Corporates announce dividends

Posted on 02.15.07 by StockPK Team @ 12:29 pm    

Board of Directors of Hub Power Company on Wednesday, recommended an interim cash dividend of Rs1.25 per share (i.e. 12.50 per cent) for second quarter ending on December 31, 2005.

Board announced the interim dividend after its meeting held at London on Tuesday.

Interim dividend will be paid to shareholders whose names appear in the Register of Members at the close of business on March 14, 2007. The Share Transfer Books will remain closed from March 15, 2007 to March 26, 2007 (both days inclusive).

The Company net profit for the period shrank to Rs526.049 million from Rs628.674 million for the corresponding period of 2005.

The slightly lower net profits of the company also reduced the basic and diluted earning per share to 45 paisa for the quarter as compared with EOS 54 paisa for the same period of last year.

Askari Commercial Bank: Board of Directors of Askari Commercial Bank has recommended a final cash dividend at Re1 per share (i.e. 10 per cent) and bonus shares in proportion of 50 shares for every 100 shares, for the year ending on December 31, 2005.

The final cash dividend and bonus shares would be paid to shareholders whose name will appear in the Register of Members on March 19, 2007. The share transfer book of company will be closed from March 20-29, 2009 (both days inclusive).

Profit after tax of the Company surged to Rs2.249 billion for the year 2006 from Rs2.021 billion of 2005. The basic and diluted earning per share improved to Rs11.23 from Rs10.09 for 2005.

United Bank Limited: Board of Directors of United Bank Limited on Wednesday recommended a cash dividend of 30 per cent for the period ended on 31st December 2006.

The board also approved issue of bonus shares in the proportion of one share for every four shares held that is 25 percent.

Board was informed that the net profit of the bank rose from Rs5949.032 million of 2005 to Rs9488.232 million.

The financial results for the year ended December 2006 indicate that the amount of earmarked provisions and write-offs went up to Rs2316.858 million from Rs1427.808 million.

The basic and diluted earnings per share of the bank went up from Rs9.19 per share to Rs14.62 per share.

During 2006, the deposit base of UBL grew by 16 percent to Rs335 billion.

This was driven partly by strong increase of 59 percent in the overseas deposits.

The bank’s advance portfolio grew by 21 percent to Rs247 billion with domestic share of advances coming in at 9.2 percent. Similarly the bank’s asset quality also improved with Non-performing Loans to gross loans dropping to 1.56 percent.

During 2005 this percentage ratio was 1.67 percent. Presently bank controls 14 percent market share of credit card balances.

During 2007 bank plans to expand its Sharia compliant Ameen network by opening up dedicated branches as well as specialized Islamic banking service windows in UBL branches across Pakistan.

Board also approved holding annual general meeting of shareholders on 27th march at local hotel of Karachi.

Source: The News