Financial Statements - United Bank Limited

More documents

Recommendations

Info

U N I T E D B A N K L I M I T E D shares online via UBL’s internet banking platform through an entirely paperless process. For this achievement and initiative, UBL received a recognition award at the Pakistan IPO Summit 2012. Credit Ratings The credit rating company JCR-VIS re-affirmed the Bank’s long-term entity rating at AA+ and the ratings of its three subordinated loan instruments at AA. The short term ratings remain at A-1+ which is the highest rating denoting the greatest certainty of timely payments by a financial institution. All ratings for UBL have been assigned a Stable outlook. Capital Intelligence (CI), the international credit rating agency, has re-affirmed UBL’s long-term and short-term Foreign Currency ratings at B- and B respectively in line with CI’s sovereign ratings. In addition, the Bank’s Financial Strength rating has been re-affirmed at BB+, with the Outlook reaffirmed at Stable based on the Bank’s strong performance. Future Outlook The first half of 2013 will be dominated by the build-up to elections and the related political uncertainties. The economic situation will remain challenging with a potentially precarious balance of payments position if foreign exchange reserves continue to fall. On the budgetary front, the country’s fiscal deficit is again likely to surpass 7% of GDP in FY13, as the pressure on expenditure due to elections and continuing security issues are unlikely to be offset by improved tax collections. The deficit will continue to be funded through the domestic banking system, re-fueling an inflationary cycle and depriving the private sector of much needed credit. The energy crisis and circular debt remain difficult issues that need to be tackled with the utmost priority, both through measures to improve efficiency and through longer term investment, as the energy shortage continues to have an adverse impact on economic growth and prevent much needed industrial expansion and job creation. Interest rates have already declined by 250 bps during the first six months of FY13. However, the minimum guaranteed return for PLS savings deposits remains at the increased level of 6%, resulting in severe spread compression for the banking sector. With spreads already at 5-year lows, the acquisition of low-cost deposits remains the key priority. The Bank is confident that its prudent risk management approach along with the significant growth in its network and continuous investment in people, technology and products will place it in a good position to manage the challenging environment ahead. Awards and Recognitions UBL received several awards in 2012, which are a testament to its performance, the strength of its franchise and the innovative solutions offered to its customers:
U N I T E D B A N K L I M I T E D • 2012 Bank of the Year in Pakistan Award, awarded by The Banker Magazine, an affiliate of the Financial Times, UK. • ASIAMONEY Best Domestic Bank Award for 2012 • ‘Pakistani Deal of the Year’ award from Acquisition International Magazine for the Khushhali Bank Limited transaction. • GSMA Global Mobile Award 2012 for “Best Use of Mobile in Emergency or Humanitarian Situations” and Financial Insights Innovation Award for “Innovation in Cash Disbursements (G2P)” in February 2012. • Best Islamic Deal in Pakistan by The Asset Triple A Islamic Finance Awards 2012 for Pakistan Mobile Communications Limited – USD 84 million Syndicated Islamic Finance Facility. • Asia Deal of the Year by Euromoney Air Finance Journal for PIA’s Shariah Compliant Islamic Facility of USD 100 million. This was the first foreign currency commercially syndicated financing for a Pakistani corporate since 2007. • “Transaction of the Year” Award by CFA Pakistan Society for successfully executing one of the largest public offerings in 2011 of Engro Foods (Rs 1,875 million). • Best Credit Card Provider in the Consumers Choice Awards 2011 by The Consumers Association of Pakistan. Statement under Clause XVI of the Code of Corporate Governance The Board of Directors is committed to ensuring that the requirements of corporate governance set by the Securities and Exchange Commission of Pakistan are fully met. The Bank has adopted good corporate governance practices and the Directors are pleased to report that: • The financial statements present fairly the state of affairs of the Bank, the result of its operations, cash flows and changes in equity. • Proper books of account of the Bank have been maintained. • Appropriate accounting policies have been consistently applied in the preparation of the financial statements, except for the changes in accounting policies as described in note 5.1. Accounting estimates are based on reasonable and prudent judgment.
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: U N I T E D B A N K L I M I T E D n
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 59 and 60:
NOTES TO AND FORMING PART OF THE UN
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Annexure 'A' as referred to in note
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Sr. No. 1 Commercial Reprsentation
Page 97 and 98:
Sr. No. Annexure 'B' as referred to
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Disposals of operating fixed assets
Page 113 and 114:
Disposals of operating fixed assets
show all

Financial Statements - United Bank Limited

Create successful ePaper yourself

Delete template?

Save as template?