REG - United Bank Limited - Half-year Report

United BankAnnouncement

07/08/2019 12:10

RNS Number : 2742I
United Bank Limited
07 August 2019
 


 
        
          Secretary's Department
 
 UBL/BOD-222/PSX/Results/19
 07 August 2019
 
 
Form-7
 
The General Manager                   
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
 
Dear Sir,
 
Financial Results for the Quarter Ended 30 June 2019
 
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 222nd meeting held on Wednesday, 07 August 2019 at 09:00 a.m. at Islamabad recommended the following:
 
(i)           Cash Dividend
An Interim Cash Dividend for the quarter ended 30 June 2019 at Rs. 2.50 per share i.e.25%. This is in addition to Interim Dividend(s) 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 above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Thursday, September 12, 2019.
 
 
 
 
 
 
Page 1 of 2
 
 
 
The Share Transfer Books of UBL will remain closed from September 13, 2019 to September 20, 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 Thursday, September 12, 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 June 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 SIX MONTHS ENDED JUNE 30, 2019
 




 


 


 


 


 April - June 2019


 


 April - June 2018


 


 January - June 2019


 


 January - June 2018




 


 


 


 


 


 


 




 


 


 


 


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




 


 


 


 


 


 


 


 


 


 


 




Mark-up / return / interest earned


 


35,164,668


 


26,018,152


 


66,564,781


 


54,164,809




Mark-up / return / interest expensed


 


19,900,466


 


11,817,397


 


36,641,997


 


26,109,232




Net mark-up / interest income


 


15,264,202


 


14,200,755


 


29,922,784


 


28,055,577




 


 


 


 


 


 


 


 


 


 


 




Non mark-up / interest income


 


 


 


 


 


 


 


 




Fee and commission income


 


3,463,395


 


3,781,006


 


7,076,263


 


6,727,671




Dividend income


 


547,503


 


588,028


 


773,925


 


1,158,938




Foreign exchange income


 


1,316,967


 


911,193


 


2,224,878


 


1,446,754




Income / (loss)  from derivatives


 


33,944


 


15,576


 


85,426


 


(6,274)




Gain on securities - net


 


196,640


 


1,475,436


 


201,738


 


4,541,825




Other income


 


1,610,998


 


205,463


 


1,781,641


 


417,075




Total non-mark-up / interest income


 


7,169,447


 


6,976,702


 


12,143,871


 


14,285,989




Total Income


 


22,433,649


 


21,177,457


 


42,066,655


 


42,341,566




 


 


 


 


 


 


 


 


 


 


 




Non mark-up / Interest expenses


 


 


 


 


 


 


 


 




Operating expenses


 


10,261,848


 


9,861,788


 


19,212,719


 


18,516,714




Workers' Welfare Fund


 


171,616


 


158,208


 


353,105


 


282,035




Other charges


 


233


 


3,587


 


2,218


 


4,019




Total non-mark-up / interest expenses


 


10,433,697


 


10,023,583


 


19,568,042


 


18,802,768




 


 


 


 


 


 


 


 


 


 


 




Profit before provisions


 


11,999,952


 


11,153,874


 


22,498,613


 


23,538,798




Provisions and write-offs - net


 


3,170,867


 


2,619,732


 


4,494,025


 


4,532,102




Extra ordinary / unusual item - charge in respect of


 


 


 


 


 


 


 


 




pension liability


 


-


 


2,000,000


 


-


 


8,404,635




PROFIT BEFORE TAXATION


 


8,829,085


 


6,534,142


 


18,004,588


 


10,602,061




Taxation


 


 


3,450,109


 


2,908,691


 


8,461,811


 


4,331,357




PROFIT AFTER TAXATION


 


5,378,976


 


3,625,451


 


9,542,777


 


6,270,704




 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


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




 


 


 


 


 


 


 


 


 


 


 




Earnings per share - basic and diluted


 


4.39


 


2.96


 


7.80


 


5.12




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ANNEXURE B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2019
 




 


 


 


 


 April - June 2019


 


 April -June 2018


 


 January - June 2019


 


 January - June 2018




 


 


 


 


 


 


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


 


 




 


 


 


 


 


 


 


 


 


 


 




Mark-up / return / interest earned


 


36,103,904


 


