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29 Jul 2011 08:52
Secretary's Department
UBL/BOD/KSE/Results
29 July 2011
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 30-06-2011
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 173rd meeting held on 28 July 2011 at 10:00 a.m. (London Time) at London declared the following:
(i) CASH DIVIDEND
Interim Cash Dividend for the year 2011 at Rs.1.50 per share i.e 15%.
(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 22-08-2011 to 30-08-2011 (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 20-08-2011 will be treated in time for the purpose of above entitlement to the transferees.
1/2
The financial results of the Company are appended at Annexure "A" for Standalone & 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,
Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
C.C. to : 1) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad.
2) Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs
3) London Stock Exchange
4) State Bank of Pakistan
Annexure 'A'
UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | |||||||||||||
FOR THE HALF YEAR ENDED JUNE 30, 2011 | |||||||||||||
Apr-Jun 2011 | Apr-Jun 2010 | Jan-Jun 2011 | Jan-Jun 2010 | ||||||||||
------------------------------(Rupees in '000)---------------------------- | |||||||||||||
Mark-up / return / interest earned | 17,349,835 | 14,285,230 | 34,058,409 | 28,480,265 | |||||||||
Mark-up / return / interest expensed | (7,194,384) | (5,921,469) | (14,746,784) | (11,876,684) | |||||||||
Net mark-up / return / interest income | 10,155,451 | 8,363,761 | 19,311,625 | 16,603,581 | |||||||||
Provision against loans and advances - net | (2,188,065) | (1,658,279) | (4,392,844) | (3,393,401) | |||||||||
Provision against lendings to financial institutions | (91,354) | - | (91,354) | - | |||||||||
Provision for diminution in value of investments - net | (203,883) | (70,202) | (205,515) | (64,469) | |||||||||
Bad debts written off directly | (100,291) | (249,200) | (233,116) | (635,909) | |||||||||
(2,583,593) | (1,977,681) | (4,922,829) | (4,093,779) | ||||||||||
Net mark-up / return / interest income after provisions | 7,571,858 | 6,386,080 | 14,388,796 | 12,509,802 | |||||||||
Non mark-up / return / interest income | |||||||||||||
Fee, commission and brokerage income | 1,680,691 | 1,634,739 | 3,279,993 | 3,107,754 | |||||||||
Dividend income | 220,816 | 140,002 | 321,993 | 277,627 | |||||||||
Income from dealing in foreign currencies | 326,246 | 330,672 | 1,075,569 | 692,034 | |||||||||
Gain on sale of securities | 7,916 | 54,258 | 195,906 | 140,331 | |||||||||
Unrealised loss on revaluation of investments | |||||||||||||
classified as held for trading | (43,402) | (14,487) | (51,369) | (22,388) | |||||||||
Other income | 680,000 | 221,850 | 1,076,498 | 532,960 | |||||||||
Total non mark-up / return / interest income | 2,872,267 | 2,367,034 | 5,898,590 | 4,728,318 | |||||||||
10,444,125 | 8,753,114 | 20,287,386 | 17,238,120 | ||||||||||
Non mark-up / interest expenses | |||||||||||||
Administrative expenses | (5,034,042) | (4,392,500) | (9,742,078) | (8,515,740) | |||||||||
Other provisions / write offs / reversals - net | 7,503 | 124,884 | 13,704 | 116,557 | |||||||||
Workers' welfare fund | (116,036) | (89,459) | (218,709) | (178,367) | |||||||||
Other charges | (84,245) | (90,943) | (110,961) | (95,061) | |||||||||
Total non mark-up / interest expenses | (5,226,820) | (4,448,018) | (10,058,044) | (8,672,611) | |||||||||
Profit before taxation | 5,217,305 | 4,305,096 | 10,229,342 | 8,565,509 | |||||||||
Taxation | |||||||||||||
- Current | (2,007,630) | (1,556,754) | (3,815,047) | (3,098,464) | |||||||||
- Prior | (9) | (394,488) | 7,529 | (394,750) | |||||||||
- Deferred | 222,243 | 63,337 | 282,717 | 128,417 | |||||||||
(1,785,396) | (1,887,905) | (3,524,801) | (3,364,797) | ||||||||||
