Last checked at 20 Feb 2019 13:04
Secretary's Department
UBL/BOD-219/PSX/Result-2018/19
February 20, 2019
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the year Ended 31 December 2018
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 219th meeting held on Wednesday, February 20, 2019 at Karachi at 09:00 a.m. recommended the following:
(i) Cash Dividend
A final Cash Dividend for the year ended December 31, 2018 at Rs. 3/- per share i.e. 30 %. This is in addition to Interim Dividends already paid at Rs.8/- per share i.e. 80%.
(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 Board has further decided that 60th Annual General Meeting (AGM) of UBL will be held on Thursday, March 28, 2019 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 (with their IBAN details) on Tuesday, March 19, 2019.
Page 1 of 2
The Share Transfer Books of UBL will be closed from March 20, 2019 to March 28, 2019 (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 Tuesday, March 19, 2019 will be treated in time for the purpose of above entitlement to the transferees.
Annual Report of the Bank for the year ended December 31, 2018 will be transmitted through PUCARS at least 21 days before the date of Annual General Meeting.
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, 2018
|
| 2018 |
| 2017 | |
|
|
|
| Restated | |
|
| ------ (Rupees in '000) ------ | |||
|
|
|
|
| |
Mark-up / return / interest earned |
| 113,198,299 |
| 107,205,820 | |
Mark-up / return / interest expensed |
| 56,964,028 |
| 50,781,440 | |
Net mark-up / interest income |
| 56,234,271 |
| 56,424,380 | |
|
|
|
|
| |
|
|
|
|
| |
Non mark-up / interest income |
|
|
|
| |
Fee and commission income |
| 13,930,970 |
| 12,617,676 | |
Dividend income |
| 2,086,932 |
| 2,360,881 | |
Foreign exchange income |
| 3,465,387 |
| 1,878,141 | |
(Loss) / income from derivatives |
| (87,716) |
| 32,793 | |
Gain on securities - net |
| 4,621,949 |
| 4,400,852 | |
Other income |
| 1,054,287 |
| 871,799 | |
Total non mark-up / interest income |
| 25,071,809 |
| 22,162,142 | |
Total income |
| 81,306,080 |
| 78,586,522 | |
|
|
|
|
| |
Non mark-up / interest expenses |
|
|
|
| |
Operating expenses |
| 38,826,761 |
| 35,349,864 | |
Workers' Welfare Fund |
| (2,173,437) |
| 808,704 | |
Other charges |
| 114,798 |
| 59,688 | |
Total non mark-up / interest expenses |
| 36,768,122 |
| 36,218,256 | |
|
|
|
|
| |
Profit before provisions |
| 44,537,958 |
| 42,368,266 | |
Provisions and write offs - net |
| 12,914,078 |
| 2,449,810 | |
Extra ordinary / unusual item - charge in respect of |
|
|
|
| |
pension liability |
| 6,657,216 |
| - | |
|
|
|
|
| |
Profit before taxation |
| 24,966,664 |
| 39,918,456 | |
|
|
|
|
| |
Taxation |
| 9,740,569 |
| 14,738,809 | |
|
|
|
|
| |
Profit after taxation |
| 15,226,095 |
| 25,179,647 | |
|
|
|
|
| |
|
| ------------ (Rupees) ------------ |
| ||
|
|
|
|
| |
Earnings per share - basic and diluted |
| 12.44 |
| 20.57 | |
|
|
|
|
| |
Annexure B
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2018
|
|
| 2018 |
| 2017 |
|
|
|
|
| Restated |
|
|
| ------ (Rupees in '000) ------ | ||
|
|
|
|
|
|
Mark-up / return / interest earned | 117,363,124 |
| 110,579,895 | ||
Mark-up / return / interest expensed | 59,115,489 |
| 52,487,753 | ||
Net mark-up / interest income | 58,247,635 |
| 58,092,142 | ||
|
|
|
|
|
|
Non mark-up / interest income |
|
|
| ||
Fee and commission income | 15,886,753 |
| 14,831,990 | ||
Dividend income | 1,683,678 |
| 1,733,757 | ||
Foreign exchange income | 3,662,854 |
| 2,150,117 | ||
(Loss) / income from derivatives | (87,716) |
| 32,793 | ||
Gain on securities - net | 4,484,066 |
| 4,799,893 | ||
Other income | 1,014,156 |
| 747,535 | ||
Total non mark-up / interest income | 26,643,791 |
| 24,296,085 | ||
Total income | 84,891,426 |
| 82,388,227 | ||
|
|
|
|
|
|
Non mark-up / interest expenses |
|
|
| ||
Operating expenses | 42,492,994 |
| 38,455,334 | ||
Workers' Welfare Fund | (2,163,314) |
| 814,699 | ||
Other charges | 114,798 |
| 59,688 | ||
Total non mark-up / interest expenses | 40,444,478 |
| 39,329,721 | ||
|
|
|
|
|
|
Share of profit of associates | 699,294 |
| 459,702 | ||
Profit before provisions | 45,146,242 |
| 43,518,208 | ||
Provisions and write offs - net | 13,101,543 |
| 2,628,801 | ||
Extra ordinary / unusual item - charge in respect of |
|
|
| ||
pension liability | 6,657,216 |
| - | ||
Profit before taxation | 25,387,483 |
| 40,889,407 | ||
|
|
|
|
|
|
Taxation |
| 10,337,929 |
| 14,934,403 | |
|
|
|
|
|
|
Profit after taxation | 15,049,554 |
| 25,955,004 | ||
|
|
|
|
|
|
Attributable to: |
|
|
| ||
Equity holders of the Bank | 15,483,051 |
| 25,948,717 | ||
Non-controlling interest | (433,497) |
| 6,287 | ||
|
|
| 15,049,554 |
| 25,955,004 |
|
|
|
|
|
|
|
|
| ------------ (Rupees) ------------ | ||
|
|
|
|
|
|
Earnings per share - basic and diluted | 12.65 |
| 21.20 | ||