12 Mar 2009 11:55
Secretary's Department
SD/BOD/KSE/Results
12 March 2009
FORM - 3
Fax No. 111-573-329
Dear Sir,
FINANCIAL RESULTS FOR THE YEAR ENDED 31-12-2008
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 159th meeting held on 12-03-2009 in Abu Dhabi at 11.00 a.m.(Abu Dhabi Time) recommended the following:
(i) CASH DIVIDEND
Final Cash Dividend for the year ended 31-12-2008 at Rs.1/- per share i.e. 10% (in addition to Interim Dividend of 15% already paid for the year 2008).
AND
(ii) BONUS SHARES
It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of one share of every ten shares held i.e. 10%.
(iii) RIGHT SHARES
------NIL---------
(iv) ANY OTHER ENTITLEMENT
------NIL-------
The financial results approved by the Board of Directors of UBL are appended at Annexure "A" and "B".
We will provide you Free Reserves Certificate from our External Auditors in due course.
1/2
The 50th Annual General Meeting of the Company will be held on 20 April 2009 at 3:00 p.m. at Islamabad Serena Hotel, Islamabad.
The Share Transfer Books of the Company will be closed from 07-04-2009 to 20-04-2009 (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 06-04-2009 will be treated in time.
We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange 21 days before the date of AGM
Yours faithfully,
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
C.C. to: 1. London Stock Exchange, London, UK
2. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs
3. State Bank of Pakistan, BSD, Karachi.
2/2
Annexure-A
| UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2008 | ||||||||||||||||||||||||||
| 2008 | 2007 | |||||||||||||||||||||||||
| ------- (Rupees in '000) ------- | ||||||||||||||||||||||||||
| Mark-up / return / interest earned | 52,253,361 | 41,045,543 | ||||||||||||||||||||||||
| Mark-up / return / interest expensed |
| 24,117,702 |
|
| 16,936,187 |
| ||||||||||||||||||||
| Net mark-up / interest income | 28,135,659 | 24,109,356 | ||||||||||||||||||||||||
| Provision against loans and advances - net (excluding impact |
|
|
|
|
|
| ||||||||||||||||||||
| on account of change in Prudential Regulations) |
| 5,879,185 |
|
| 1,689,467 |
| ||||||||||||||||||||
| (Reversal) / additional provisioning arising on account of change |
|
|
|
|
|
| ||||||||||||||||||||
| in Prudential Regulations |
| (1,369,229) |
|
| 3,803,759 |
| ||||||||||||||||||||
| Provision against loans and advances - total |
| 4,509,956 |
|
| 5,493,226 |
| ||||||||||||||||||||
| Provision for / (reversal of) diminution in value of investments - net |
| 2,219,815 |
|
| (6,303) |
| ||||||||||||||||||||
| Bad debts written off directly |
| 1,367,514 |
|
| 935,123 |
| ||||||||||||||||||||
| 8,097,285 | 6,422,046 | |||||||||||||||||||||||||
| Net mark-up / return / interest income after provisions | 20,038,374 | 17,687,310 | ||||||||||||||||||||||||
| Non Mark-up / Interest Income | ||||||||||||||||||||||||||
| Fee, commission and brokerage income |
| 6,304,927 |
|
| 5,165,066 |
| ||||||||||||||||||||
| Dividend income |
| 587,989 |
|
| 548,782 |
| ||||||||||||||||||||
| Income from dealing in foreign currencies |
| 1,819,250 |
|
| 827,328 |
| ||||||||||||||||||||
| Gain on sale of securities |
| 254,046 |
|
| 849,367 |
| ||||||||||||||||||||
| Unrealized loss on revaluation of investments classified as held for trading |
| (19,547) |
|
| (15,755) |
| ||||||||||||||||||||
| Other income |
| 1,454,729 |
|
| 1,617,564 |
| ||||||||||||||||||||
| Total non mark-up / return / interest income |
| 10,401,394 |
|
| 8,992,352 |
| ||||||||||||||||||||
| 30,439,768 | 26,679,662 | |||||||||||||||||||||||||
