United Bank Limited · PSX:UBL
United Bank — H1 2007 Earnings Presentation
23 slides from United Bank's earnings presentation, Aug 6, 2007
Slide 1: United Bank Limited Performance Review: 1H 2007
United Bank Limited Performance Review: 1H 2007 August 06, 2007 16/08/2007 4:16:51 PM 1
Slide 2: Summary
Summary June 2007 Dec 2006 % Change Assets (PKR mm) 514,607 435,993 +18% Advances (PKR mm) 287,456 254,670 +13% Deposits (PKR mm) 414,119 343,805 +20% Branches 1,062 1,059 - ATMs 302 210 +44% ROAA 2.4% 2.4% - ROAE 33% 34% - Credit Rating (JCR-VIS) AA+/A-1+ AA/A-1+ - 16/08/2007 4:16:51 PM 2
Slide 3: Share Info
Share Info June 2007 Dec 2006 EPS (Rs/share - annualized) 14.1 11.8 BV/share (Rs/share) 45.9 41.0 Price* - (Rs /share) 196.4 153.2* P/E 13.9x 13.0x P/BV 4.3x 3.7x # of shares 809M 809M * Share price after announcement of results J une pric e a t 27 J uly'07 De c pric e a t 19 F e b'07 - a djus te d
Slide 4: Income Statement (PKR bn)
Income Statement (PKR bn) QTD QTD % 6 month 6 month % Full year Jun'07 Mar'07 Change Jun'07 Dec'06 Change Dec'06 Net Interest Income 6.23 5.99 +4% 12.22 11.48 +6% 21.37 Non Interest Income 2.27 2.20 +3% 4.46 3.92 +14% 7.26 Operating Revenue 8.49 8.19 +4% 16.68 15.40 +8% 28.63 Operating Expense (3.65
Slide 5: Balance Sheet (PKR bn)
Balance Sheet (PKR bn) QTD QTD % 6 month 6 month % Jun'07 Mar'07 Change Jun'07 Dec'06 Change Cash and bal.with tr.banks 47.6 48.0 -1% 47.6 49.0 -3% Investments 105.1 88.6 +19% 105.1 65.7 +60% Advances 287.5 259.3 +11% 287.5 254.7 +13% Total Assets 514.6 449.0 +15% 514.6 435.9 +18% Deposits 414.1 362
Slide 6: Financial Ratios
Financial Ratios QTD QTD 6 month 6 month Full year Jun'07 Mar'07 Jun'07 Dec'06 Dec'06 Loan/Deposits 69.4% 71.6% 69.4% 74.1% 74.1% ROAE 29.1% 37.7% 32.8% 32.5% 33.7% ROAA 2.2% 2.9% 2.4% 2.4% 2.4% Cost/Income Ratio 45.0% 40.3% 42.7% 47.4% 45.1% Gross NPLs/Gross Advances 6.1% 6.4% 6.1% 6.2% 6.2% Net NP
Slide 7: Deposits Structure
Deposits Structure Deposit Mix - Bank Fixed Deposits (1) Other Deposits – PKR 11bn 82 Contribution 3% Cost 0% 72 Fixed Deposits – PKR 141bn Contribution 34% Current Deposits–PKR 107bn Cost 7.7% 59 Contribution 26% Cost 0% 47 45 28 26 13 6 Saving Deposits – PKR 155bn Contribution 37% 0 Cost 2.2% Tota
Slide 8: Advances by Business
Advances by Business Advances by Business 2005 2006 Jun-07 120 108 104 100 94 80 62 PKR bn 60 55 54 51 47 44 39 40 28 27 20 16 13 10 - Corporat e B ank Commercial Bank Consumer B ank Overseas Ot hers (incl subsidiaries) % Jun'07 Dec'06 Change Corporate Bank 107.9 104.1 +3.7% Commercial Bank 54.3 54.
