Last checked at 30 Jul 2010 12:33
Secretary's Department
SD/BOD/KSE/Results
30 July 2010
FORM- 7
Fax No. 111-573-329
The Managing Director
The Karachi Stock Exchange (Guarantee) Limited
Stock Exchange Building
Stock Exchange Road
Karachi
Dear Sir,
FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30-06-2010
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 167th meeting held on 30 July 2010 at 10.00 a.m. (London Time) at London declared the following:
(i) CASH DIVIDEND
Interim Cash Dividend for the year 2010 at Rs. 1.00 per share i.e. 10%.
(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 21-08-2010 to 28-08-2010 (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 20-08-2010 will be treated in time for the purpose of the above entitlement to the transferees.
The financial results of the Company are appended at Annexure "A" for Unconsolidated & Annexure "B" Consolidated Accounts of the said period.
We will be sending you 300 copies of printed Accounts for distribution amongst the members of the exchange.
Yours faithfully,
Abdul Sattar Vaid Aqeel Ahmed Nasir
Senior Vice President & Company Secretary &
Head Secretary's Department 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 Condensed Interim Profit And Loss Account (Un-audited) | ||||||||||||||
| For the half year ended June 30, 2010 | ||||||||||||||
|
|
|
| Apr-Jun 2010 |
| Apr-Jun 2009 |
| Jan-Jun 2010 |
| Jan-Jun 2009 |
| ||||
|
|
|
| ----------------------(Rupees in '000)-------------------------- | |||||||||||
| Mark-up / return / interest earned |
|
| 14,285,230 |
| 15,408,889 |
| 28,480,265 |
| 31,628,383 |
|
| |||
| Mark-up / return / interest expensed |
|
| (5,969,069) |
| (7,725,407) |
| (11,965,176) |
| (15,944,233) |
|
| |||
| Net mark-up / return / interest income |
|
| 8,316,161 |
| 7,683,482 |
| 16,515,089 |
| 15,684,150 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Provision against loans and advances - net |
| (1,658,279) |
| (3,784,936) |
| (3,393,401) |
| (5,389,381) |
|
| ||||
| Provision for diminution in value of investments - net | (70,202) |
| (323,529) |
| (64,469) |
| (613,589) |
|
| |||||
| Bad debts written off directly |
|
| (249,200) |
| (365,631) |
| (635,909) |
| (700,291) |
|
| |||
|
|
|
| (1,977,681) |
| (4,474,096) |
| (4,093,779) |
| (6,703,261) |
|
| |||
| Net mark-up / return / interest income after provisions | 6,469,704 |
| 3,209,386 |
| 12,421,310 |
| 8,980,889 |
|
| |||||
| Non mark-up / return / interest income |
|
|
|
|
|
|
|
|
|
| ||||
| Fee, commission and brokerage income |
| 1,634,739 |
| 1,608,249 |
| 3,107,754 |
| 2,872,224 |
|
| ||||
| Dividend income |
|
| 140,002 |
| 236,227 |
| 277,627 |
| 271,032 |
|
| |||
| Income from dealing in foreign currencies |
| 330,672 |
| 371,361 |
| 692,034 |
| 842,191 |
|
| ||||
| Gain on sale of securities |
|
| 54,258 |
| 229,178 |
| 140,331 |
| 354,139 |
|
| |||
| Unrealised loss on revaluation of investments |
|
|
|
|
|
|
|
|
| |||||
| classified as held for trading |
|
| (14,487) |
| (22,673) |
| (22,388) |
| (681) |
|
| |||
| Other income |
|
| 221,850 |
| 1,616,985 |
| 532,960 |
| 1,870,230 |
|
| |||
| Total non mark-up / return / interest income |
| 2,367,034 |
| 4,039,327 |
| 4,728,318 |
| 6,209,135 |
|
| ||||
|
|
|
| 8,705,514 |
| 7,248,713 |
| 17,149,628 |
| 15,190,024 |
|
| |||
| Non mark-up / interest expenses |
|
|
|
|
|
|
|
|
|
| ||||
| Administrative expenses |
|
| (4,344,900) |
| (4,150,176) |
| (8,427,248) |
| (8,067,775) |
|
| |||
| Other provisions / write offs / reversals - net |
| 124,884 |
| (186,063) |
| 116,557 |
| (183,093) |
|
| ||||
| Workers' welfare fund |
|
| (89,459) |
| (86,727) |
| (178,367) |
| (169,345) |
|
| |||
| Other charges |
|
| (90,943) |
| (348) |
| (95,061) |
| (1,168) |
|
| |||
| Total non mark-up / interest expenses |
|
| (4,400,418) |
| (4,423,314) |
| (8,584,119) |
| (8,421,381) |
|
| |||
| Profit before taxation |
|
| 4,305,096 |
| 2,825,399 |
| 8,565,509 |
| 6,768,643 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| Taxation |
|
|
|
|
|
|
|
|
|
|
| |||
| - Current |
|
| (1,556,754) |
| (1,339,001) |
| (3,098,464) |
| (2,946,897) |
|
| |||
| - Prior |
|
| (394,488) |
