Union Bank Limited: YEAR ENDED DECEMBER 31, 2005 -(Audited).

(From Business Recorder)

Byline: SCANNER

Union Bank Limited (Union Bank) was incorporated at Lahore on October 9, 1991 as a public limited company. Union Bank shares are listed on all the stock exchanges of Pakistan.

The bank is backed by a Middle Eastern Group and Dr Abdullah Basodan owns 49.06 % of its equity. The bank, engaged in commercial banking activities, operates under the supervision of the SBP, through its 65 branches (2004: 53 branches) in Pakistan and two branches (2004:1 branch) outside Pakistan. The present Overview of financial statements for the year ended December 31, 2005 is that of Union Bank alone without consolidation with its subsidiary, Union Leasing Limited. Pacra ratings of Union Bank, assigned in June 2005, are: long term at "AA-" (Double AA Minus) and short term rating at "A1+" (A One Plus).

 
 
 
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                      Advances          2005 
 
Sectors                Amount(Rs in million) 
 
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Textile:                13,686           20% 
 
Cement:                  1,365            2% 
 
Construction:            3,230            5% 
 
Consumer goods:          1,415            2% 
 
Energy:                  1,725            3% 
 
Financials:              2,893            4% 
 
Sugar:                   1,738            3% 
 
Telecom:                 2,150            3% 
 
Electronics:             1,656            2% 
 
Personal/Self-Employed: 28,674           42% 
 
Others:                 10,437           15% 
 
Total:                  68,969          100% 
 
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The …