 57,042,528 | ||||||||
Provision against loans and advances - net | 1,173,304 | 504,901 | ||||||||
Reversal of provision against lendings to financial institutions - net | (8,260) | (15,500) | ||||||||
Provision for diminution in value of investments - net | 1,339,258 | 891,684 | ||||||||
Bad debts written off directly | 92,992 | 97,781 | ||||||||
2,597,294 | 1,478,866 | |||||||||
Net mark-up / return / interest income after provisions | 53,827,086 | 55,563,662 | ||||||||
Non mark-up / return / interest income | ||||||||||
Fee, commission and brokerage income | 12,617,676 | 12,318,684 | ||||||||
Dividend income | 2,360,881 | 3,266,559 | ||||||||
Income from dealing in foreign currencies | 1,878,141 | 1,701,016 | ||||||||
Gain on sale of securities - net | 4,398,560 | 5,364,463 | ||||||||
Unrealized gain / (loss) on revaluation of investments classified as held for trading | 2,292 | (2,184) | ||||||||
Other income | 904,592 | 960,104 | ||||||||
Total non mark-up / return / interest income | 22,162,142 | 23,608,642 | ||||||||
75,989,228 | 79,172,304 | |||||||||
Non mark-up / return / interest expenses | ||||||||||
Administrative expenses | 35,349,864 | 31,903,598 | ||||||||
Other provisions / write offs - net | (389,069) | 260,848 | ||||||||
Workers' Welfare Fund | 808,704 | 922,449 | ||||||||
Other charges | 59,688 | 69,813 | ||||||||
Total non mark-up / return / interest expenses | 35,829,187 | 33,156,708 | ||||||||
Profit before taxation | 40,160,041 | 46,015,596 | ||||||||
Taxation - Current | 14,396,887 | 14,898,709 | ||||||||
- Prior | (2,037,348) | 2,100,381 | ||||||||
- Deferred | 2,379,270 | 1,286,394 | ||||||||
14,738,809 | 18,285,484 | |||||||||
Profit after taxation | 25,421,232 | 27,730,112 | ||||||||
----------- (Rupees) ----------- | ||||||||||
Earnings per share - basic and diluted | 20.77 | 22.65 | ||||||||
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2017 | Annexure 'C' | ||||||
2017 | 2016 | ||||||
------ (Rupees in '000) ------ | |||||||
Mark-up / return / interest earned | 110,579,895 | 101,755,044 | |||||
Mark-up / return / interest expensed | 52,487,753 | 42,933,935 | |||||
Net mark-up / return / interest income | 58,092,142 | 58,821,109 | |||||
Provision against loans and advances - net | 1,877,257 | 624,626 | |||||
Reversal of provision against lendings to financial institutions - net | (8,260) | (15,500) | |||||
Provision for diminution in value of investments - net | 719,845 | 898,109 | |||||
Bad debts written off directly | 187,443 | 97,781 | |||||
2,776,285 | 1,605,016 | ||||||
Net mark-up / return / interest income after provisions | 55,315,857 | 57,216,093 | |||||
Non mark-up / return / interest income | |||||||
Fee, commission and brokerage income | 14,831,990 | 14,377,568 | |||||
Dividend income | 1,733,757 | 2,276,408 | |||||
Income from dealing in foreign currencies | 2,150,117 | 1,955,790 | |||||
Gain on sale of securities - net | 4,797,686 | 5,609,581 | |||||
Unrealized gain / (loss) on revaluation of investments classified as held for trading | 2,207 | (1,221) | |||||
Other income | 780,328 | 916,264 | |||||
Total non mark-up / return / interest income | 24,296,085 | 25,134,390 | |||||
79,611,942 | 82,350,483 | ||||||
Non mark-up / return / interest expenses | |||||||
Administrative expenses | 38,455,334 | 35,022,240 | |||||
Other provisions / write offs - net | (389,069) | 231,368 | |||||
Workers' Welfare Fund | 814,699 | 930,022 | |||||
Other charges | 59,688 | 69,818 | |||||
Total non mark-up / return / interest expenses | 38,940,652 | 36,253,448 | |||||
Share of profit of associates | 459,702 | 1,057,248 | |||||
Profit before taxation | 41,130,992 | 47,154,283 | |||||
Taxation - Current | 14,701,343 | 15,305,737 | |||||
- Prior | (2,031,665) | 2,251,412 | |||||
- Deferred | 2,264,725 | 1,594,832 | |||||
14,934,403 | 19,151,981 | ||||||
Profit after taxation | 26,196,589 | 28,002,302 | |||||
Attributable to: | |||||||
Equity shareholders of the Bank | 26,190,302 | 27,782,758 | |||||
Non-controlling interest | 6,287 | 219,544 | |||||
26,196,589 | 28,002,302 | ||||||
------------ (Rupees) ------------ | |||||||
Earnings per share - basic and diluted | 21.39 | 22.70 | |||||