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