| Non Mark-up / Interest Expenses | ||||||||||||||||||||||||||
| Administrative expenses |
| 15,519,634 |
|
| 13,420,977 |
| ||||||||||||||||||||
| Other provisions / write offs - net |
| 450,390 |
|
| 236,281 |
| ||||||||||||||||||||
| Worker welfare fund |
| 336,999 |
|
| - |
| ||||||||||||||||||||
| Other charges |
| 258,321 |
|
| 17,430 |
| ||||||||||||||||||||
| Total non mark-up / interest expenses |
| 16,565,344 |
|
| 13,674,688 |
| ||||||||||||||||||||
| Profit before taxation | 13,874,424 | 13,004,974 | ||||||||||||||||||||||||
| Taxation - Current |
| 6,090,351 |
|
| 5,075,600 |
| ||||||||||||||||||||
| - Prior year |
| 435,072 |
|
| 442,066 |
| ||||||||||||||||||||
| - Deferred |
| (984,119) |
|
| (915,283) |
| ||||||||||||||||||||
|
| 5,541,304 |
|
| 4,602,383 |
| |||||||||||||||||||||
| Profit after taxation | 8,333,120 | 8,402,591 | ||||||||||||||||||||||||
| Unappropriated profit brought forward |
| 15,653,703 |
|
| 12,429,853 |
| ||||||||||||||||||||
| 23,986,823 | 20,832,444 | |||||||||||||||||||||||||
| Transfer from surplus on revaluation of fixed assets - net of tax | 253,018 | 63,028 | ||||||||||||||||||||||||
| Profit available for appropriation |
| 24,239,841 |
|
| 20,895,472 |
| ||||||||||||||||||||
| ----------- (Rupees) ----------- | ||||||||||||||||||||||||||
| Earnings per share |
| 8.24 | 8.31 |
| ||||||||||||||||||||||
| The valuation of listed equity securities / mutual funds held under 'available-for-sale' category of investments has been arrived at using the market prices quoted on the stock exchange / net assets value as of December 31, 2008 and a portion of impairment loss arising therefrom has been included in surplus on revaluation of assets - net of deferred tax as allowed by State Bank of Pakistan. Under the regular accounting policy of the bank, the same would have resulted in a charge to profit and loss account of Rs.1,882.296 million and, consequently, the profit after tax for the year would have been Rs.6,884.809 million and earnings per share would have been Rs.6.81 as given in note 9.5 to these unconsolidated financial statements. | ||||||||||||||||||||||||||
Annexure-B
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2008
| 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||||
| ------- (Rupees in '000) ------- | ||||||||||||||||||||||||||||||||||||||||||
| Mark-up / return / interest earned | 53,097,381 | 41,962,131 | ||||||||||||||||||||||||||||||||||||||||
| Mark-up / return / interest expensed |
| 24,303,193 |
|
| 17,162,817 |
| ||||||||||||||||||||||||||||||||||||
| Net mark-up / interest income | 28,794,188 | 24,799,314 | ||||||||||||||||||||||||||||||||||||||||
| Provision against loans and advances - net (excluding impact |
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||
| on account of change in Prudential Regulations) |
| 5,883,778 |
|
| 1,690,095 |
| ||||||||||||||||||||||||||||||||||||
| (Reversal) / additional provisioning arising on account of change |
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||
| in Prudential Regulations |
| (1,369,230) |
|
| 3,803,759 |
| ||||||||||||||||||||||||||||||||||||
| Provision against loans and advances - total |
| 4,514,548 |
|
| 5,493,854 |
| ||||||||||||||||||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||
| Provision for / (reversal of) diminution in value of investments - net |
| 1,871,589 |
|
| (6,233) |
| ||||||||||||||||||||||||||||||||||||
| Bad debts written off directly |
| 1,367,553 |
|
| 935,165 |
| ||||||||||||||||||||||||||||||||||||
| 7,753,690 | 6,422,786 | |||||||||||||||||||||||||||||||||||||||||
