REG - United Bank Limited - Annual Financial Results for the year 2020
Secretary's Department
UBL/BOD-231/PSX/Results/21
24 February 2021
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the Year Ended 31 December 2020
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 231st meeting held on Wednesday at 03:00 p.m., 24 February 2021 at Karachi inter-alia recommended the following:
(i) Cash Dividend
A final Cash Dividend for the year 31 December 2020 at Rs. 9.50 per share i.e. 95%. This is in addition to Interim Dividend already paid at Rs. 2.50 per share i.e. 25%
(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 Board has further decided that 62nd Annual General Meeting (AGM) of UBL will be held on Monday 3:00 p.m., 29 March 2021 at Islamabad.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Thursday, 18 March 2021.
The Share Transfer Books of UBL will remain closed from 19 March 2021 to 29 March 2021 (both days inclusive). Transfers received at the office of our Share Registrar, M/s. THK Associates (Pvt.) Limited, Plot No. 32-C, Jami Commercial Street 2, D.H.A., Phase VII, Karachi-75500, at the close of business on Thursday, 18 March 2021 will be treated in time for the purpose of above entitlement to the transferees.
Annual Report of the Bank for the year ended 31 December 2020 will be transmitted through PUCARS at least 21 days before the date of Annual General Meeting.
Yours faithfully,
Sd/
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
C.C. to:
1) Citibank N.A.1st Floor Custodian Department of UBL GDRs;
2) London Stock Exchange;
3) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan.
Annexure A
UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2020
2020
2019
-------------- (Rupees in '000) -----------
Mark-up / return / interest earned
152,003,210
153,676,364
Mark-up / return / interest expensed
77,044,038
91,901,868
Net mark-up / interest income
74,959,172
61,774,496
Non mark-up / interest income
Fee and commission income
11,097,472
13,786,525
Dividend income
1,269,537
1,538,378
Foreign exchange income
3,684,585
4,526,109
(Loss) / income from derivatives
(13,076)
64,627
Gain on securities - net
411,440
2,199
Other income
644,381
1,758,493
Total non mark-up / interest income
17,094,339
21,676,331
Total income
92,053,511
83,450,827
Non mark-up / interest expenses
Operating expenses
40,060,602
40,208,862
Workers' Welfare Fund
864,956
740,249
Other charges
167,335
40,055
Total non mark-up / interest expenses
41,092,893
40,989,166
Profit before provisions
50,960,618
42,461,661
Provisions and write-offs- net
16,768,148
8,219,792
Profit before taxation
34,192,470
34,241,869
Taxation
13,293,687
15,108,095
Profit after taxation
20,898,783
19,133,774
----------- (Rupees) -----------
Earnings per share - basic and diluted
17.07
15.63
Annexure B
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2020
2020
2019
------------ (Rupees in '000) ------------
Mark-up / return / interest earned
156,078,787
157,277,853
Mark-up / return / interest expensed
79,005,574
93,936,935
Net mark-up / interest income
77,073,213
63,340,918
Non mark-up / interest income
Fee and commission income
12,830,086
15,725,077
Dividend income
872,029
1,123,261
Foreign exchange income
3,857,888
4,669,102
(Loss) / income from derivatives
(13,076)
64,627
Gain on securities - net
610,230
216,670
Other income
687,298
1,759,245
Total non mark-up / interest income
18,844,455
23,557,982
Total income
95,917,668
86,898,900
Non mark-up / interest expenses
Operating expenses
43,743,044
43,843,588
Workers' Welfare Fund
873,966
747,859
Other charges
167,335
40,109
Total non mark-up / interest expenses
44,784,345
44,631,556
Share of profit of associates
504,542
776,853
Profit before provisions
51,637,865
43,044,197
Provisions and write offs - net
17,255,678
7,313,543
Profit before taxation from continuing operations
34,382,187
35,730,654
Taxation
13,577,280
15,457,158
Profit after taxation from continuing operations
20,804,907
20,273,496
Discontinued operation
Loss from discontinued operation - net of tax
(16,373)
(1,225,198)
20,788,534
19,048,298
Attributable to:
Equity holders of the Bank
from continuing operations
20,954,291
20,320,339
from discontinued operation
(16,373)
(1,225,198)
20,937,918
19,095,141
Non-controlling interest
(149,384)
(46,843)
20,788,534
19,048,298
------------ (Rupees) ------------
Earnings per share for profit from continuing operations attributable
to the ordinary equity holders of the Bank -
Basic and diluted
17.12
16.60
Earnings per share for profit from discontinued operation attributable
to the ordinary equity holders of the Bank -
Basic and diluted
17.10
15.60
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