Last checked at 6 Aug 2014 08:33
Secretary's Department
UBL/BOD-191/SEs/Results
06 August 2014
FORM- 7
1. The General Manager Companies Affairs, Karachi Stock Exchange Ltd. Karachi Stock Exchange Bldg., Stock Exchange Road, KARACHI. Fax No. (021) 111-573-329 | 2. The General Manager Companies Affairs, Lahore Stock Exchange Ltd. 19, Khayaban-e-Aiwan-e-Iqbal, LAHORE.
Fax No. (042) 36368485 | 3. The General Manager Companies Affairs, Islamabad Stock Exchange Ltd. 55-B, Jinnah Avenue, Blue Area, ISLAMABAD.
Fax No. (051) 111-473-329 |
Dear Sir,
Financial Results for Second Quarter (Half Year) ended 30 June 2014
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 191st meeting held on Wednesday, 06 August 2014 at Islamabad, Pakistan at 10:00 a.m. declared the following:
(i) Cash Dividend
2nd Interim Cash Dividend for the year 2014 at Rs.2.50per share i.e 25%.
(ii) Bonus Shares
--- NIL ---
(iii) Right Shares
--- NIL ---
(iv) Any Other Entitlement / Corporate Action
--- NIL ---
(v) Any Other Price-Sensitive Information
--- NIL ---
The Share Transfer Books of the Company will be closed from 03 September 2014 to 09 September 2014 (both days inclusive). Transfers received at the office of the Company's Share Registrar, M/s. THK Associates (Pvt.) Ltd., 2nd Floor, State Life Building No.3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on Tuesday, 02 September 2014 will be treated in time for the purpose of above entitlement to the transferees.
Page 1 of 2
The financial results of the Company are appended at Annexure "A" for Un-consolidated Accounts and Annexure "B" for Consolidated Accounts of the said period.
We will be sending you 200 copies of printed Accounts for distribution amongst the members of the exchange.
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) State Bank of Pakistan;
4) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad;
Page 2 of 2
Annexure " A "
UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | ||||
FOR THE SIX MONTHS ENDED JUNE 30, 2014 | ||||
April-June 2014 | April-June 2013 | January-June 2014 | January-June 2013 | |
---------------------------------- (Rupees in '000) ------------------------------------- | ||||
Mark-up / return / interest earned | 20,900,627 | 18,351,967 | 40,294,658 | 35,357,845 |
Mark-up / return / interest expensed | (9,552,857) | (9,302,146) | (19,133,057) | (17,520,260) |
Net mark-up / return / interest income | 11,347,770 | 9,049,821 | 21,161,601 | 17,837,585 |
Provision against loans and advances - net | (522,322) | (560,111) | (669,269) | (979,266) |
Provision against lendings to financial institutions - net | (10,043) | (65,524) | (9,705) | (61,186) |
Provision for diminution in value of investments - net | (246,855) | (15,853) | (241,277) | (29,073) |
Bad debts written off directly | (32,670) | (63,992) | (76,400) | (108,683) |
(811,890) | (705,480) | (996,651) | (1,178,208) | |
Net mark-up / return / interest income after provisions | 10,535,880 | 8,344,341 | 20,164,950 | 16,659,377 |
Non mark-up / interest income | ||||
Fee, commission and brokerage income | 2,844,386 | 2,271,974 | 5,547,557 | 4,616,249 |
Dividend income | 364,631 | 173,624 | 1,039,223 | 722,480 |
Income from dealing in foreign currencies | 771,277 | 396,194 | 1,425,712 | 790,212 |
Gain on sale of securities - net | 628,298 | 1,588,142 | 1,411,300 | 1,981,153 |
Unrealized loss on revaluation of investments | ||||
classified as held for trading | (9,892) | (15,073) | (56,620) | (8,851) |
Other income | 367,967 | 360,298 | 673,282 | 528,489 |
Total non mark-up / interest income | 4,966,667 | 4,775,159 | 10,040,454 | 8,629,732 |
15,502,547 | 13,119,500 | 30,205,404 | 25,289,109 | |
Non mark-up / interest expenses | ||||
Administrative expenses | (7,185,050) | (6,530,072) | (13,905,343) | (12,724,704) |
Other provisions - net | (101,255) | (51,181) | (114,777) | (55,135) |
Workers' Welfare Fund | (172,569) | (126,210) | (329,445) | (242,733) |
