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Pin to quick picksUtd.bk (Regs) Regulatory News (UBLS)

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Annual Financial Results for the year 2017

Mon, 19th Feb 2018 12:12

RNS Number : 2898F
United Bank Limited
19 February 2018

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 213 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 59 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 FORM IN 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

This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UKRURWKAUAAR
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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