| (74,961) |
| (394,750) |
| (74,965) |
|
| |||
| - Deferred |
|
| 63,337 |
| 340,204 |
| 128,417 |
| 540,768 |
|
| |||
|
|
|
| (1,887,905) |
| (1,073,758) |
| (3,364,797) |
| (2,481,094) |
|
| |||
| Profit after taxation |
|
| 2,417,191 |
| 1,751,641 |
| 5,200,712 |
| 4,287,549 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
| -------------------------(Rupees)------------------------------- |
|
| |||||||||
| Basic and diluted earnings per share |
| 1.97 |
| 1.43 |
| 4.25 |
| 3.50 |
|
| ||||
Annexure 'B'
| Consolidated Condensed Interim Profit and Loss Account (Un-audited) |
|
|
|
| ||||||
| For the half year ended June 30, 2010 | Apr-Jun 2010 |
| Apr-Jun 2009 |
| Jan-Jun 2010 |
| Jan-Jun 2009 | |||
|
|
|
| --------------------------------- (Rupees in '000) --------------------------------- | |||||||
| Mark-up / return / interest earned | 14,450,730 |
| 15,497,873 |
| 28,817,605 |
| 31,805,012 | |||
| Mark-up / return / interest expensed | (6,008,003) |
| (7,762,381) |
| (12,036,859) |
| (16,020,201) | |||
| Net mark-up / return / interest income | 8,442,727 |
| 7,735,492 |
| 16,780,746 |
| 15,784,811 | |||
|
|
|
|
|
|
|
|
|
|
| |
| Provision against loans and advances - net | (1,690,557) |
| (3,778,748) |
| (3,425,679) |
| (5,378,011) | |||
| Provision for diminution in value of investments - net | (55,215) |
| (323,529) |
| (60,730) |
| (613,589) | |||
| Bad debts written off directly | (249,200) |
| (365,631) |
| (635,909) |
| (700,291) | |||
|
|
|
| (1,994,972) |
| (4,467,908) |
| (4,122,318) |
| (6,691,891) | |
| Net mark-up / return / interest income after provisions | 6,447,755 |
| 3,267,584 |
| 12,658,428 |
| 9,092,920 | |||
| Non Mark-up / Interest Income |
|
|
|
|
|
|
| |||
| Fee, commission and brokerage income | 1,809,582 |
| 1,685,686 |
| 3,436,720 |
| 3,037,033 | |||
| Dividend income | 14,989 |
| 236,426 |
| 41,885 |
| 271,542 | |||
| Income from dealing in foreign currencies | 344,029 |
| 388,729 |
| 714,627 |
| 877,762 | |||
| Gain on sale of securities | 54,792 |
| 263,195 |
| 142,156 |
| 395,034 | |||
| Unrealized loss on revaluation of investments classified as |
|
|
|
|
|
|
| |||
| held for trading | (15,398) |
| (22,673) |
| (23,101) |
| (681) | |||
| Other income | 247,344 |
| 1,804,869 |
| 592,576 |
| 2,233,501 | |||
| Total non mark-up / return / interest income | 2,455,338 |
| 4,356,232 |
| 4,904,863 |
| 6,814,191 | |||
|
|
|
| 8,903,093 |
| 7,623,816 |
| 17,563,291 |
| 15,907,111 | |
| Non Mark-up / Interest Expenses |
|
|
|
|
|
|
| |||
| Administrative expenses | (4,686,484) |
| (4,459,400) |
| (9,079,424) |
| (8,658,866) | |||
| Other provisions / write offs / reversals - net | 124,884 |
| (186,276) |
| 116,557 |
| (183,306) | |||
| Workers' welfare fund | (90,296) |
| (86,727) |
| (180,032) |
| (169,345) | |||
| Other charges | (90,943) |
| (348) |
| (95,061) |
| (1,168) | |||
| Total non mark-up / interest expenses | (4,742,839) |
| (4,732,751) |
| (9,237,960) |
| (9,012,685) | |||
|
| 4,160,254 |
| 2,891,065 |
| 8,325,331 |
| 6,894,426 | |||
| Share of income from associates | 118,863 |
| 32,403 |
| 184,651 |
| 212,318 | |||
| Profit before taxation | 4,279,117 |
| 2,923,468 |
| 8,509,982 |
| 7,106,744 | |||
|
|
|
|
|
|
|
|
|
|
| |
| Taxation - Current | (1,565,061) |
| (1,355,875) |
| (3,117,034) |
| (2,977,535) | |||
| - Prior | (394,488) |
| (74,961) |
| (394,750) |
| (74,965) | |||
| - Deferred | 63,337 |
| 340,598 |
| 127,631 |
| 543,528 | |||
|
|
|
| (1,896,212) |
| (1,090,238) |
| (3,384,153) |
| (2,508,972) | |
| Profit after taxation | 2,382,905 |
| 1,833,230 |
| 5,125,829 |
| 4,597,772 | |||
|
|
|
|
|
|
|
|
|
|
| |
| Attributable to: |
|
|
|
|
|
|
|
| ||
| Equity shareholders of the Bank |
|
|
| 2,413,707 |
| 1,834,453 |
| 5,166,131 |
| 4,591,011 |
| Minority Interest |
|
|
| (30,802) |
| (1,223) |
| (40,302) |
| 6,761 |
|
|
|
|
| 2,382,905 |
| 1,833,230 |
| 5,125,829 |
| 4,597,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ------------------------------------------- (Rupees) ----------------------------------------- | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings per share |
|
|
| 1.97 |
| 1.50 |
| 4.22 |
| 3.75 |