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Final Results

12th Mar 2009 11:55

RNS Number : 7580O

United Bank Limited

12 March 2009

Secretary's Department

SD/BOD/KSE/Results

12 March 2009

FORM - 3

Fax No. 111-573-329

The General Manager

The Karachi Stock Exchange (Guarantee) Limited

Stock Exchange Building

Stock Exchange Road

Karachi

Dear Sir,

FINANCIAL RESULTS FOR THE YEAR ENDED 31-12-2008

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 159th meeting held on 12-03-2009 in Abu Dhabi at 11.00 a.m.(Abu Dhabi Time) recommended the following:

(i) CASH DIVIDEND

Final Cash Dividend for the year ended 31-12-2008 at Rs.1/- per share i.e. 10% (in addition to Interim Dividend of 15% already paid for the year 2008).

AND

(ii) BONUS SHARES

It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of one share of every ten shares held i.e. 10%.

(iii) RIGHT SHARES

------NIL---------

(iv) ANY OTHER ENTITLEMENT

------NIL-------

The financial results approved by the Board of Directors of UBL are appended at Annexure "A" and "B".

We will provide you Free Reserves Certificate from our External Auditors in due course.

1/2

The 50th Annual General Meeting of the Company will be held on 20 April 2009 at 3:00 p.m. at Islamabad Serena Hotel, Islamabad.

The Share Transfer Books of the Company will be closed from 07-04-2009 to 20-04-2009 (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 06-04-2009 will be treated in time.

We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange 21 days before the date of AGM

Yours faithfully,

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

C.C. to: 1. London Stock Exchange, London, UK

2. Citibank, N.A. Karachi Branch, Custodian of UBL, GDRs

3. State Bank of Pakistan, BSD, Karachi.

2/2

Annexure-A

UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2008

		2008		2007
	------- (Rupees in '000) -------
Mark-up / return / interest earned	52,253,361		41,045,543
Mark-up / return / interest expensed	24,117,702		16,936,187
Net mark-up / interest income	28,135,659		24,109,356

Provision against loans and advances - net (excluding impact
on account of change in Prudential Regulations)	5,879,185		1,689,467
(Reversal) / additional provisioning arising on account of change
in Prudential Regulations	(1,369,229)		3,803,759
Provision against loans and advances - total	4,509,956		5,493,226
Provision for / (reversal of) diminution in value of investments - net	2,219,815		(6,303)
Bad debts written off directly	1,367,514		935,123
	8,097,285		6,422,046
Net mark-up / return / interest income after provisions	20,038,374		17,687,310
Non Mark-up / Interest Income
Fee, commission and brokerage income	6,304,927		5,165,066
Dividend income	587,989		548,782
Income from dealing in foreign currencies	1,819,250		827,328
Gain on sale of securities	254,046		849,367
Unrealized loss on revaluation of investments classified as held for trading	(19,547)		(15,755)
Other income	1,454,729		1,617,564
Total non mark-up / return / interest income	10,401,394		8,992,352
	30,439,768		26,679,662
Non Mark-up / Interest Expenses
Administrative expenses	15,519,634		13,420,977
Other provisions / write offs - net	450,390		236,281
Worker welfare fund	336,999		-
Other charges	258,321		17,430
Total non mark-up / interest expenses	16,565,344		13,674,688
Profit before taxation	13,874,424		13,004,974

Taxation - Current	6,090,351		5,075,600
- Prior year	435,072		442,066
- Deferred	(984,119)		(915,283)
	5,541,304		4,602,383
Profit after taxation	8,333,120		8,402,591
Unappropriated profit brought forward	15,653,703		12,429,853
	23,986,823		20,832,444
Transfer from surplus on revaluation of fixed assets - net of tax	253,018		63,028
Profit available for appropriation	24,239,841		20,895,472
	----------- (Rupees) -----------
Earnings per share	8.24		8.31

The valuation of listed equity securities / mutual funds held under 'available-for-sale' category of investments has been arrived at using the market prices quoted on the stock exchange / net assets value as of December 31, 2008 and a portion of impairment loss arising therefrom has been included in surplus on revaluation of assets - net of deferred tax as allowed by State Bank of Pakistan. Under the regular accounting policy of the bank, the same would have resulted in a charge to profit and loss account of Rs.1,882.296 million and, consequently, the profit after tax for the year would have been Rs.6,884.809 million and earnings per share would have been Rs.6.81 as given in note 9.5 to these unconsolidated financial statements.

Annexure-B

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2008


			2008		2007
	------- (Rupees in '000) -------
Mark-up / return / interest earned	53,097,381			41,962,131
Mark-up / return / interest expensed	24,303,193			17,162,817
Net mark-up / interest income	28,794,188			24,799,314
Provision against loans and advances - net (excluding impact
on account of change in Prudential Regulations)	5,883,778			1,690,095
(Reversal) / additional provisioning arising on account of change
in Prudential Regulations	(1,369,230)			3,803,759
Provision against loans and advances - total	4,514,548			5,493,854

Provision for / (reversal of) diminution in value of investments - net	1,871,589			(6,233)
Bad debts written off directly	1,367,553			935,165
	7,753,690			6,422,786
Net mark-up / return / interest income after provisions	21,040,498			18,376,528
Non Mark-up / Interest Income
Fee, commission and brokerage income	7,298,807			5,899,632
Dividend income	191,376			364,260
Income from dealing in foreign currencies	1,680,870			893,790
Gain on sale of securities	254,418			851,589
Unrealized loss on revaluation of investments classified as held for trading	(10,682)			(15,755)
Other income	1,506,146			1,614,151
Total non mark-up / return / interest income	10,920,935			9,607,667
	31,961,433			27,984,195
Non Mark-up / Interest Expenses
Administrative expenses	16,679,968			14,257,211
Other provisions / write offs - net	468,042			236,281
Worker welfare fund	340,548			-
Other charges	292,377			17,430
Total non mark-up / interest expenses	17,780,935			14,510,922
Share of (loss) / income of associates	(128,446)			322,996
Profit before taxation	14,052,051			13,796,269
Taxation - Current	6,151,520			5,153,311
- Prior year	435,072			442,667
- Deferred	(979,792)			(1,036,724)
	5,606,800			4,559,254
Profit after taxation	8,445,251			9,237,015
Attributable to:
Equity shareholders of the Bank	8,355,757			8,975,280
Minority interest	89,494			261,735
	8,445,251			9,237,015
	----------- (Rupees) -----------
Earnings per share		8.26			8.87

The valuation of listed equity securities / mutual funds held under 'available-for-sale' category of investments has been arrived at using the market prices quoted on the stock exchange / net assets value as of December 31, 2008 and a portion of impairment loss arising therefrom has been included in surplus on revaluation of assets - net of deferred tax as allowed by State Bank of Pakistan and Securities and Exchange Commission of Pakistan. Under the regular accounting policy of the Group, the same would have resulted in a charge to profit and loss account of Rs.1,883.398 million and, consequently, the profit after tax attributable to the equity shareholders of the bank for the year would have been Rs.6,906.344 million and earnings per share would have been Rs.6.83 as given in note 9.5 to these consolidated financial statements.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR CKBKQDBKDPND

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