Financial Statements - United Bank Limited
Financial Statements - United Bank Limited
Financial Statements - United Bank Limited
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NOTES TO AND FORMING PART OF THE UNCONSOLIDATED FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED DECEMBER 31, 2012<br />
13.2 Provision against other assets<br />
Note 2012 2011<br />
------- (Rupees in '000) -------<br />
Opening balance 2,777,829 2,352,444<br />
Exchange adjustments 99,960 40,183<br />
2,877,789 2,392,627<br />
Charge for the year 213,940 148,979<br />
Reversals (23,321) (59,044)<br />
29 190,619 89,935<br />
Transfers in - net 739,139 363,782<br />
Amounts written off (231,553) (68,515)<br />
Closing balance 3,575,994 2,777,829<br />
13.3 The market value of non banking assets acquired in satisfaction of claims is Rs.1,072 million (2011: Rs.564 million).<br />
14. CONTINGENT ASSETS<br />
There were no contingent assets as at the statement of financial position date.<br />
15. BILLS PAYABLE<br />
Note 2012 2011<br />
------- (Rupees in '000) -------<br />
In Pakistan 7,345,784 5,754,550<br />
Outside Pakistan 254,849 124,493<br />
7,600,633 5,879,043<br />
16. BORROWINGS<br />
In Pakistan 62,705,626 47,000,993<br />
Outside Pakistan 4,508,819 2,952,258<br />
67,214,445 49,953,251<br />
16.1 Particulars of borrowings<br />
In local currency 61,914,550 46,417,726<br />
In foreign currencies 5,299,895 3,535,525<br />
67,214,445 49,953,251<br />
16.2 Details of borrowings<br />
Secured<br />
Borrowings from the State <strong>Bank</strong> of Pakistan under:<br />
Export refinance scheme 16.3 12,460,384 12,384,999<br />
Scheme for revival of SMEs and Agricultural activities in flood affected areas - 1,675<br />
Refinance facility for modernization of SME 16.4 32,050 42,264<br />
Long term financing facility 16.5 3,535,341 3,516,846<br />
Long term financing under export oriented projects 16.6 822,015 1,410,276<br />
16,849,790 17,356,060<br />
Repurchase agreement borrowings 16.7 45,064,760 28,241,667<br />
61,914,550 45,597,727<br />
Unsecured<br />
Call borrowings 16.8 4,508,819 3,772,258<br />
Overdrawn nostro accounts - 5,044<br />
Other borrowings 16.9 791,076 578,222<br />
5,299,895 4,355,524<br />
67,214,445 49,953,251<br />
16.3<br />
The <strong>Bank</strong> has entered into agreements with the SBP for extending export finance to customers. As per the terms of the agreement,<br />
the <strong>Bank</strong> has granted the SBP the right to recover the outstanding amounts from the <strong>Bank</strong> at the date of maturity of the finances by<br />
directly debiting the <strong>Bank</strong>'s current account maintained with the SBP. These borrowings are repayable within six months, latest by<br />
June 2013. These carry mark-up at a rate of 8.50% per annum (2011: 10.00% per annum).<br />
16.4 These borrowings have been obtained from the SBP to finance modernization of Small and Medium Enterprises by providing<br />
financing facilities for purchase of new plant and machinery for Balancing, Modernization and Replacement (BMR) of existing units<br />
and setting up of new units. In addition, financing for import / local purchase of new generators upto a maximum capacity of 500 KVA<br />
is also eligible under this Scheme. These borrowings are repayable within a period ranging from 3 years to 10 years and carry markup<br />
at a rate of 8.00% per annum (2011: 8.00% per annum).<br />
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