United Bank Limited’s financial results for the half year ended 30-06-2012

Karachi, July 18, 2012 (PPI-OT): We have to inform you that the Board of Directors of United Bank Limited (“UBL”) in their 179th meeting held on 18 July 2012 at 11:00 a.m. (Local Time) at Paris, France declared the following:

(i) Cash Dividend

2nd Interim Cash Dividend for the year 2012 at Rs. 2.00 per share i.e. 20%.

(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 09-08-2012 to 16-08-2012 (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 08-08-2012 will be treated in time for the purpose of above entitlement to the transferees.

The financial results of the Company are appended at Annexure “A” for Standalone and Annexure “B” Consolidated Accounts of the said period.

Annexure “A”

Unconsolidated Condensed Interim Profit and Loss Account (Un-Audited) for the Half Year Ended June 30, 2012

April-June

April-June

January-June

January-June

2012

2011

2012

2011

(Rupees in ‘000)

Mark-up/return / interest earned

18,662,456

17,368,083

36,258,281

34,077,496

Mark-up / return / Interest expenses

(8,949,649)

(7,194,000)

(17,045,043)

(14,746,784)

———-

———-

———-

———-

Net mark-up / interest income

9,612,807

10,174,083

19,213,230

19,330,712

Provision against loans and advances – net

(363,047)

(2,206,680)

(959,804)

(4,411,831)

Provision against landings to financial institutions

(89,874)

(91,354)

(171,024)

(91,354)

Reversal / (provision) for diminution in value of investments – net

19,587

(203,883)

20,898

(205,515)

Bad debts written off directly

(113,757)

(100,291)

(193,035)

(233,116)

———-

———-

———-

———-

(537,111)

(2,602,178)

(1,302,765)

(4,941,916)

———-

———-

———-

———-

Net mark-up / interest income after provisions

9,075,696

7,571,905

17,910,473

14,388,796

Non mark-up / Interest Income
Fee, commission and brokerage Income

2,096,145

1,680,691

3,964,629

3,279,993

Dividend income

632,573

220,816

1,442,774

321,993

Income from dealing in foreign currencies

476,181

326,246

1,044,439

1,075,569

Gain on sale of securities- net

45,327

7,916

462,286

195,906

Unrealized loss on revaluation of Investments
classified as held for trading

(5,723)

(43,402)

(7,131)

(51,369)

Other income

339,303

679,954

773,544

1,076,498

———-

———-

———-

———-

Total non mark-up / interest income

3,585,806

2,872,221

7,679,941

5,898,590

———-

———-

———-

———-

12,661,502

10,444,126

25,590,414

20,287,386

Non mark-up/ Interest Expenses
Administrative expenses

(5,759,591)

(5,034,043)

(11,285,616)

(9,742,078)

Other (provisions) / reversals – net

(168,966)

7,503

(167,948)

13,704

Workers’ Welfare Fund

(129,085)

(116,036)

(276,417)

(218,709)

Other charges

(25,998)

(84,245)

(52,391)

(110,961)

———-

———-

———-

———-

Total non mark-up/ interest expenses

(6,083,640)

(5,226,821)

(11,782,372)

(10,058,044)

———-

———-

———-

———-

Profit before taxation

6,577,862

5,217,305

13,808,042

10,229,342

Taxation
- Current

(2,136,897)

(2,007,630)

(4,568,966)

(3,815,047)

- Prior

-

(9)

-

7,529

Deferred

11,596

222,243

78,743

282,717

———-

———-

———-

———-

(2,125,301)

(1,785,396)

(4,490,223)

(3,524,801)

———-

———-

———-

———-

Profit after taxation

4,462,581

3,431,909

9,317,819

6,704,541

———-

———-

———-

———-

(Rupees)

Earnings per share – beak and diluted

3.64

2.80

7.61

5.48

Annexure “B”

Consolidated Condensed Interim Profit and Loss Account (Un-Audited) for the Half Year Ended June 30, 2012

April-June

April-June

January-June

January-June

2012

2011

2012

2011

(Rupees in ‘000)

Mark-up / return / Interest earned

18,943,637

17,584,984

36,955,757

34,507,010

Mark-up / return / interest expense

(9,084,103)

(7,249,108)

(17,293,305)

(14,849,425)

———-

———-

———-

———-

Net mark-up / Interest Income

9,859474

10,335,878

19,662,462

19,667,685

Provision against loans and advances – net

(363,047)

(2,206,650)

(959,604)

(4,411,931)

Provision against lendings to financial institutions

(89,874)

(91,354)

(171,024)

(91,354)

Reversal / (provision) for diminution in value of investments – net

19,567

(203,883)

20,898

(207,545)

Bad debts written off directly

(115,182)

(100,291)

(194,480)

(233,116)

———-

———-

———-

———-

(538,536)

(2,602,178)

(1,304,190)

(4,943,946)

———-

———-

———-

———-

Net mark-up / interest income after provisions

9,320,938

7,733,698

18,358,262

14,713,639

Non mark-up/ Interest Income
Fee, commission and brokerage income

2,412,146

1,892,281

4,572,215

3,657,488

Dividend income

123,643

25,545

296,632

96,988

Income from dealing in foreign currencies

490,536

340,457

1,072,859

1,108,635

Gain on sale of securities- net

74,543

15,544

501,018

206,076

Unrealised loss on revaluation of investments

-

-

-

-

classified as held for trading

(6,565)

(39,067)

(10,004)

(46,119)

Other income

372,975

698,190

829,533

1,107,023

———-

———-

———-

———-

Total non mark-up / interest income

3,467,278

2,932,950

7,261,353

6,130,091

———-

———-

———-

———-

12,788,216

10,666,648

25,619,615

20,843,730

Nan mark-up/ Interest expenses
Administrative expenses

(6,248,812)

(5,446,540)

(12,241,815)

(10,512,047)

Other (provisions) / reversals – net

(168,966)

7,503

(167,948)

13,704

Workers welfare fund

(130,060)

(116,486)

(278,422)

(219,004)

Other charges

(25,998)

(84,245)

(52,391)

(110,961)

———-

———-

———-

———-

Total non mark-up / Interest expenses

(6,573,836)

(5,639,768)

(12,740,876)

(10,828,908)

———-

———-

———-

———-

6,214,380

5,026,880

12,879,039

10,014,822

Share at Income / (loss) of associates

481,621

(227,799)

1,050,310

(74,580)

———-

———-

———-

———-

Profit for taxation

6,696,001

4,799,081

13,939,349

9,940,262

Taxation
- Current

(2,162,571)

(2,007,821)

(4,607,791)

(3,819,695)

- Prior

-

(9)

-

7,529

- Deferred

11,349

222,907

76,904

281,652

———-

———-

———-

———-

(2,151,222)

(1,784,923)

(4,530,887)

(3,530,514)

———-

———-

———-

———-

Profit after taxation

4,544,779

3,014,158

9,408,462

6,409,748

———-

———-

———-

———-

Attributable to:
Equity shareholders of the Bank

4,527,858

3,019,823

9,385,163

6,420,726

Non-controlling interest

16,921

(5,685)

-

(10,978)

———-

———-

———-

———-

4,644,779

3,014,168

9,408,462

6,409,748

———-

———-

———-

———-

(Rupees)

Earnings per share – basic and diluted

3.70

2.47

7.67

5.24

For more information, Contact:
Aqeel Ahmed Nasir
Company Secretary and
Chief Legal Counsel
United Bank Limited
State Life Building # 1,
I. I. Chundrigar Road,
Karachi-Pakistan
UAN: 111-825-888,
Web: www.ubl.com.pk