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1 Mar 2010 11:30
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Secretary's Department
Β
SD/BOD/KSE/Results
1 March 2010
Β
FORM- 3
Β
The General Manager Fax No. 111-573-329
The Karachi Stock Exchange (G) Limited
Stock Exchange Building
Stock Exchange Road
Karachi
Β
Dear Sir,
Β
FINANCIAL RESULTS FOR THE YEAR ENDED 31-12-2009
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We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 164th meeting held on 1 March 2010 at 11.00 a.m. (UAE Time) at Abu Dhabi, UAE declared the following:
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(i) CASH DIVIDEND
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Cash Dividend for the year ended 31-12-2009 at Rs.2.50 per share i.e.25%.
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(ii) BONUS SHARES
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It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of one share for every ten shares held i.e.10%.
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(iii) RIGHT SHARES
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------NIL---------
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(iv) ANY OTHER ENTITLEMENT / CORPORATE ACTION
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------NIL-------
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(v) ANY OTHER PRICE-SENSITIVE INFORMATION
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----NIL-------
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The Financial results approved by the Board of Directors of UBL are appended at Annexure "A" and "B".
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We will provide you Free Reserves Certificate from our External Auditors in due course.
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1/2
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The 51st Annual General Meeting of the Company will be held on 30 March 2010 at 9:00 a.m. at Islamabad Serena Hotel, Islamabad.
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The Share Transfer Books of the Company will be closed from 17-03-2010 to 30-03-2010 (both days inclusive). Transfers received at the office of the Company's Share Registrar, M/s. THK Associates (Pvt.) Ltd. Ground Floor, State Life Building No.3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on 16-03-2010 will be treated in time for the purpose of above entitlement to the transferees.
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We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange 21 days before the date of AGM.
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Yours faithfully,
Β
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
Β
Β
C.C. to : 1) Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs
2) London Stock Exchange
3) State Bank of Pakistan
(Annexure-A)
|
UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2009 |
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Β Β 2009 |
Β Β 2008 |
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------- (Rupees in '000) ------- |
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Mark-up / return / interest earned |
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60,857,035 |
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51,919,229 |
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Mark-up / return / interest expensed |
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28,163,787 |
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24,061,790 |
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Net mark-up / interest income |
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32,693,248 |
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27,857,439 |
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|
|
|
|
|
|
|
|
|
|
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Provision against loans and advances - net |
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9,623,204 |
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4,509,956 |
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Provision against lending to financial institutions |
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560,852 |
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- |
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Provision for diminution in value of investments - net |
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945,342 |
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2,219,815 |
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Bad debts written off directly |
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1,485,976 |
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1,367,514 |
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12,615,374 |
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8,097,285 |
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Net mark-up / return / interest income after provisions |
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20,077,874 |
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19,760,154 |
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Non Mark-up / Interest Income |
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Fee, commission and brokerage income |
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5,925,082 |
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6,249,015 |
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Dividend income |
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606,347 |
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587,989 |
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Income from dealing in foreign currencies |
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1,213,881 |
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1,795,319 |
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Gain on sale of securities |
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629,418 |
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200,804 |
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Unrealized loss on revaluation of investments classified as |
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held for trading |
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(3,006) |
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(19,547) |
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Other income |
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3,297,839 |
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1,866,034 |
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Total non mark-up / return / interest income |
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11,669,561 |
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10,679,614 |
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31,747,435 |
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30,439,768 |
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Non Mark-up / Interest Expenses |
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Administrative expenses |
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16,608,561 |
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15,519,634 |
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Other provisions / write offs - net |
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642,274 |
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450,390 |
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Workers' welfare fund |
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397,547 |
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336,999 |
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Other charges |
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64,552 |
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258,321 |
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Total non mark-up / interest expenses |
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17,712,934 |
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16,565,344 |
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Profit before taxation |
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14,034,501 |
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13,874,424 |
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Taxation - Current |
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6,930,585 |
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6,090,351 |
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- Prior years |
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76,328 |
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435,072 |
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- Deferred |
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(2,165,099) |
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(984,119) |
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4,841,814 |
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5,541,304 |
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Profit after taxation |
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9,192,687 |
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8,333,120 |
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Unappropriated profit brought forward |
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16,604,076 |
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15,653,703 |
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25,796,763 |
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23,986,823 |
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Transfer from surplus on revaluation of fixed assets - net of tax |
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253,014 |
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253,018 |
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Profit available for appropriation |
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26,049,777 |
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24,239,841 |
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----------- (Rupees) ----------- |
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Earnings per share - basic and diluted |
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Β
8.26Β |
7.49 |
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Β
Β
Β
Β
(Annexure-B)
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CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2009 |
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2009 |
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2008 |
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------- (Rupees in '000) ------- |
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Mark-up / return / interest earned |
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61,495,472 |
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52,763,249 |
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Mark-up / return / interest expensed |
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28,323,272 |
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24,247,281 |
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Net mark-up / interest income |
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33,172,200 |
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28,515,968 |
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Provision against loans and advances - net |
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9,644,927 |
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4,514,548 |
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Provision against lending to financial institutions |
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560,852 |
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- |
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Provision for diminution in value of investments - net |
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1,187,460 |
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1,871,587 |
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Bad debts written off directly |
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1,485,976 |
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1,367,553 |
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12,879,215 |
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7,753,688 |
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Net mark-up / return / interest income after provisions |
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20,292,985 |
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20,762,280 |
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Non Mark-up / Interest Income |
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Fee, commission and brokerage income |
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6,736,356 |
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7,242,892 |
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Dividend income |
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214,727 |
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191,376 |
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Income from dealing in foreign currencies |
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1,275,914 |
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1,656,939 |
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Gain on sale of securities |
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699,275 |
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201,176 |
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Unrealized loss on revaluation of investments classified as |
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held for trading |
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(2,582) |
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(10,682) |
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Other income |
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3,396,800 |
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1,917,451 |
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Total non mark-up / return / interest income |
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12,320,490 |
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11,199,152 |
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32,613,475 |
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31,961,432 |
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Non Mark-up / Interest Expenses |
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Administrative expenses |
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17,803,338 |
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16,679,968 |
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Other provisions / write offs - net |
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642,274 |
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468,042 |
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Workers' welfare fund |
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401,073 |
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340,548 |
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Other charges |
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64,552 |
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292,377 |
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Total non mark-up / interest expenses |
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18,911,237 |
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17,780,935 |
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Share of income / (loss) from associates |
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689,943 |
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(128,446) |
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Profit before taxation |
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14,392,181 |
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14,052,051 |
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Taxation - Current |
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6,996,257 |
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6,151,520 |
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- Prior years |
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78,710 |
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435,072 |
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- Deferred |
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(2,170,738) |
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(979,792) |
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4,904,229 |
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5,606,800 |
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Profit after taxation |
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9,487,952 |
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8,445,251 |
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Attributable to: |
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Equity shareholders of the Bank |
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Β 9,521,546 8,355,757 |
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Minority Interest |
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(33,594) 89,494 |
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9,487,952 8,445,251 |
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----------- (Rupees) ----------- |
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Earnings per share - basic and diluted |
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Β
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8.56 |
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7.51 |
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Β
Follow the stocks
