Utd.bk (regs) Regulatory News (UBLS)

UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2008

2008 

2007 

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

Mark-up / return / interest earned

52,253,361 

41,045,543 

Mark-up / return / interest expensed

24,117,702 

16,936,187 

Net mark-up / interest income

28,135,659 

24,109,356 

Provision against loans and advances - net (excluding impact 

 on account of change in Prudential Regulations)

5,879,185 

1,689,467 

(Reversal) / additional provisioning arising on account of change 

in Prudential Regulations

 (1,369,229)

3,803,759 

Provision against loans and advances - total

4,509,956 

 5,493,226 

Provision for / (reversal of) diminution in value of investments - net

2,219,815 

 (6,303)

Bad debts written off directly

1,367,514 

935,123 

8,097,285 

6,422,046 

Net mark-up / return / interest income after provisions

20,038,374 

17,687,310 

Non Mark-up / Interest Income

Fee, commission and brokerage income

6,304,927 

5,165,066 

Dividend income

587,989 

548,782 

Income from dealing in foreign currencies

1,819,250 

827,328 

Gain on sale of securities

254,046 

849,367 

Unrealized loss on revaluation of investments classified as held for trading

 (19,547)

 (15,755)

Other income 

1,454,729 

1,617,564 

Total non mark-up / return / interest income

10,401,394 

8,992,352 

30,439,768 

26,679,662 

Non Mark-up / Interest Expenses

Administrative expenses

15,519,634 

13,420,977 

Other provisions / write offs - net

450,390 

236,281 

Worker welfare fund

336,999 

-

Other charges

258,321 

17,430 

Total non mark-up / interest expenses

16,565,344 

13,674,688 

Profit before taxation

13,874,424 

13,004,974 

Taxation - Current

6,090,351 

5,075,600 

- Prior year 

435,072 

442,066 

 - Deferred

 (984,119)

 (915,283)

5,541,304 

4,602,383 

Profit after taxation

8,333,120 

8,402,591 

Unappropriated profit brought forward

15,653,703 

12,429,853 

23,986,823 

20,832,444 

Transfer from surplus on revaluation of fixed assets - net of tax

253,018 

63,028 

Profit available for appropriation

24,239,841 

20,895,472 

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

Earnings per share

8.24

8.31

The valuation of listed equity securities / mutual funds held under 'available-for-sale' category of investments has been arrived at using the market prices quoted on the stock exchange / net assets value as of December 31, 2008 and a portion of impairment loss arising therefrom has been included in surplus on revaluation of assets - net of deferred tax as allowed by State Bank of Pakistan. Under the regular accounting policy of the bank, the same would have resulted in a charge to profit and loss account of Rs.1,882.296 million and, consequently, the profit after tax for the year would have been Rs.6,884.809 million and earnings per share would have been Rs.6.81 as given in note 9.5 to these unconsolidated financial statements.

 2008 

  2007 

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

Mark-up / return / interest earned

53,097,381 

41,962,131 

Mark-up / return / interest expensed

24,303,193 

17,162,817 

Net mark-up / interest income

28,794,188 

24,799,314 

Provision against loans and advances - net (excluding impact 

on account of change in Prudential Regulations)

5,883,778 

1,690,095 

(Reversal) / additional provisioning arising on account of change 

in Prudential Regulations

 (1,369,230)

3,803,759 

Provision against loans and advances - total

4,514,548 

5,493,854 

Provision for / (reversal of) diminution in value of investments - net

1,871,589 

 (6,233)

Bad debts written off directly

1,367,553 

935,165 

7,753,690 

6,422,786 

Net mark-up / return / interest income after provisions

21,040,498 

18,376,528 

Non Mark-up / Interest Income

Fee, commission and brokerage income

7,298,807 

5,899,632 

Dividend income

191,376 

364,260 

Income from dealing in foreign currencies

1,680,870 

893,790 

Gain on sale of securities

254,418 

851,589 

Unrealized loss on revaluation of investments classified as held for trading

 (10,682)

 (15,755)

Other income 

1,506,146 

1,614,151 

Total non mark-up / return / interest income

10,920,935 

9,607,667 

31,961,433 

27,984,195 

Non Mark-up / Interest Expenses

Administrative expenses

16,679,968 

14,257,211 

Other provisions / write offs - net

468,042 

236,281 

Worker welfare fund

340,548 

-

Other charges

292,377 

17,430 

Total non mark-up / interest expenses

17,780,935 

14,510,922 

Share of (loss) / income of associates

 (128,446)

322,996 

Profit before taxation

14,052,051 

13,796,269 

Taxation - Current

6,151,520 

5,153,311 

- Prior year 

435,072 

442,667 

 - Deferred

 (979,792)

 (1,036,724)

5,606,800 

4,559,254 

Profit after taxation

8,445,251 

9,237,015 

Attributable to:

Equity shareholders of the Bank

8,355,757 

8,975,280 

Minority interest

89,494 

261,735 

8,445,251 

9,237,015 

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

Earnings per share

8.26

8.87

The valuation of listed equity securities / mutual funds held under 'available-for-sale' category of investments has been arrived at using the market prices quoted on the stock exchange / net assets value as of December 31, 2008 and a portion of impairment loss arising therefrom has been included in surplus on revaluation of assets - net of deferred tax as allowed by State Bank of Pakistan and Securities and Exchange Commission of Pakistan. Under the regular accounting policy of the Group, the same would have resulted in a charge to profit and loss account of Rs.1,883.398 million and, consequently, the profit after tax attributable to the equity shareholders of the bank for the year would have been Rs.6,906.344 million and earnings per share would have been Rs.6.83 as given in note 9.5 to these consolidated financial statements.