Last checked at 28 Jul 2008 08:16
RNS Number : 9735Z
United Bank Limited
28 July 2008
SECRETARY’s DEPARTMENT
FORM- 14
SD/BOD/KSE/Results
28 July 2008
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 30-06-2008
We have to inform you that the Board of Directors of United Bank Limited (“UBL”) in their 156th meeting held on 25 July 2008 at 10.00 a.m. (London Time) at London declared the following:
(i) INTERIM CASH DIVIDEND
Interim Cash Dividend for the year 2008 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 above entitlement will be paid to the shareholders whose name will appear in the Register of Members on 19-08-2008.
The Share Transfer Books of the Company will be closed from 20-08-2008 to 27-08-2008 (both days inclusive). Transfers received at the office of the Company’s Share Registrar, THK Associates (Pvt.) Ltd. Ground Floor, State Life Building No. 3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on 19-08-2008 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 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,
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
N.B. Detailed financial statements are available on our website at: http://www.ubl.com.pk/aboutus/financial_report/report_2008/
Our investor presentation can be viewed at: http://www.ubl.com.pk/aboutus/financial_report/investor%20presentation/Investor%20Presentation%201H08.pdf
| | | UNITED BANK LIMITED | | | | | | | |
| UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER & HALF YEAR ENDED JUNE 30, 2008 | |||||||||
| Annexure - A | | | | | | | | ||
| | | | Apr - Jun | | Apr - Jun | | Jan - Jun | | Jan - Jun |
| | | | 2008 | | 2007 | | 2008 | | 2007 |
| | | | (Rupees in ‘000) | ||||||
| Mark-up / return / interest earned | 12,013,167 | | 10,084,442 | | 23,169,825 | | 19,731,423 | ||
| Mark-up / return / interest expensed | (5,192,551) | | (4,022,828) | | (9,954,021) | | (7,830,496) | ||
| Net mark-up / return / interest income | 6,820,616 | | 6,061,614 | | 13,215,804 | | 11,900,927 | ||
| | | | | | | | | | |
| Provision against non-performing loans and advances - net | (1,065,776) | | (167,100) | | (1,954,373) | | (312,276) | ||
| General provision against consumer loans | 63,908 | | (47,539) | | 87,729 | | (96,964) | ||
| Provision for diminution in value of investments | - | | (6,750) | | - | | (13,500) | ||
| Bad debts written off directly | (346,459) | | (164,819) | | (677,366) | | (319,045) | ||
| | | | (1,348,327) | | (386,208) | | (2,544,010) | | (741,785) |
| Net mark-up / return / interest income after provisions | 5,472,289 | | 5,675,406 | | 10,671,794 | | 11,159,142 | ||
| | | | | | | | | | |
| Non mark-up / return / interest income | | | | | | | | ||
| Fee, commission and brokerage income | 1,601,105 | | 1,345,913 | | 3,051,470 | | 2,498,177 | ||
| Dividend income | 218,727 | | 209,695 | | 246,210 | | 339,456 | ||
| Income from dealing in foreign currencies | 477,813 | | 196,129 | | 727,554 | | 423,394 | ||
| Unrealised gain / (loss) on revaluation of trading securities | 3,909 | | (13,001) | | (1,202) | | (3,435) | ||
| Other income | 759,954 | | 416,894 | | 2,010,380 | | 956,670 | ||
| Total non mark-up / return / interest income | 3,061,508 | | 2,155,630 | | 6,034,412 | | 4,214,262 | ||
| | | | 8,533,797 | | 7,831,036 | | 16,706,206 | | 15,373,404 |
