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United Bank Limited UBLS 3rd Quarter Results

  United Bank Limited (UBLS) - 3rd Quarter Results

RNS Number : 9595P
United Bank Limited
31 October 2012




Secretary's Department



UBL/BOD/KSE/Results

31 October 2012




 FORM- 7




 Fax No. 111-573-329

The Managing Director

The Karachi Stock Exchange (Guarantee) Limited

Stock Exchange Building

Stock Exchange Road

                                   Karachi



Dear Sir,



           FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED 30-09-2012



We have to  inform you  that the  Board of  Directors of  United Bank  Limited 
("UBL") in their 180^th  meeting held on  31 October 2012  at 11:00 a.m.  (UAE 
Time) at Abu Dhabi, UAE declared the following:



(i)  CASH DIVIDEND



Third Interim Cash Dividend for the year ending December 31, 2012 at Rs.2.00
per share i.e. 20%.



 (ii)  BONUS SHARES



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



 (iii) RIGHT SHARES



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



 (iv) ANY OTHER ENTITLEMENT / CORPORATE ACTION



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



(v)  ANY OTHER PRICE-SENSITIVE INFORMATION



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



The Share Transfer  Books of  the Company will  be closed  from 22-11-2012  to 
30-11-2012 (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 21-11-2012 will be treated in time for the purpose of above entitlement  to 
the transferees.




1/2





The financial  results  of  the  Company are  appended  at  Annexure  "A"  for 
Standalone & Annexure "B" Consolidated Accounts of the said period.



We will be sending you 300 copies of printed Accounts for distribution amongst
the members of the exchange.





Yours faithfully,





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) State Bank of Pakistan



















                                                                           2/2































UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE NINE
MONTHS ENDED
SEPTEMBER 30,
2012                                                       Annexure A
                  Jul-Sep 2012     Jul-Sep 2011  Jan-Sep 2012   Jan-Sep 2011
                           ------------------------------(Rupees in
                               '000)----------------------------
Mark-up / return   19,214,270      18,454,930    55,469,908    52,532,426
/ interest
earned
Mark-up / return  (9,285,848)     (8,152,142)  (26,330,891)  (22,898,926)
/ interest
expensed
Net mark-up /        9,928,422   10,302,788    29,139,017    29,633,500
interest income
                             
Provision         (1,735,043)     (1,419,145)   (2,694,647)   (5,831,076)
against loans
and advances -
net
Provision                (15)             -     (171,039)      (91,354)
against lendings
to financial
institutions -
net
Provision for        (98,966)        (46,468)      (78,068)     (251,983)
diminution in
value of
investments -
net
Bad debts            (69,316)       (103,324)     (262,351)     (336,440)
written off
directly
                  (1,903,340)     (1,568,937)   (3,206,105)   (6,510,853)
Net mark-up /      8,025,082       8,733,851    25,932,912    23,122,647
interest income
after provisions
Non mark-up /
interest income
Fee, commission    1,949,215       1,711,515     5,913,844     4,991,508
and brokerage
income
Dividend income       77,912         107,757     1,520,686       429,750
Income from          486,210         441,235     1,533,292     1,516,804
dealing in
foreign
currencies
Gain on sale of      128,800          49,209       591,086       245,115
securities - net
Unrealized gain
on revaluation
of investments
 classified        11,167         106,216         3,436        54,847
as held for
trading
Other income       2,833,111         622,395     3,606,655     1,698,893
Total non           5,486,415       3,038,327    13,168,999     8,936,917
mark-up /
interest income
                   13,511,497      11,772,178    39,101,911    32,059,564
Non mark-up /
interest
expenses
Administrative   (6,057,784)     (5,016,266)  (17,343,400)  (14,758,344)
expenses
Other               (44,754)        (14,724)     (212,702)       (1,020)
provisions - net
Workers'           (145,537)       (151,111)     (421,954)     (369,820)
Welfare Fund
Other charges       (25,231)        (67,661)      (77,622)     (178,622)
Total non         (6,273,306)     (5,249,762)  (18,055,678)  (15,307,806)
mark-up /
interest
expenses
Profit before       7,238,191       6,522,416    21,046,233    16,751,758
taxation
Taxation
- Current         (2,584,035)     (2,670,332)   (7,153,001)   (6,485,379)
- Prior             (491,853)       (370,165)     (491,853)     (362,636)
- Deferred            577,839         765,990       656,582     1,048,707
                  (2,498,049)     (2,274,507)   (6,988,272)   (5,799,308)
Profit after        4,740,142       4,247,909    14,057,961    10,952,450
taxation
                            ------------------------------( Rupees
                                 )----------------------------
Earnings per             3.87            3.47         11.48          8.95
share - basic
and diluted













CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT
(UN-AUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2012
Annexure B



                    Jul-Sep 2012  Jul-Sep 2011  Jan-Sep 2012  Jan-Sep 2011
                                     ----------------------- (Rupees in '000)
                                                       -----------------------
Mark-up / return      19,732,001     18,690,009     56,685,115     53,197,019
/ interest earned
Mark-up / return
/ interest           (9,511,776)   (8,223,404)   (26,805,081)   (23,072,829)
expensed
Net mark-up /         10,220,225     10,466,605     29,880,034     30,124,190
interest income
Provision against
loans and advances   (1,735,043)   (1,419,145)   (2,694,647)   (5,831,076)
- net
Provision against
lendings to                 (15)           -     (171,039)      (91,354)
financial
institutions - net
Provision for
diminution in           (98,966)      (46,468)      (78,068)     (254,013)
value of
investments - net
Bad debts written      (69,333)     (103,324)     (263,793)     (336,440)
off directly
                     (1,903,357)   (1,568,937)   (3,207,547)   (6,512,883)
Net mark-up /
interest income         8,316,868      8,897,668     26,672,487     23,611,307
after provisions
Non mark-up /
interest income
Fee, commission
and brokerage           2,255,443      1,930,218      6,827,658      5,587,706
income
Dividend income           77,704         34,198        374,336        131,186
Income from
dealing in foreign        502,424        459,252      1,577,926      1,567,887
currencies
Gain on sale of          217,773         49,889        718,791        255,965
securities - net
Unrealized gain
on revaluation of
investments
classified as             11,795        108,475            891         62,356
held for trading
Other income           2,841,914        641,626      3,671,447      1,748,649
Total non mark-up      5,907,053      3,223,658     13,171,049      9,353,749
/ interest income
                       14,223,921     12,121,326     39,843,536     32,965,056
Non mark-up /
interest expenses
Administrative      (6,503,401)   (5,396,149)  (18,745,216)  (15,908,196)
expenses
Other provisions       (44,900)      (14,724)     (212,848)       (1,020)
- net
Workers' welfare      (146,976)     (151,367)     (425,398)     (370,971)
fund
Other charges          (25,231)      (67,661)      (77,622)     (178,622)
Total non mark-up
/ interest           (6,720,508)   (5,629,901)  (19,461,084)  (16,458,809)
expenses
                        7,503,413      6,491,425     20,382,452     16,506,247
Share of income /
(loss) of                 652,304      (26,109)      1,712,614     (100,669)
associates
Profit before          8,155,717      6,465,316     22,095,066     16,405,578
taxation
Taxation
- Current            (2,624,991)   (2,672,451)   (7,232,782)   (6,492,146)
- Prior                (491,853)     (370,165)     (491,853)     (362,636)
- Deferred                576,600        766,301        653,504      1,047,953
                     (2,540,244)   (2,276,315)   (7,071,131)   (5,806,829)
Profit after           5,615,473      4,189,001     15,023,935     10,598,749
taxation
Attributable to:
Equity
shareholders of         5,553,753      4,176,252     14,938,916     10,596,978
the Bank
Non-controlling           61,720         12,749         85,019          1,771
interest
                        5,615,473      4,189,001     15,023,935     10,598,749
                          ------------------------------------ (Rupees)
                               ------------------------------------
Earnings per
share - basic and            4.54           3.41          12.20           8.66
diluted



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


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