Other charges | (7,676) | (75) | (7,827) | (374) |
Total non mark-up / interest expenses | (7,466,550) | (6,707,538) | (14,357,392) | (13,022,946) |
Profit before taxation | 8,035,997 | 6,411,962 | 15,848,012 | 12,266,163 |
Taxation - Current | (2,978,178) | (2,066,070) | (5,648,238) | (3,990,624) |
Taxation - Prior | (315) | (2,760) | (315) | (2,760) |
Taxation - Deferred | 265,331 | (28,786) | 332,851 | (4,598) |
(2,713,162) | (2,097,616) | (5,315,702) | (3,997,982) | |
Profit after taxation | 5,322,835 | 4,314,346 | 10,532,310 | 8,268,181 |
-------------------------------------------- (Rupees) -------------------------------------- | ||||
Earnings per share - basic and diluted | 4.35 | 3.52 | 8.60 | 6.75 |
Annexure " B "
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | ||||||||
FOR THE SIX MONTHS ENDED JUNE 30, 2014 | ||||||||
April-June 2014 | April-June 2013 | January - June 2014 | January - June 2013 | |||||
--------------------------- (Rupees in '000) ------------------- |
| |||||||
Mark-up / return / interest earned | 21,626,359 | 19,006,821 | 41,740,640 | 36,716,106 | ||||
Mark-up / return / interest expensed | (9,829,758) | (9,649,457) | (19,686,524) | (18,216,578) | ||||
Net mark-up / return / interest income | 11,796,601 | 9,357,364 | 22,054,116 | 18,499,528 | ||||
Provision against loans and advances - net | (639,647) | (619,815) | (907,682) | (1,145,399) | ||||
Provision against lendings to financial institutions - net | (10,043) | (65,524) | (9,705) | (61,186) | ||||
Provision for diminution in value of investments - net | (246,855) | (15,853) | (241,277) | (29,073) | ||||
Bad debts written off directly | (32,670) | (63,992) | (76,400) | (108,683) | ||||
(929,215) | (765,184) | (1,235,064) | (1,344,341) | |||||
Net mark-up / return / interest income after provisions | 10,867,386 | 8,592,180 | 20,819,052 | 17,155,187 | ||||
Non mark-up / interest income | ||||||||
Fee, commission and brokerage income | 3,330,012 | 2,647,151 | 6,442,064 | 5,300,744 | ||||
Dividend income | 209,979 | 70,754 | 865,375 | 613,605 | ||||
Income from dealing in foreign currencies | 791,903 | 408,040 | 1,461,468 | 824,069 | ||||
Gain on sale of securities - net | 773,936 | 1,136,979 | 1,536,483 | 2,137,096 | ||||
Unrealized loss on revaluation of investments | ||||||||
classified as held for trading | (674) | (13,880) | (46,536) | (7,593) | ||||
Other income | 386,200 | 376,173 | 715,543 | 560,223 | ||||
Total non mark-up / interest income | 5,491,356 | 4,625,217 | 10,974,397 | 9,428,144 | ||||
16,358,742 | 13,217,397 | 31,793,449 | 26,583,331 | |||||
Non mark-up / interest expenses | ||||||||
Administrative expenses | (7,881,902) | (7,149,685) | (15,259,025) | (13,814,312) | ||||
Other provisions - net | (150,065) | (67,061) | (165,928) | (71,015) | ||||
Workers' Welfare Fund | (173,767) | (127,407) | (331,703) | (244,722) | ||||
Other charges | (7,676) | (75) | (7,827) | (374) | ||||
Total non mark-up / interest expenses | (8,213,410) | (7,344,228) | (15,764,483) | (14,130,423) | ||||
8,145,332 | 5,873,169 | 16,028,966 | 12,452,908 | |||||
Share of income of associates | 397,703 | 532,222 | 667,395 | 826,581 | ||||
Profit before taxation | 8,543,035 | 6,405,391 | 16,696,361 | 13,279,489 | ||||
Taxation - Current | (3,009,336) | (2,070,642) | (5,704,247) | (4,019,296) | ||||
- Prior | (344) | (10,544) | (344) | (10,544) | ||||
- Deferred | 266,830 | (28,151) | 332,619 | (4,867) | ||||
(2,742,850) | (2,109,337) | (5,371,972) | (4,034,707) | |||||
Profit after taxation | 5,800,185 | 4,296,054 | 11,324,389 | 9,244,782 | ||||
Attributable to: | ||||||||
Equity shareholders of the Bank | 5,791,711 | 4,185,993 | 11,304,674 | 8,861,945 | ||||
Non-controlling interest | 8,474 | 110,061 | 19,715 | 382,837 | ||||
5,800,185 | 4,296,054 | 11,324,389 | 9,244,782 | |||||
------------------------------------- (Rupees) ---------------------------- |
| |||||||
Earnings per share - basic and diluted | 4.73 | 3.42 | 9.23 | 7.24 | ||||