| Non mark-up / interest expenses | | | | | | | | ||
| Administrative expenses | (3,936,055) | | (3,355,426) | | (7,431,873) | | (6,270,894) | ||
| Other provisions / write offs / reversals | (137,823) | | (76,395) | | (194,526) | | (128,617) | ||
| Other charges | (3,121) | | (610) | | (182,272) | | (1,119) | ||
| Total non mark-up / interest expenses | (4,076,999) | | (3,432,431) | | (7,808,671) | | (6,400,630) | ||
| Profit before taxation | 4,456,798 | | 4,398,605 | | 8,897,535 | | 8,972,774 | ||
| | | | | | | | | | |
| Taxation | | | | | | | | | |
| - Current - for the period | (1,805,755) | | (1,526,591) | | (3,641,566) | | (3,154,908) | ||
| - Prior | | (44,986) | | (438,569) | | (44,986) | | (438,569) | |
| - Deferred | 86,915 | | 117,324 | | 382,529 | | 251,670 | ||
| | | | (1,763,826) | | (1,847,836) | | (3,304,023) | | (3,341,807) |
| Profit after taxation | 2,692,972 | | 2,550,769 | | 5,593,512 | | 5,630,967 | ||
| Unappropriated profit brought forward | 13,602,992 | | 11,356,441 | | 15,653,703 | | 12,429,853 | ||
| | | | 16,295,964 | | 13,907,210 | | 21,247,215 | | 18,060,820 |
| Transfer from surplus on revaluation of fixed assets - net of tax | 80,420 | | 23,613 | | 160,840 | | 47,227 | ||
| Profit before appropriations | 16,376,384 | | 13,930,823 | | 21,408,055 | | 18,108,047 | ||
| | | | | | | | | | |
| Appropriations | | | | | | | | ||
| Transfer to statutory reserve | (538,595) | | (510,220) | | (1,118,703) | | (1,126,194) | ||
| Final cash dividend for the year ended December 31, 2007 | | | | | | | | ||
| and December 31, 2006 declared in 2008 and 2007 | | | | | | | | ||
| respectively | - | | - | | (2,428,125) | | (1,942,500) | ||
| Transfer to reserve for issue of bonus shares | - | | - | | (2,023,438) | | (1,618,750) | ||
| | | | (538,595) | | (510,220) | | (5,570,266) | | (4,687,444) |
| | | | | | | | | | |
| Unappropriated profit carried forward | 15,837,789 | | 13,420,603 | | 15,837,789 | | 13,420,603 | ||
| | | | | | | | | | |
| | | | (Rupees) | ||||||
| | | | | | | | | | |
| Basic / diluted earnings per share | 2.66 | | 2.52 | | 5.53 | | 5.57 | ||
| | | | | | | | | | |
| | | | | | | | | | |
| CONSOLIDATED CONSENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) | | | | | |||||
| FOR THE QUARTER & HALF YEAR ENDED JUNE 30, 2008 | | | | | | | | ||
| | | | | | | | | | |
| Annexure - B | Apr - Jun | | Apr - Jun | | Jan - Jun | | Jan - Jun | ||
| | | | 2008 | | 2007 | | 2008 | | 2007 |
| | | | --------------------------- (Rupees in ‘000) --------------------------- | ||||||
| | | | | | | | | | |
| Mark-up / return / interest earned | 12,225,374 | | 10,325,187 | | 23,598,947 | | 20,192,080 | ||
| Mark-up / return / interest expensed | (5,239,302) | | (4,097,892) | | (10,053,241) | | (7,973,158) | ||
| Net mark-up / return / interest income | 6,986,073 | | 6,227,295 | | 13,545,706 | | 12,218,921 | ||
| | | | | | | | | | |
| Provision against non-performing loans and advances - net | (1,063,444) | | (165,649) | | (1,950,038) | | (308,806) | ||
| General provision against consumer loans | 63,907 | | (47,539) | | 87,729 | | (96,964) | ||
| Provision for diminution in value of investments | - | | (6,750) | | - | | (13,500) | ||
| Bad debts written off directly | (346,459) | | (164,819) | | (677,366) | | (319,045) | ||
| | | | (1,345,996) | | (384,757) | | (2,539,675) | | (738,315) |
