REG - United Bank Limited - 3rd Quarter Results
Secretary's Department
UBL/BOD-223/PSX/Results/19
16 October 2019
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the Quarter Ended 30 September 2019
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 223rd meeting held on Wednesday, 16 October 2019 at 09:00 a.m. at Islamabad recommended the following:
(i) Cash Dividend
An Interim Cash Dividend for the quarter ended 30 September 2019 at Rs.3.00 per share i.e.30%. This is in addition to Interim Dividend(s) already paid at Rs.5.00 per share i.e. 50%.
(ii) Bonus Shares
--- NIL ---
(iii) Right Shares
--- NIL ---
(iv) Any Other Entitlement / Corporate Action
--- NIL ---
(v) Any Other Price-Sensitive Information
--- NIL ---
The financial results of UBL are attached at Annexure "A" for Un-Consolidated Accounts and Annexure "B" for Consolidated Accounts of the said period.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Friday, 01 November 2019.
Page 1 of 2
The Share Transfer Books of UBL will remain closed from 04 November 2019 to 11 November 2019 (both days inclusive). Transfers received at the office of our Share Registrar, M/s. THK Associates (Pvt.) Limited, 1st Floor, 40-C, Block-6, P.E.C.H.S, Karachi-75400 at the close of business on Friday, 01 November 2019 will be treated in time for the purpose of above entitlement to the transferees.
The Quarterly Report of the Bank for the period ended 30 September 2019 will be transmitted through PUCARS separately, within stipulated time.
Yours faithfully,
Sd/-
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) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad;
Page 2 of 2
Annexure A
UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019
January - September 2019
January - September 2018
-------(Rupee in '000') --------
Mark-up / return / interest earned
111,986,740
83,884,857
Mark-up / return / interest expensed
66,639,029
42,001,398
Net mark-up / interest income
45,347,711
41,883,459
Non mark-up / interest income
Fee and commission income
10,567,323
9,990,302
Dividend income
918,799
1,395,348
Foreign exchange income
3,374,623
2,688,646
(loss) / Income from derivatives
50,298
(8,958)
Gain on securities - net
585,182
4,676,091
Other income
1,919,380
677,797
Total non mark-up / interest income
17,415,605
19,419,226
Total Income
62,763,316
61,302,685
Non mark-up / Interest expenses
Operating expenses
29,243,956
28,155,442
Workers' Welfare Fund
527,757
417,386
Other charges
2,945
43,358
Total non mark-up / interest expenses
29,774,658
28,616,186
Profit before provisions
32,988,658
32,686,499
Provisions and write-offs - net
6,682,594
7,446,034
Extra ordinary / unusual item - charge in respect of
pension liability
-
8,746,607
PROFIT BEFORE TAXATION
26,306,064
16,493,858
Taxation
11,902,730
6,762,394
PROFIT AFTER TAXATION
14,403,334
9,731,464
----------(Rupees) ----------
Earnings per share - basic and diluted
11.77
7.95
Annexure B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019
January - September 2019
January - September 2018
--------(Rupee in '000') --------
Mark-up / return / interest earned
114,622,747
86,991,106
Mark-up / return / interest expensed
68,165,602
43,553,484
Net mark-up / interest income
46,457,145
43,437,622
Non mark-up / interest income
Fee and commission income
12,054,092
11,447,163
Dividend income
784,488
1,045,814
Foreign exchange income
3,484,894
2,843,801
Income / (loss) from derivatives
50,298
(8,958)
Gain on securities - net
772,386
4,793,274
Other income
1,874,038
641,432
Total non mark-up / interest income
19,020,196
20,762,526
Total income
65,477,341
64,200,148
Non mark-up / interest expenses
Operating expenses
31,811,389
30,733,737
Workers' Welfare Fund
532,237
424,918
Other charges
2,945
43,358
Total non mark-up / interest expenses
32,346,571
31,202,013
Share of profit of associates
427,840
455,007
Profit before provisions
33,558,610
33,453,142
Provisions and write-offs - net
5,706,877
7,988,618
Extra ordinary / unusual item - charge in respect of
pension liability
-
8,746,607
Profit before taxation from continuing operations
27,851,733
16,717,917
Taxation
12,163,304
7,224,512
Profit after taxation from continuing operations
15,688,429
9,493,405
Discontinued operations
Loss from discontinued operations - net of tax
(1,468,330)
-
Profit after taxation
14,220,099
9,493,405
Attributable to:
Equity holders of the Bank
from continuing operations
15,698,858
9,747,927
from discontinued operations
(1,468,330)
-
14,230,528
9,747,927
Non-controlling interest
(10,429)
(254,522)
14,220,099
9,493,405
Earnings per share - basic and diluted
-------------(Rupees) -------------
from continuing operations
12.82
7.96
from discontinued operations
(1.20)
-
11.62
7.96
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