UBL Financial Statements - United Bank Limited

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NOTES TO AND FORMING PART OF THE UNCONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 20119.2 Investments by segmentNote 2011 2010------- (Rupees in '000) -------Federal Government SecuritiesMarket Treasury Bills 167,434,994 127,315,215Pakistan Investment Bonds 52,210,701 24,722,104Government of Pakistan Sukuk 7,966,532 4,152,000Government of Pakistan Eurobonds 7,373,609 3,938,516Government of Pakistan Guaranteed Bonds 51,202 51,399235,037,038 160,179,234Foreign SecuritiesMarket Treasury Bills 12,095,915 5,917,073Government bonds 12,330,289 4,770,078Government Sukuk 329,231 313,471CDC SAARC Fund 450 428Recovery note 289,214 283,811Other bonds 4,194,019 13,305,87929,239,118 24,590,740Ordinary sharesListed companies 6,193,076 3,638,227Unlisted companies 9.7 445,474 445,3826,638,550 4,083,609Preference shares 477,816 463,977Units of Mutual Funds 2,114,075 164,662Term Finance CertificatesListed companies 2,686,884 2,437,296Unlisted companies 3,291,556 26,833,2635,978,440 29,270,559Sukuk Bonds 1,534,237 2,235,268Debentures 4,392 4,392Participation Term Certificates 10,661 19,202Commercial paper 50,438 -Investments in subsidiaries and associates 9.9 18,859,065 9,584,140Total investments at cost 299,943,830 230,595,783Provision for diminution in value of investments 9.3 (2,726,226) (2,658,000)Investments (net of provisions) 297,217,604 227,937,783Deficit on revaluation of available for sale securities 21.2 (2,763,193) (3,320,862)Deficit on revaluation of held for trading securities 9.4 (43,750) (38,365)Total investments 294,410,661 224,578,55614
NOTES TO AND FORMING PART OF THE UNCONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 20119.3 Provision for diminution in value of investments:2011 2010------- (Rupees in '000) -------9.3.1 Opening balance 2,658,000 2,252,653Charged during the year 456,777 342,610Reversed during the year (46,692) (138,037)Net charge for the year 410,085 204,573Reversed on disposal (350,995) (337,899)Transfers 9,136 548,318(341,859) 210,419Written off during the year - (9,645)Closing balance 2,726,226 2,658,0009.3.2 Provision for diminution in value of investments by typeAvailable for sale securitiesOrdinary shares of listed companies 1,705,848 1,681,357Ordinary shares of unlisted companies 145,468 141,512Foreign bonds 37,209 -Preference shares 354,405 336,4782,242,930 2,159,347Held to maturity securitiesTerm Finance Certificates 104,137 100,448Sukuks 74,893 77,667Participation Term Certificates 10,661 19,202Recovery note 289,214 281,585Debentures 4,391 4,391483,296 483,293Associates - 15,3602,726,226 2,658,0009.3.3 Provision for diminution in value of investments by segmentEquity securitiesListed companies 1,705,848 1,681,357Unlisted companies 145,468 141,512Preference shares 354,405 336,4782,205,721 2,159,347Debt securitiesTerm Finance Certificates 104,137 100,448Sukuks 74,893 77,667Recovery note 289,214 281,585Foreign bonds 37,209 -Participation Term Certificates 10,661 19,202Debentures 4,391 4,391520,505 483,293Associates - 15,3602,726,226 2,658,0009.4 Unrealized (loss) / gain on revaluation of held for trading securities9.59.69.7Market Treasury Bills (42) (353)Pakistan Investment Bonds - 2,440Ordinary shares of listed companies (43,708) 91Foreign bonds - (40,543)(43,750) (38,365)-Investments include securities which are held by the Bank to comply with the statutory liquidity requirements as set out under Section 29 of theBanking Companies Ordinance, 1962.Investments include Rs.282 million (2010: Rs.282 million) held by the State Bank of Pakistan and National Bank of Pakistan as pledge againstdemand loan, TT / DD discounting facilities and foreign exchange exposure limit sanctioned to the Bank and Rs.5 million (2010: Rs.5 million)held by the Controller of Military Accounts (CMA) under Regimental Fund Arrangements.This includes the Bank's subscription towards the paid-up capital of Khushhali Bank Limited (KBL) amounting to Rs.200 million (2010: Rs.200million). Pursuant to Section 10 of the Khushhali Bank Ordinance, 2000, strategic investors including the Bank could not sell or transfer theirinvestment before a period of five years that has expired on October 10, 2005. Thereafter, such sale / transfer would be subject to the priorapproval of the SBP. The SECP has now incorporated KBL under the Microfinance Institutions Ordinance, 2001 and issued a Certificate ofIncorporation on February 28, 2008.15
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