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7 Aug 2019 12:06
Secretary's Department
UBL/BOD-222/PSX/Results/19
07 August 2019
Form-7
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the Quarter Ended 30 June 2019
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 222nd meeting held on Wednesday, 07 August 2019 at 09:00 a.m. at Islamabad recommended the following:
(i) Cash Dividend
An Interim Cash Dividend for the quarter ended 30 June 2019 at Rs. 2.50 per share i.e.25%. This is in addition to Interim Dividend(s) already paid at Rs. 2.50 per 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 financial results of UBL are attached at Annexure "A" for Un-Consolidated Accounts and Annexure "B" for Consolidated Accounts of the said period.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Thursday, September 12, 2019.
Page 1 of 2
The Share Transfer Books of UBL will remain closed from September 13, 2019 to September 20, 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 Thursday, September 12, 2019 will be treated in time for the purpose of above entitlement to the transferees.
The Quarterly Report of the Bank for the period ended 30 June 2019 will be transmitted through PUCARS separately, within stipulated time.
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 CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2019
|
|
|
| April - June 2019 |
| April - June 2018 |
| January - June 2019 |
| January - June 2018 |
|
|
|
|
|
|
| ||||
|
|
|
| -------------- (Rupees in '000) -------------- | ||||||
|
|
|
|
|
|
|
|
|
|
|
Mark-up / return / interest earned |
| 35,164,668 |
| 26,018,152 |
| 66,564,781 |
| 54,164,809 | ||
Mark-up / return / interest expensed |
| 19,900,466 |
| 11,817,397 |
| 36,641,997 |
| 26,109,232 | ||
Net mark-up / interest income |
| 15,264,202 |
| 14,200,755 |
| 29,922,784 |
| 28,055,577 | ||
|
|
|
|
|
|
|
|
|
|
|
Non mark-up / interest income |
|
|
|
|
|
|
|
| ||
Fee and commission income |
| 3,463,395 |
| 3,781,006 |
| 7,076,263 |
| 6,727,671 | ||
Dividend income |
| 547,503 |
| 588,028 |
| 773,925 |
| 1,158,938 | ||
Foreign exchange income |
| 1,316,967 |
| 911,193 |
| 2,224,878 |
| 1,446,754 | ||
Income / (loss) from derivatives |
| 33,944 |
| 15,576 |
| 85,426 |
| (6,274) | ||
Gain on securities - net |
| 196,640 |
| 1,475,436 |
| 201,738 |
| 4,541,825 | ||
Other income |
| 1,610,998 |
| 205,463 |
| 1,781,641 |
| 417,075 | ||
Total non-mark-up / interest income |
| 7,169,447 |
| 6,976,702 |
| 12,143,871 |
| 14,285,989 | ||
Total Income |
| 22,433,649 |
| 21,177,457 |
| 42,066,655 |
| 42,341,566 | ||
|
|
|
|
|
|
|
|
|
|
|
Non mark-up / Interest expenses |
|
|
|
|
|
|
|
| ||
Operating expenses |
| 10,261,848 |
| 9,861,788 |
| 19,212,719 |
| 18,516,714 | ||
Workers' Welfare Fund |
| 171,616 |
| 158,208 |
| 353,105 |
| 282,035 | ||
Other charges |
| 233 |
| 3,587 |
| 2,218 |
| 4,019 | ||
Total non-mark-up / interest expenses |
| 10,433,697 |
| 10,023,583 |
| 19,568,042 |
| 18,802,768 | ||
|
|
|
|
|
|
|
|
|
|
|
Profit before provisions |
| 11,999,952 |
| 11,153,874 |
| 22,498,613 |
| 23,538,798 | ||
Provisions and write-offs - net |
| 3,170,867 |
| 2,619,732 |
| 4,494,025 |
| 4,532,102 | ||
Extra ordinary / unusual item - charge in respect of |
|
|
|
|
|
|
|
| ||
pension liability |
| - |
| 2,000,000 |
| - |
| 8,404,635 | ||
PROFIT BEFORE TAXATION |
| 8,829,085 |
| 6,534,142 |
| 18,004,588 |
| 10,602,061 | ||
Taxation |
|
| 3,450,109 |
| 2,908,691 |
| 8,461,811 |
| 4,331,357 | |
PROFIT AFTER TAXATION |
| 5,378,976 |
| 3,625,451 |
| 9,542,777 |
| 6,270,704 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ----------- (Rupees) ----------- | ||||||