| Net mark-up / return / interest income after provisions | 21,040,498 | 18,376,528 | ||||||||||||||||||||||||||||||||||||||||
| Non Mark-up / Interest Income | ||||||||||||||||||||||||||||||||||||||||||
| Fee, commission and brokerage income |
| 7,298,807 |
|
| 5,899,632 |
| ||||||||||||||||||||||||||||||||||||
| Dividend income |
| 191,376 |
|
| 364,260 |
| ||||||||||||||||||||||||||||||||||||
| Income from dealing in foreign currencies |
| 1,680,870 |
|
| 893,790 |
| ||||||||||||||||||||||||||||||||||||
| Gain on sale of securities |
| 254,418 |
|
| 851,589 |
| ||||||||||||||||||||||||||||||||||||
| Unrealized loss on revaluation of investments classified as held for trading |
| (10,682) |
|
| (15,755) |
| ||||||||||||||||||||||||||||||||||||
| Other income |
| 1,506,146 |
|
| 1,614,151 |
| ||||||||||||||||||||||||||||||||||||
| Total non mark-up / return / interest income |
| 10,920,935 |
|
| 9,607,667 |
| ||||||||||||||||||||||||||||||||||||
| 31,961,433 | 27,984,195 | |||||||||||||||||||||||||||||||||||||||||
| Non Mark-up / Interest Expenses | ||||||||||||||||||||||||||||||||||||||||||
| Administrative expenses |
| 16,679,968 |
|
| 14,257,211 |
| ||||||||||||||||||||||||||||||||||||
| Other provisions / write offs - net |
| 468,042 |
|
| 236,281 |
| ||||||||||||||||||||||||||||||||||||
| Worker welfare fund |
| 340,548 |
|
| - |
| ||||||||||||||||||||||||||||||||||||
| Other charges |
| 292,377 |
|
| 17,430 |
| ||||||||||||||||||||||||||||||||||||
| Total non mark-up / interest expenses |
| 17,780,935 |
|
| 14,510,922 |
| ||||||||||||||||||||||||||||||||||||
| Share of (loss) / income of associates |
| (128,446) |
|
| 322,996 |
| ||||||||||||||||||||||||||||||||||||
| Profit before taxation | 14,052,051 | 13,796,269 | ||||||||||||||||||||||||||||||||||||||||
| Taxation - Current |
| 6,151,520 |
|
| 5,153,311 |
| ||||||||||||||||||||||||||||||||||||
| - Prior year |
| 435,072 |
|
| 442,667 |
| ||||||||||||||||||||||||||||||||||||
| - Deferred |
| (979,792) |
|
| (1,036,724) |
| ||||||||||||||||||||||||||||||||||||
|
| 5,606,800 |
|
| 4,559,254 |
| |||||||||||||||||||||||||||||||||||||
| Profit after taxation |
| 8,445,251 |
|
| 9,237,015 |
| ||||||||||||||||||||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||||||||||||
| Equity shareholders of the Bank | 8,355,757 | 8,975,280 | ||||||||||||||||||||||||||||||||||||||||
| Minority interest | 89,494 | 261,735 | ||||||||||||||||||||||||||||||||||||||||
| 8,445,251 | 9,237,015 | |||||||||||||||||||||||||||||||||||||||||
| ----------- (Rupees) ----------- | ||||||||||||||||||||||||||||||||||||||||||
| Earnings per share |
|
| 8.26 | 8.87 |
| |||||||||||||||||||||||||||||||||||||
| The valuation of listed equity securities / mutual funds held under 'available-for-sale' category of investments has been arrived at using the market prices quoted on the stock exchange / net assets value as of December 31, 2008 and a portion of impairment loss arising therefrom has been included in surplus on revaluation of assets - net of deferred tax as allowed by State Bank of Pakistan and Securities and Exchange Commission of Pakistan. Under the regular accounting policy of the Group, the same would have resulted in a charge to profit and loss account of Rs.1,883.398 million and, consequently, the profit after tax attributable to the equity shareholders of the bank for the year would have been Rs.6,906.344 million and earnings per share would have been Rs.6.83 as given in note 9.5 to these consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||||||
Utd.bk (regs) (UBLS)