Financial Statements - United Bank Limited

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NOTES TO AND FORMING PART OF THE UNCONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012 12. DEFERRED TAX ASSET - NET Note 2012 2011 ------- (Rupees in '000) ------- Deferred tax (liability) / asset - net 12.1 (277,970) 1,991,185 12.1 Movement in temporary differences during the year 2012 At January 1, Recognised Others At December 2012 in profit and 31, 2012 loss account ------------------------------ (Rupees in '000) ------------------------------ Deductible temporary differences on - Workers' Welfare Fund 179,593 6,295 - 185,888 - Cash flow hedge reserve 33,383 - (22,077) 11,306 - Provision against off balance sheet items, post retirement medical benefits and advances 6,384,470 477,299 62,684 6,924,453 6,597,446 483,594 40,607 7,121,647 Taxable temporary differences on - Surplus on revaluation of fixed assets (5,106,310) 36,046 (233) (5,070,497) - Surplus on revaluation of investments 967,118 - (2,731,728) (1,764,610) - Ijarah financing (14,371) - - (14,371) - Accelerated tax depreciation (452,698) (97,441) - (550,139) (4,606,261) (61,395) (2,731,961) (7,399,617) 1,991,185 422,199 (2,691,354) (277,970) 2011 At January 1, Recognised Others At December 2011 in profit and 31, 2011 loss account ------------------------------ (Rupees in '000) ------------------------------ Deductible temporary differences on - Deficit on revaluation of investments 1,162,302 - (195,184) 967,118 - Workers' Welfare Fund 144,740 34,853 - 179,593 - Cash flow hedge reserve 69,545 - (36,162) 33,383 - Provision against off balance sheet items, post retirement medical benefits and advances 5,204,300 1,158,098 22,072 6,384,470 6,580,887 1,192,951 (209,274) 7,564,564 Taxable temporary differences on - Surplus on revaluation of fixed assets (5,142,198) 36,033 (145) (5,106,310) - Ijarah financing (14,371) - - (14,371) - Accelerated tax depreciation (125,915) (326,783) - (452,698) (5,282,484) (290,750) (145) (5,573,379) 1,298,403 902,201 (209,419) 1,991,185 21
NOTES TO AND FORMING PART OF THE UNCONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012 13. OTHER ASSETS Note 2012 2011 ------- (Rupees in '000) ------- Income / mark-up accrued in local currency 11,478,549 11,595,686 Income / mark-up accrued in foreign currency 2,647,110 1,675,153 14,125,659 13,270,839 Advance taxation - net of provision for taxation 13.1 5,917,699 3,091,744 Receivable from staff retirement funds 5,377 99,182 Receivable on account of encashment of savings certificates 14,586 18,892 Receivable in respect of derivative transactions 18,033 18,033 Receivable from other banks against telegraphic transfers and demand drafts 842,483 817,422 Unrealized gain on forward foreign exchange contracts 779,924 1,671,007 Branch adjustment account 208,866 345,007 Unrealized gain on derivative financial instruments 19.3.1 & 23.2 489,130 394,924 Advance against Murabaha 17,531 31,039 Advance against Ijarah assets 110,382 3,722 Suspense accounts 392,516 338,017 Stationery and stamps on hand 211,031 162,521 Receivable against redemption of units of mutual funds 1,004,226 - Non banking assets acquired in satisfaction of claims 13.3 1,094,305 584,337 Advances, deposits, advance rent and other prepayments 956,200 798,851 Advance against Pre-IPO investment 364,000 100,000 Others 1,768,728 1,869,028 28,320,676 23,614,565 Provision held against other assets 13.2 (3,575,994) (2,777,829) Other assets (net of provisions) 24,744,682 20,836,736 13.1 The Income Tax returns of the Bank have been filed up to the tax year 2012 (accounting year ended December 31, 2011) and were deemed to be assessed under section 120 of the Income Tax Ordinance, 2001 (Ordinance) unless amended by the Commissioner of Inland Revenue. The income tax authorities have issued amended assessment orders for the tax years 2003 to 2012, and created additional tax demands of Rs.9,589 million, which have been fully paid as required under the law. The Bank has filed appeals before the various appellate forums against these amendments. Where the appellate authorities have allowed relief on certain issues, the assessing authorities have filed appeals before higher appellate forums. Where the appellate authorities have not allowed relief the Bank has filed appeals before higher appellate forums. The management of the Bank is confident that the appeals will be decided in favor of the Bank. Under the Seventh Schedule to the Ordinance, banks are allowed to claim provisions against advances up to 5% of total advances for consumer and small and medium enterprises and up to 1% of total advances for remaining advances. Amounts above these limits are allowed to be claimed in future years. The Bank has booked a deferred tax asset of Rs.3,229 million (2011: Rs.3,200 million) in respect of provisions in excess of the above mentioned limits. The Bank also carries a tax asset amounting to Rs.4,114 million (2011: Rs.4,114 million), representing disallowance of provisions against advances and off balance sheet obligations, for the periods prior to the applicability of the Seventh Schedule. The management, in consultation with its tax advisor, is confident that these would be allowed to the Bank at appellate levels. The tax returns for Azad Kashmir (AK) Branches have been filed upto the tax year 2012 (financial year 2011) under the provisions of section 120(1) read with section 114 of the Ordinance and in compliance with the terms of the agreement between banks and the Azad Kashmir Council in May 2005. The returns filed are considered as deemed assessment orders under the law. The tax returns for overseas branches have been filed up to the accounting year ended December 31, 2011 under the provisions of the laws prevailing in the respective countries, and are deemed as assessed unless opened for reassessment. 22
Page 1 and 2: United Bank Limited UNCONSOLIDATED
Page 3 and 4: U N I T E D B A N K L I M I T E D i
Page 5 and 6: U N I T E D B A N K L I M I T E D B
Page 7 and 8: U N I T E D B A N K L I M I T E D n
Page 9 and 10: U N I T E D B A N K L I M I T E D
Page 11 and 12: U N I T E D B A N K L I M I T E D A
Page 13 and 14: U N I T E D B A N K L I M I T E D d
Page 15 and 16: U N I T E D B A N K L I M I T E D T
Page 17 and 18: BOO EBRAHIM a: CO. CHARTERED ACCOUN
Page 19 and 20: U N I T E D B A N K L I M I T E D m
Page 21 and 22: BOO EBRAHIM ft CO. CHARTERED ACCOUN
Page 23 and 24: UNCONSOLIDATED STATEMENT OF FINANCI
Page 25 and 26: UNCONSOLIDATED STATEMENT OF COMPREH
Page 27 and 28: UNCONSOLIDATED STATEMENT OF CHANGES
Page 29 and 30: NOTES TO AND FORMING PART OF THE UN
Page 47: NOTES TO AND FORMING PART OF THE UN
Page 87 and 88: Annexure 'A' as referred to in note
Page 95 and 96: Sr. No. 1 Commercial Reprsentation
Page 97 and 98: Sr. No. Annexure 'B' as referred to
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Sr. No. Annexure 'B' as referred to
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Page 109 and 110:
Page 111 and 112:
Disposals of operating fixed assets
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Disposals of operating fixed assets
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Financial Statements - United Bank Limited

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