REG - United Bank Limited - Final Results

United BankAnnouncement

19/02/2020 08:15

RNS Number : 4499D
United Bank Limited
19 February 2020
 


Secretary's Department
 
UBL/BOD-225/PSX/Result-2019/20
19 February, 2020
 
 
The General Manager                                                                                                           
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
 
Dear Sir,
 
Financial Results for the year Ended 31 December 2019
 
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 225th meeting held on Wednesday, 19 February, 2020 at Islamabad at 09:00 a.m. recommended the following:
 
(i)         Cash Dividend
A final Cash Dividend for the year ended 31 December 2019 at Rs.4/- per share i.e. 40%. This is in addition to Interim Dividends already paid at Rs.8/- per share i.e. 80%.
 
(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 61st Annual General Meeting (AGM) of UBL will be held on Wednesday, 25 March 2020 at 09:30 a.m. 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 Monday, 16 March 2020.
 
The Share Transfer Books of UBL will be closed from 17 March, 2020 to 25 March, 2020 (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 Monday, 16 March, 2020 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 2019 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., 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;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annexure A
UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2019
 




 


 


 


 2019


 


2018




 


 


 


------------- (Rupees in '000) --------------




 


 


 


 


 


 




 


 


 


 


 


 




Mark-up / return / interest earned


  153,676,364


 


  113,198,299




Mark-up / return / interest expensed


    91,901,868


 


    56,964,028




Net mark-up / interest income


    61,774,496


 


    56,234,271




 


 


 


 


 


 




 


 


 


 


 


 




Non mark-up / interest income


 


 


 




Fee and commission income


    13,693,343


 


    13,930,970




Dividend income


      1,538,378


 


      2,086,932




Foreign exchange income


      4,526,109


 


      3,465,387




Income / (loss) from derivatives


            64,627


 


          (87,716)




Gain on securities - net


              2,199


 


      4,561,511




Other income


      1,851,675


 


      1,054,287




Total non mark-up / interest income


    21,676,331


 


    25,011,371




Total income


    83,450,827


 


    81,245,642




 


 


 


 


 


 




Non mark-up / interest expenses


 


 


 




Operating expenses


    40,208,862


 


    38,826,761




Workers' Welfare Fund


          740,249


 


     (2,173,437)




Other charges


            40,055


 


          114,798




Total non mark-up / interest expenses


    40,989,166


 


    36,768,122




 


 


 


 


 


 




Profit before provisions


    42,461,661


 


    44,477,520




Provisions and write-offs- net


      8,219,792


 


    12,853,640




Extra ordinary / unusual item - charge in respect of


 


 


 




pension liability


                     -  


 


      6,657,216




 


 


 


 


 


 




Profit before taxation


    34,241,869


 


    24,966,664




 


 


 


 


 


 




Taxation


 


    15,108,095


 


      9,740,569




 


 


 


 


 


 




Profit after taxation


    19,133,774


 


    15,226,095




 


 


 


 


 


 




 


 


 


----------- (Rupees) -----------




 


 


 


 


 


 




Earnings per share - basic and diluted


15.63


 


12.44




 
 
 
 
 
 
 
 
Annexure B
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2019
 




 


 


 


 2019


 


 2018




 


 


 


------ (Rupees in '000) ------




Mark-up / return / interest earned


157,277,853


 


116,833,977




Mark-up / return / interest expensed


93,936,935


 


58,890,757




Net mark-up / interest income


63,340,918


 


57,943,220




 


 


 


 


 


 




Non mark-up / interest income


 


 


 




Fee and commission income


15,631,895


 


15,859,283




Dividend income


1,123,261


 


1,683,678




Foreign exchange income


4,669,102


 


3,656,352




Income / (loss) from derivatives


64,627


 


(87,716)




Gain on securities - net


216,670


 


3,885,834




Other income


1,852,427


 


1,014,156




Total non mark-up / interest income


23,557,982


 


26,011,587




Total income


86,898,900


 


83,954,807




 


 


 


 


 


 




Non mark-up / interest expenses


 


 


 




Operating expenses


43,843,588


 


42,047,048




Workers' Welfare Fund


747,859


 


(2,163,314)




Other charges


40,109


 


114,798




Total non mark-up / interest expenses


44,631,556


 


39,998,532




 


 


 


 


 


 




Share of profit of associates


776,853


 


699,294




Profit before provisions


43,044,197


 


44,655,569




Provisions and write offs - net


7,313,543


 


12,446,609




Extra ordinary / unusual item - charge in respect of pension liability


                  -  


 


6,657,216




Profit before taxation from continuing operations


35,730,654


 


25,551,744




 


 


 


 


 


 




Taxation


 


15,457,158


 


10,384,383




 


 


 


 


 


 




Profit after taxation from continuing operations


20,273,496


 


15,167,361




 


 


 


 


 


 




Discontinued operation


 


 


 




 


 


 


 


 


 




Loss from discontinued operation - net of  tax


(1,225,198)


 


(117,807)




 


 


 


 


 


 




 


 


 


19,048,298


 


15,049,554




Attributable to:


 


 


 




Equity holders of the Bank


 


 


 




 from continuing operations


20,320,339


 


15,600,858




 from discontinued operation


(1,225,198)


 


(117,807)




 


 


 


19,095,141


 


15,483,051




Non-controlling interest


(46,843)


 


(433,497)




 


 


 


19,048,298


 


15,049,554




 


 


 


 


 


 




 


 


 


------------ (Rupees) ------------




 


 


 


 


 


 




Earnings per share for profit from continuing operations attributable to


 


 


 




 the ordinary equity holders of the Bank


 


 


 




Basic and diluted


           16.60


 


           12.74




 


 


 


 


 


 




Earnings per share for profit attributable to  the ordinary


 


 


 




equity holders of the Bank


 


 


 




Basic and diluted


           15.60


 


           12.65




 
 
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