29 Jul 2009 08:45
Secretary's Department
SD/BOD/KSE/Results
29 July 2009
FORM- 7
Fax No. 111-573-329
The Managing Director
The Karachi Stock Exchange (Guarantee) LimitedStock Exchange BuildingStock Exchange RoadKarachi
Dear Sir,
FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30-06-2009
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 161st meeting held on 28 July 2009 at 11.00 a.m. (London Time) at London declared the following:
(i) CASH DIVIDEND
------NIL-------
(ii) BONUS SHARES
------NIL------
(iii) RIGHT SHARES
------NIL---------
(iv) ANY OTHER ENTITLEMENT / CORPORATE ACTION
------NIL-------
(v) ANY OTHER PRICE-SENSITIVE INFORMATION
----NIL-------
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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
3) State Bank of Pakistan
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Annexure A
UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE HALF YEAR ENDED JUNE 30, 2009
| Apr-Jun 2009 | Apr-Jun 2008 | Jan-Jun 2009 | Jan-Jun 2008 | ||||
| --------------------------------- (Rupees in '000) -------------------------- | |||||||
| Mark-up / return / interest earned | 15,511,604 | 12,013,167 | 31,819,734 | 23,169,825 | |||
| Mark-up / return / interest expensed | (7,742,896) | (5,192,551) | (15,986,868) | (9,954,021) | |||
| Net mark-up / return / interest income | 7,768,708 | 6,820,616 | 15,832,866 | 13,215,804 | |||
| Provision against non-performing loans and advances - net | (3,646,268) | (1,065,776) | (5,317,930) | (1,954,373) | |||
| General provision against consumer loans | (138,668) | 63,908 | (71,451) | 87,729 | |||
| Provision for diminution in value of investments | (44,140) | - | (334,200) | - | |||
| Bad debts written off directly | (365,631) | (346,459) | (700,291) | (677,366) | |||
| (4,194,707) | (1,348,327) | (6,423,872) | (2,544,010) | ||||
| Net mark-up / return / interest income after provisions | 3,574,001 | 5,472,289 | 9,408,994 | 10,671,794 | |||
| Non mark-up / return / interest income | |||||||
| Fee, commission and brokerage income | 1,625,738 | 1,601,105 | 2,914,859 | 3,051,470 | |||
| Dividend income | 236,227 | 218,727 | 271,032 | 246,210 | |||
| Income from dealing in foreign currencies | 205,896 | 477,813 | 524,545 | 727,554 | |||
| Gain on sale of securities | (50,211) | 58,157 | 74,750 | 308,776 | |||
| Unrealised gain / (loss) on revaluation of trading securities | (22,673) | 3,909 | (681) | (1,202) | |||
| Other income | 1,679,735 | 701,797 | 1,996,525 | 1,701,604 | |||
| Total non mark-up / return / interest income | 3,674,712 | 3,061,508 | 5,781,030 | 6,034,412 | |||
| 7,248,713 | 8,533,797 | 15,190,024 | 16,706,206 | ||||
| Non mark-up / interest expenses | |||||||
| Administrative expenses | (4,150,176) | (3,733,382) | (8,067,775) | (7,229,200) | |||
| Other provisions / write offs / reversals | (186,063) | (137,823) | (183,093) | (194,526) | |||
| Worker welfare fund | (86,727) | (202,673) | (169,345) | (202,673) | |||
| Other charges | (348) | (3,121) | (1,168) | (182,272) | |||
| Total non mark-up / interest expenses | (4,423,314) | (4,076,999) | (8,421,381) | (7,808,671) | |||
| Profit before taxation | 2,825,399 | 4,456,798 | 6,768,643 | 8,897,535 | |||
| Taxation | |||||||
| - Current | (1,339,001) | (1,805,755) | (2,946,897) | (3,641,566) | |||
| - Prior | (74,961) | (44,986) | (74,965) | (44,986) | |||
| - Deferred | 340,204 | 86,915 | 540,768 | 382,529 | |||
| (1,073,758) | (1,763,826) | (2,481,094) | (3,304,023) | ||||
| Profit after taxation | 1,751,641 | 2,692,972 | 4,287,549 | 5,593,512 | |||
| Unappropriated profit brought forward | 18,730,117 | 13,602,992 | 16,604,076 | 15,653,703 | |||
| 20,481,758 | 16,295,964 | 20,891,625 | 21,247,215 | ||||
| Transfer from surplus on revaluation of fixed assets - net of tax | 29,299 | 80,420 | 126,614 | 160,840 | |||
| Profit before appropriations | 20,511,057 | 16,376,384 | 21,018,239 | 21,408,055 | |||
| Appropriations | |||||||
| Transfer to statutory reserve | (350,328) | (538,595) | (857,510) | (1,118,703) | |||
| Final cash dividend for the year ended December 31, 2008 and December 31,2007 declared subsequent to the year end | (1,011,719) | - | (1,011,719) | (2,428,125) | |||
| Transfer to reserve for issue of bonus shares | (1,011,719) | - | (1,011,719) | (2,023,438) | |||
| (2,373,766) | (538,595) | (2,880,948) | (5,570,266) | ||||
| Unappropriated profit carried forward | 18,137,291 | 15,837,789 | 18,137,291 | 15,837,789 | |||
-------------------------------- (Rupees) ------------------------------------
| Basic and diluted earnings per share | 1.57 | 2.42 | 3.85 | 5.03 |
