UBL Financial Statements - United Bank Limited

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UBL Financial Statements - United Bank Limited

UBL fund managers has launched its second capital protected scheme, UBL Capital Protected Fund-II

(UCPF-II). The fund will be sold from over 1100 branches which offers investors an affordable and easy

way of gaining exposure to the stock market while ensuring the safety of their initial investment

UBL Wiz cards reached over 100,000 card milestone with a float of Rs 130 million in a period of just under

18 months.

Looking ahead

The economic landscape continued to show positive signs as most of the economic indicators

recorded significant improvement in the first eight months of FY10 with current account deficit down by

68%, remittances up 18%, trade deficit down 21% and large scale manufacturing up by 2.4%. CPI for

Mar’10 was recorded at 12.9% y-o-y down from 14.4% in Mar’09. However the recent rise in

international oil prices and ongoing energy crises pose significant risks to the local economic recovery.

Albeit y-o-y inflation is significantly down, monthly inflation is on the rise which has prompted SBP to

keep discount rate unchanged.

March’10 was an eventful quarter for Pakistan. The constitutional reforms package for shifting powers

from President to the parliament was a major step towards achieving political stability. Successful US-

PAK strategic dialogue was also held where US affirmed its commitment to Pakistan’s efforts in

fighting terrorism and resolution of the energy crises.

For UBL this year, the focus will be on strengthening CASA and achieving provision write-backs

through negotiations and restructuring efforts. Emphasis on cost efficiencies will continue this year with

the help of our process re-engineering and core banking implementation. We will also continue to

develop our non-fund income streams which provided a significant cushion for us against the

deteriorating asset quality environment of 2009. Given the improving macro-economic backdrop, we

expect to see an improvement in asset quality as well the private sector credit off-take and this should

help us in delivering a strong growth in profitability in 2010.


We would like to express our sincere thanks and gratitude to our customers for their patronage and the

State Bank of Pakistan and the Government of Pakistan for their continued support. We also take the

opportunity to thank the shareholders for their continued trust and the staff for their dedication and


For and on behalf of the Board,

Nahayan Mabarak Al Nahayan


Abu Dhabi

April 26, 2010

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