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic and diluted |
| 4.39 |
| 2.96 |
| 7.80 |
| 5.12 | ||
ANNEXURE B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2019
|
|
|
| April - June 2019 |
| April -June 2018 |
| January - June 2019 |
| January - June 2018 |
|
|
|
|
|
| ------ (Rupees in '000) ------ |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
Mark-up / return / interest earned |
| 36,103,904 |
| 27,103,838 |
| 68,241,685 |
| 56,158,142 | ||
Mark-up / return / interest expensed |
| 20,485,522 |
| 12,346,296 |
| 37,656,138 |
| 27,095,623 | ||
Net mark-up / interest income |
| 15,618,382 |
| 14,757,542 |
| 30,585,547 |
| 29,062,519 | ||
|
|
|
|
|
|
|
|
|
|
|
Non mark-up / interest income |
|
|
|
|
|
|
|
| ||
Fee and commission income |
| 3,968,195 |
| 4,253,949 |
| 8,099,318 |
| 7,694,571 | ||
Dividend income |
| 413,192 |
| 239,845 |
| 639,614 |
| 810,755 | ||
Foreign exchange income |
| 1,334,101 |
| 950,718 |
| 2,286,903 |
| 1,550,144 | ||
Income / (loss) from derivatives |
| 33,944 |
| 15,578 |
| 85,426 |
| (6,272) | ||
Gain on securities - net |
| 268,589 |
| 1,511,137 |
| 309,937 |
| 4,734,224 | ||
Other income |
| 1,619,155 |
| 196,214 |
| 1,727,373 |
| 379,121 | ||
Total non mark-up / interest income |
| 7,637,176 |
| 7,167,441 |
| 13,148,571 |
| 15,162,543 | ||
Total income |
| 23,255,558 |
| 21,924,983 |
| 43,734,118 |
| 44,225,062 | ||
|
|
|
|
|
|
|
|
|
|
|
Non mark-up / interest expenses |
|
|
|
|
|
|
|
| ||
Operating expenses |
| 11,139,601 |
| 10,752,822 |
| 20,902,009 |
| 20,262,638 | ||
Workers' Welfare Fund |
| 172,581 |
| 160,361 |
| 356,662 |
| 286,898 | ||
Other charges |
| 233 |
| 3,587 |
| 2,218 |
| 4,019 | ||
Total non mark-up / interest expenses |
| 11,312,415 |
| 10,916,770 |
| 21,260,889 |
| 20,553,555 | ||
|
|
|
|
|
|
|
|
|
|
|
Share of profit of associates |
| 105,153 |
| 115,481 |
| 348,724 |
| 300,412 | ||
Profit before provisions |
| 12,048,296 |
| 11,123,694 |
| 22,821,953 |
| 23,971,919 | ||
Provisions and write-offs - net |
| 2,794,920 |
| 2,809,500 |
| 3,677,940 |
| 4,745,522 | ||
Extra ordinary / unusual item - charge in respect of |
|
|
|
|
|
|
|
| ||
pension liability |
| - |
| 2,000,000 |
| - |
| 8,404,635 | ||
Profit before taxation from continuing operations |
| 9,253,376 |
| 6,314,194 |
| 19,144,013 |
| 10,821,762 | ||
|
|
|
|
|
|
|
|
|
|
|
Taxation |
|
| 3,594,048 |
| 2,962,165 |
| 8,646,392 |
| 4,709,742 | |
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation from continuing operations |
| 5,659,328 |
| 3,352,029 |
| 10,497,621 |
| 6,112,020 | ||
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations - net of tax |
| (544,772) |
| - |
| (1,330,512) |
| - | ||
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation |
| 5,114,556 |
| 3,352,029 |
| 9,167,109 |
| 6,112,020 | ||
|
|
|
|
|
|
|
|
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Attributable to: |
|
|
|
|
|
|
|
| ||
Equity holders of the Bank |
|
|
|
|
|
|
|
| ||
from continuing operations |
| 5,678,251 |
| 3,408,571 |
| 10,506,813 |
| 6,193,752 | ||
from discontinued operations |
| (544,772) |
| - |
| (1,330,512) |
| - | ||
|
|
|
| 5,133,479 |
| 3,408,571 |
| 9,176,301 |
| 6,193,752 |
Non-controlling interest |
| (18,923) |
| (56,542) |
| (9,192) |
| (81,732) | ||
|
|
|
| 5,114,556 |
| 3,352,029 |
| 9,167,109 |
| 6,112,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ------------ (Rupees) ------------ |
|
| ||
Earnings per share - basic and diluted |
|
|
|
|
|
|
|
| ||
from continuing operations |
| 4.64 |
| 2.78 |
| 8.58 |
| 5.06 | ||
from discontinued operations |
| (0.45) |
| - |
| (1.09) |
| - | ||
|
|
|
| 4.19 |
| 2.78 |
| 7.49 |
| 5.06 |
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