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 June 30, 2009 and a portion of impairment loss arising there from 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.589.477 million and, consequently, the profit after tax for the half year would have been Rs.3,904.388 million and earnings per share would have been Rs.3.51
Annexure B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE HALF YEAR ENDED JUNE 30, 2009
| Apr-Jun 2009 | Apr-Jun 2008 | Jan-Jun 2009 | Jan-Jun 2008 | ||||
| --------------------------------- (Rupees in '000) -------------------------- | |||||||
| Mark-up / return / interest earned | 15,663,338 | 12,225,374 | 32,122,658 | 23,598,947 | |||
| Mark-up / return / interest expensed | (7,779,870) | (5,239,302) | (16,062,836) | (10,053,241) | |||
| Net mark-up / interest income | 7,883,468 | 6,986,072 | 16,059,822 | 13,545,706 | |||
| Provision for non-performing loans and advances | (3,640,080) | (1,063,444) | (5,306,560) | (1,950,038) | |||
| General provision against consumer loans | (138,668) | 63,907 | (71,451) | 87,729 | |||
| Provision for diminution in value of investments | (44,140) | - | (334,200) | - | |||
| Bad debts written off directly | (365,631) | (346,459) | (700,291) | (677,366) | |||
| (4,188,519) | (1,345,996) | (6,412,502) | (2,539,675) | ||||
| Net mark-up / interest income after provisions | 3,694,949 | 5,640,076 | 9,647,320 | 11,006,031 | |||
| Non mark-up / return / interest income | |||||||
| Fee, commission and brokerage income | 1,703,175 | 1,869,704 | 3,079,668 | 3,562,427 | |||
| Dividend income | 236,426 | 223,411 | 271,542 | 251,289 | |||
| Gain on sale of securities | (16,194) | 58,157 | 115,645 | 308,776 | |||
| Unrealised gain / (loss) on revaluation of trading securities | (22,673) | 3,909 | (681) | (1,202) | |||
| Income from dealing in foreign currencies | 223,264 | 494,105 | 560,116 | 754,975 | |||
| Other income | 1,804,869 | 715,807 | 2,233,501 | 1,729,508 | |||
| Total non mark-up / return / interest income | 3,928,867 | 3,365,093 | 6,259,791 | 6,605,773 | |||
| 7,623,816 | 9,005,169 | 15,907,111 | 17,611,804 | ||||
| Non mark-up / interest expenses | |||||||
| Administrative expenses | (4,459,400) | (4,030,066) | (8,658,866) | (7,795,501) | |||
| Other provisions / write offs | (186,276) | (137,827) | (183,306) | (194,526) | |||
| Worker welfare fund | (86,727) | (202,673) | (169,345) | (202,673) | |||
| Other charges | (348) | (3,121) | (1,168) | (182,272) | |||
| Total non mark-up / interest expenses | (4,732,751) | (4,373,687) | (9,012,685) | (8,374,972) | |||
| 2,891,065 | 4,631,482 | 6,894,426 | 9,236,832 | ||||
| Share of income from associates | 32,403 | (148,709) | 212,318 | (26,859) | |||
| Profit before taxation | 2,923,468 | 4,482,773 | 7,106,744 | 9,209,973 | |||
| Taxation | |||||||
| - Current / prior | (1,430,836) | (1,873,561) | (3,052,500) | (3,736,453) | |||
| - Deferred | 340,598 | 88,500 | 543,528 | 382,328 | |||
| (1,090,238) | (1,785,061) | (2,508,972) | (3,354,125) | ||||
| Profit after taxation | 1,833,230 | 2,697,712 | 4,597,772 | 5,855,848 | |||
| Share of minority interest | 1,223 | (29,830) | (6,761) | (57,832) | |||
| Profit attributable to Shareholders of the Bank | 1,834,453 | 2,667,882 | 4,591,011 | 5,798,016 | |||
| Unappropriated profit brought forward | 20,050,017 | 14,907,201 | 17,703,327 | 16,728,318 | |||
| 21,884,470 | 17,575,083 | 22,294,338 | 22,526,334 | ||||
| Transferred from surplus on revaluation of fixed assets - net of tax | 29,300 | 80,420 | 126,614 | 160,840 | |||
| Profit before appropriations | 21,913,770 | 17,655,503 | 22,420,952 | 22,687,174 | |||
| Appropriations | |||||||
| Transfer to statutory reserve | (350,328) | (538,594) | (857,510) | (1,118,702) | |||
| Final cash dividend for the year ended December 31, 2008 and December 31,2007 declared subsequent to the year end | (1,011,719) | - | (1,011,719) | (2,428,125) | |||
| Transfer to reserve for issue of bonus shares | (1,011,719) | - | (1,011,719) | (2,023,438) | |||
| (2,373,766) | (538,594) | (2,880,948) | (5,570,265) | ||||
| Unappropriated profit carried forward | 19,540,004 | 17,116,909 | 19,540,004 | 17,116,909 | |||
-------------------------------- (Rupees) ------------------------------------
| Basic and diluted earnings per share | 1.65 | 2.40 | 4.13 | 5.21 |
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 June 30, 2009 and a portion of impairment loss arising there from 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.589.477 million and, consequently, the profit after tax for the half year would have been Rs.4,214.612 million and earnings per share would have been Rs.3.79
Utd.bk (regs) (UBLS)