| Net mark-up / return / interest income after provisions | 5,640,076 | | 5,842,538 | | 11,006,030 | | 11,480,607 | ||
| | | | | | | | | | |
| Non mark-up / return / interest income | | | | | | | | ||
| Fee, commission and brokerage income | 1,869,704 | | 1,354,347 | | 3,562,427 | | 2,504,854 | ||
| Dividend income | 223,411 | | 93,370 | | 251,289 | | 143,241 | ||
| Income from dealing in foreign currencies | 494,105 | | 214,602 | | 754,975 | | 458,921 | ||
| Unrealised surplus on revaluation of trading securities | 3,909 | | (3,435) | | (1,202) | | (3,435) | ||
| Other income | 773,964 | | 490,670 | | 2,038,284 | | 1,243,584 | ||
| Total non mark-up / return / interest income | 3,365,093 | | 2,149,554 | | 6,605,773 | | 4,347,165 | ||
| | | | 9,005,169 | | 7,992,092 | | 17,611,804 | | 15,827,772 |
| Non mark-up / interest expenses | | | | | | | | ||
| Administrative expenses | (4,232,739) | | (3,573,891) | | (7,998,175) | | (6,680,364) | ||
| Other provisions / write offs / reversals | (137,827) | | (76,395) | | (194,526) | | (128,617) | ||
| Other charges | (3,121) | | (611) | | (182,272) | | (1,119) | ||
| Total non mark-up / interest expenses | (4,373,687) | | (3,650,897) | | (8,374,973) | | (6,810,100) | ||
| | | | 4,631,483 | | 4,341,195 | | 9,236,830 | | 9,017,673 |
| Share of income from associates | (148,709) | | 117,167 | | (26,859) | | 117,167 | ||
| Profit before taxation | 4,482,774 | | 4,458,362 | | 9,209,971 | | 9,134,840 | ||
| | | | | | | | | | |
| Taxation | | | | | | | | | |
| - Current - for the period | (1,828,575) | | (1,537,611) | | (3,691,467) | | (3,168,573) | ||
| Taxation - Prior | (44,986) | | (438,569) | | (44,986) | | (438,569) | ||
| Taxation - Deferred | 88,500 | | 114,175 | | 382,328 | | 248,856 | ||
| | | | (1,785,061) | | (1,862,005) | | (3,354,124) | | (3,358,286) |
| Profit after taxation | 2,697,712 | | 2,596,357 | | 5,855,847 | | 5,776,553 | ||
| Minority interest | (29,830) | | (37,270) | | (57,832) | | (79,007) | ||
| | | | 2,667,882 | | 2,559,087 | | 5,798,016 | | 5,697,546 |
| Unappropriated profit brought forward | 14,907,201 | | 11,915,194 | | 16,728,318 | | 12,930,344 | ||
| | | | 17,575,083 | | 14,474,281 | | 22,526,334 | | 18,627,890 |
| Transfer from surplus on revaluation of fixed assets - net of tax | 80,420 | | 23,613 | | 160,840 | | 47,227 | ||
| Profit before appropriations | 17,655,503 | | 14,497,894 | | 22,687,174 | | 18,675,117 | ||
| | | | | | | | | | |
| Appropriations | | | | | | | | ||
| Transfer to statutory reserve | (538,594) | | (510,220) | | (1,118,702) | | (1,126,193) | ||
| Final cash dividend for the year ended December 31, 2007 | | | | | | | | ||
| and December 31, 2006 declared in 2008 and 2007 respectively | - | | - | | (2,428,125) | | (1,942,500) | ||
| Transfer to reserve for issue of bonus shares | - | | - | | (2,023,438) | | (1,618,750) | ||
| | | | (538,594) | | (510,220) | | (5,570,265) | | (4,687,443) |
| | | | | | | | | | |
| Unappropriated profit carried forward | 17,116,909 | | 13,987,674 | | 17,116,909 | | 13,987,674 | ||
| | | | | | | | | | |
| | | | (Rupees) | | (Rupees) | ||||
| | | | | | | | | | |
| Basic and diluted earnings per share | 2.64 | | 2.53 | | 5.73 | | 5.63 | ||
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
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