Profit after taxation | 3,431,909 | 2,417,191 | 6,704,541 | 5,200,712 | |||||||||
------------------------------( Rupees )---------------------------- | |||||||||||||
Basic and diluted earnings per share | 2.80 | 1.97 | 5.48 | 4.25 | |||||||||
Annexure B
Consolidated Condensed Interim Profit and Loss Account (Un-audited) |
| |||||||||||||
For the half year ended June 30, 2011 | Apr-Jun 2011 | Apr-Jun 2010 | Jan-Jun 2011 | Jan-Jun 2010 |
| |||||||||
--------------------------------- (Rupees in '000) --------------------------------- |
| |||||||||||||
Mark-up / return / interest earned | 17,566,736 | 14,450,730 | 34,487,923 | 28,817,605 |
| |||||||||
Mark-up / return / interest expensed | (7,249,492) | (5,960,403) | (14,849,425) | (11,948,367) |
| |||||||||
Net mark-up / return / interest income | 10,317,244 | 8,490,327 | 19,638,498 | 16,869,238 |
| |||||||||
| ||||||||||||||
Provision against loans and advances - net | (2,188,065) | (1,690,557) | (4,392,844) | (3,425,679) |
| |||||||||
Provision against lendings to financial institutions | (91,354) | - | (91,354) | - |
| |||||||||
Provision for diminution in value of investments - net | (203,883) | (55,215) | (207,545) | (60,730) |
| |||||||||
Bad debts written off directly | (100,291) | (249,200) | (233,116) | (635,909) |
| |||||||||
(2,583,593) | (1,994,972) | (4,924,859) | (4,122,318) |
| ||||||||||
Net mark-up / return / interest income after provisions | 7,733,651 | 6,495,355 | 14,713,639 | 12,746,920 |
| |||||||||
Non Mark-up / return/ interest Income |
| |||||||||||||
Fee, commission and brokerage income | 1,858,018 | 1,809,582 | 3,602,600 | 3,436,720 |
| |||||||||
Dividend income | 25,545 | 14,989 | 96,988 | 41,885 |
| |||||||||
Income from dealing in foreign currencies | 340,457 | 344,029 | 1,108,635 | 714,627 |
| |||||||||
Gain on sale of securities | 15,544 | 54,792 | 206,076 | 142,156 |
| |||||||||
Unrealized loss on revaluation of investments classified as |
| |||||||||||||
held for trading | (39,067) | (15,398) | (46,119) | (23,101) |
| |||||||||
Other income | 730,008 | 247,344 | 1,155,518 | 592,576 |
| |||||||||
Total non mark-up / return / interest income | 2,930,505 | 2,455,338 | 6,123,698 | 4,904,863 |
| |||||||||
10,664,156 | 8,950,693 | 20,837,337 | 17,651,783 |
| ||||||||||
Non Mark-up / Interest Expenses |
| |||||||||||||
Administrative expenses | (5,444,048) | (4,734,084) | (10,505,654) | (9,167,916) |
| |||||||||
Other provisions / write offs / reversals - net | 7,503 | 124,884 | 13,704 | 116,557 |
| |||||||||
Workers' welfare fund | (116,486) | (90,296) | (219,604) | (180,032) |
| |||||||||
Other charges | (84,245) | (90,943) | (110,961) | (95,061) |
| |||||||||
Total non mark-up / interest expenses | (5,637,276) | (4,790,439) | (10,822.515) | (9,326,452) |
| |||||||||
5,026,880 | 4,160,254 | 10,014,822 | 8,325,331 |
| ||||||||||
Share of (loss) / income of associates | (227,799) | 118,863 | (74,560) | 184,651 |
| |||||||||
Profit before taxation | 4,799,081 | 4,279,117 | 9,940,262 | 8,509,982 |
| |||||||||
| ||||||||||||||
Taxation - Current | (2,007,821) | (1,565,061) | (3,819,695) | (3,117,034) |
| |||||||||
- Prior | (9) | (394,488) | 7,529 | (394,750) |
| |||||||||
- Deferred | 222,907 | 63,337 | 281,652 | 127,631 |
| |||||||||
(1,784,923) | (1,896,212) | (3,530,514) | (3,384,153) |
| ||||||||||
Profit after taxation | 3,014,158 | 2,382,905 | 6,409,748 | 5,125,829 |
| |||||||||
Attributable to: |
| |||||||||||||
Equity shareholders of the Bank | 3,019,823 | 2,413,707 | 6,420,726 | 5,166,131 | ||||||||||
Non-controlling interest | (5,665) | (30,802) | (10,978) | (40,302) | ||||||||||
3,014,158 | 2,382,905 | 6,409,748 | 5,125,829 | |||||||||||
------------------------------------------- (Rupees) ----------------------------------------- | ||||||||||||||
Basic and diluted earnings per share | 2.47 | 1.97 | 5.24 | 4.22 | ||||||||||
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