27,103,838


 


68,241,685


 


56,158,142




Mark-up / return / interest expensed


 


20,485,522


 


12,346,296


 


37,656,138


 


27,095,623




Net mark-up / interest income


 


15,618,382


 


14,757,542


 


30,585,547


 


29,062,519




 


 


 


 


 


 


 


 


 


 


 




Non mark-up / interest income


 


 


 


 


 


 


 


 




Fee and commission income


 


3,968,195


 


4,253,949


 


8,099,318


 


7,694,571




Dividend income


 


413,192


 


239,845


 


639,614


 


810,755




Foreign exchange income


 


1,334,101


 


950,718


 


2,286,903


 


1,550,144




Income / (loss) from derivatives


 


33,944


 


15,578


 


85,426


 


(6,272)




Gain on securities - net


 


268,589


 


1,511,137


 


309,937


 


4,734,224




Other income


 


1,619,155


 


196,214


 


1,727,373


 


379,121




Total non mark-up / interest income


 


7,637,176


 


7,167,441


 


13,148,571


 


15,162,543




Total income


 


23,255,558


 


21,924,983


 


43,734,118


 


44,225,062




 


 


 


 


 


 


 


 


 


 


 




Non mark-up / interest expenses


 


 


 


 


 


 


 


 




Operating expenses


 


11,139,601


 


10,752,822


 


20,902,009


 


20,262,638




Workers' Welfare Fund


 


172,581


 


160,361


 


356,662


 


286,898




Other charges


 


233


 


3,587


 


2,218


 


4,019




Total non mark-up / interest expenses


 


11,312,415


 


10,916,770


 


21,260,889


 


20,553,555




 


 


 


 


 


 


 


 


 


 


 




Share of profit of associates


 


105,153


 


115,481


 


348,724


 


300,412




Profit before provisions


 


12,048,296


 


11,123,694


 


22,821,953


 


23,971,919




Provisions and write-offs - net


 


2,794,920


 


2,809,500


 


3,677,940


 


4,745,522




Extra ordinary / unusual item - charge in respect of


 


 


 


 


 


 


 


 




pension liability


 


                   -  


 


2,000,000


 


          -  


 


8,404,635




Profit before taxation from continuing operations


 


9,253,376


 


6,314,194


 


19,144,013


 


10,821,762




 


 


 


 


 


 


 


 


 


 


 




Taxation


 


 


3,594,048


 


2,962,165


 


8,646,392


 


4,709,742




 


 


 


 


 


 


 


 


 


 


 




Profit after taxation from continuing operations


 


5,659,328


 


3,352,029


 


10,497,621


 


6,112,020




 


 


 


 


 


 


 


 


 


 


 




Discontinued operations


 


 


 


 


 


 


 


 




 


 


 


 


 


 


 


 


 


 


 




 
Loss from discontinued operations - net of  tax


 


(544,772)


 


                  -  


 


(1,330,512)


 


                 -  




 


 


 


 


 


 


 


 


 


 


 




Profit after taxation


 


5,114,556


 


3,352,029


 


9,167,109


 


6,112,020




 


 


 


 


 


 


 


 


 


 


 




Attributable to:


 


 


 


 


 


 


 


 




Equity holders of the Bank


 


 


 


 


 


 


 


 




 from continuing operations


 


5,678,251


 


3,408,571


 


10,506,813


 


6,193,752




 from discontinued operations


 


(544,772)


 


                -  


 


(1,330,512)


 


                  -  




 


 


 


 


5,133,479


 


3,408,571


 


9,176,301


 


6,193,752




Non-controlling interest


 


(18,923)


 


(56,542)


 


(9,192)


 


(81,732)




 


 


 


 


5,114,556


 


3,352,029


 


9,167,109


 


6,112,020




 


 


 


 


 


 


 


 


 


 


 




 


 


 


 


 


 


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


 


 




Earnings per share - basic and diluted


 


 


 


 


 


 


 


 




 from continuing operations


 


             4.64


 


           2.78


 


            8.58


 


             5.06




 from discontinued operations


 


           (0.45)


 


                -  


 


          (1.09)


 


                  -  




 


 


 


 


             4.19


 


           2.78


 


            7.49


 


            5.06




 
 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
IR FDLFBKVFBBBX