Slide 9: Consumer Advances by Product
Consumer Advances by Product 2005 2006 Jun-07 Yield Jun 07 23 30% 24 26% 21 25% 20 19% 20% 16 15 20% 15% 13% 13% 15% 12 8 10% 5 6 5 6 5 5 5 5 4 3 4 4 4 3 2 5% 1 0 0% Drive Address Credit Card Cashline Businessline Money % Loan yield- Jun'07 Dec'06 Change Jun'07 Drive 23.0 20.7 +11.1% 12.5% Address 5
Slide 10: Consumer Drivers
Consumer Drivers Advances (PKR mm) # of Accounts Jun-07 Dec-06 % Change Jun-07 Dec-06 % Change Drive 22,959 20,660 +11% 61,740 52,887 +17% Credit Card 5,413 5,011 +8% 167,635 157,725 +6% Businessline 5,120 4,992 +3% 1,362 1,233 +10% Address 5,802 5,238 +11% 1,282 1,253 +3% Money 3,448 3,397 +1% 30,3
Slide 11: Spread Analysis (Bank Level)
Spread Analysis (Bank Level) Full Year 2006 YTD June 2006 YTD June 2007 Interest Interest Interest Average incom e / Avg.Yield Average incom e / Avg.Yield Average incom e / Avg.Yield Balances (expense) /Cost Balances (expense) /Cost Balances (expense) /Cost Interest Earning Assets Performing Advance
Slide 12: Quarterly Trend Analysis
Quarterly Trend Analysis Bank Level 16/08/2007 4:16:51 PM 12
Slide 13: Profit Before Tax
Profit Before Tax 5.2 4 .6 4 .4 4.5 3 .8 3 .5 3 .6 PKR bn 3 .4 3.7 3 .0 2 .9 Reversals in Mar’07 of accruals in Dec’06 3.0 2.2 1.9 1.5 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 13
Slide 14: Profit after Tax
Profit after Tax 3.5 3 .1 3.0 2 .6 2 .6 2 .4 2 .3 PKR bn 2 .2 2 .2 2.4 1.7 1.9 Prior period tax adjustment (Rs 402M) 1.3 1.1 - one-off expense 0.8 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 14
Slide 15: Deposits
Deposits 435 403 395 3 52 PKR bn 355 335 326 308 315 289 289 2 79 269 275 235 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 15
Slide 16: Advances
Advances 310 280 278 2 52 247 236 PKR bn 235 246 205 208 214 170 173 182 150 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 16
Slide 17: Net Interest Income
Net Interest Income 7.0 6 .1 5 .8 5 .6 5 .6 6.0 5 .2 PKR bn 5.0 4 .5 4 .3 3 .8 4.0 3 .4 3.0 2.0 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 17
Slide 18: Net Provision
Net Provision 1.1 0 .9 0.9 PKR bn 0.7 0 .5 0 .5 0 .5 0 .4 0 .4 0.5 0 .4 0 .4 0 .4 0.3 0.1 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 18
Slide 19: Non-Funded Income
Non-Funded Income 2.7 2 .3 2 .2 2.3 2 .1 PKR bn 1.7 1.9 1.6 1.6 1.5 1.4 1.4 0 .9 1.0 0.6 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 19
Slide 20: Total Revenue
Total Revenue 9.0 7.8 7.4 7.5 7.8 6 .3 PKR bn 6 .1 6.6 5.7 5.4 5.4 4 .9 3 .9 4.2 3.0 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 20
Slide 21: Administrative Expenses
Administrative Expenses 3.8 3 .4 3 .4 3.3 2 .9 PKR bn 2 .7 2.9 2 .7 2 .3 2 .2 Reversals in Mar’07 of accruals in Dec’06 2.4 1. 9 2 .0 2.0 1.5 Jun 05 Sep 05 Dec 05 M ar 06 Jun 06 Sep 06 Dec 06 M ar 07 Jun 07 16/08/2007 4:16:51 PM 21
Slide 22: The information contained herein reflects our latest business statement as at June 30, 2007
The information contained herein reflects our latest business statement as at June 30, 2007 Except the historical information contained herein, statements in this Release which contain words or phrases such as ‘will’, ‘would’, ‘indicating’ expected to’ etc., and similar expressions or variations of
Slide 23: Thank You
Thank You 16/08/2007 4:16:51 PM 23