3rd Quarter Results - United Bank Limited

United Bank Limited

23 October 2024

 

             Secretary's Department

             UBL/BOD-251/PSX/Results/24

             23 October 2024

The General Manager                  

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,                                                                                                                                                 

Karachi.

Dear Sir,

Financial Results for the Third Quarter Ended 30 September 2024

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 251^st meeting held on Wednesday, 23 October 2024 at Islamabad at 10:00 a.m. inter-alia approved the following:

(i)            Cash Dividend

An Interim Cash Dividend for the Third Quarter ended 30 September 2024 at Rs.11/- per share i.e.110% this is addition to interim Dividend already paid at Rs.22/- per share i.e. 220%

(ii)           Bonus Shares

--- NIL ---

(iii)          Right Shares

--- NIL ---

(iv)         Any Other Entitlement / Corporate Action

--- NIL ---

(v)          Any Other Price-Sensitive Information

--- NIL ---

The financial results of UBL are attached at Annexure "A" for Un-Consolidated Accounts and Annexure "B" for Consolidated Accounts of the said period.

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Monday, 04 November 2024                                                                                                                                         

The Share Transfer Books of UBL will remain closed from 05 November 2024 to 07 November 2024 (both days inclusive).  Transfers received at the office of our Share Registrar, M/s. THK Associates (Pvt.) Limited, Plot No. 32-C, Jami Commercial Street-2 D.H.A. Phase-VII Karachi-75400 at the close of business on Monday, 04 November 2024 will be treated in time for the purpose of above entitlement to the transferees.

The accounts / report of the Bank for the Third Quarter ended 30 September 2024 will be transmitted through PUCARS separately, within stipulated time.

Yours faithfully, 

        Sd/-

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

C.C. to:

1)    London Stock Exchange.

2)    The Commissioner, Enforcement & Monitoring Division, Securities and Exchange

Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad.

ANNEXURE - A

UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

		July - September 2024		July - September 2023		January - September 2024		January - September 2023
		----------------------------- (Rupees in '000) ----------------------------------
Mark-up / return / interest earned		310,741,852		147,350,437		825,895,798		337,213,439
Mark-up / return / interest expensed		259,148,402		109,574,476		720,664,403		230,576,398
Net mark-up / interest income		51,593,450		37,775,961		105,231,395		106,637,041
Non mark-up / interest income
Fee and commission income		5,844,125		4,290,282		15,893,508		13,061,887
Dividend income		266,556		219,638		1,189,692		1,211,050
Foreign exchange income		3,294,805		2,228,965		9,662,474		9,136,511
(Loss) / income from derivatives		(16,176)		168,164		(41,021)		28,648
Gain / (loss) on securities - net		5,930,797		142,748		24,074,130		(1,360,303)
Capital gain on derecognition of financial assets measured at amortised cost		-		-		2,894,427		-
Other income		7,260,557		241,348		7,618,066		835,267
Total non mark-up / interest income		22,580,664		7,291,145		61,291,276		22,913,060
Total Income		74,174,114		45,067,106		166,522,671		129,550,101
Non mark-up / Interest expenses
Operating expenses		22,201,169		17,057,279		57,961,029		46,962,707
Workers' Welfare Fund		982,752		515,376		2,215,724		1,550,062
Other charges		155		28,138		32,966		32,203
Total non mark-up / interest expenses		23,184,076		17,600,793		60,209,719		48,544,972
Profit before credit loss allowance		50,990,038		27,466,313		106,312,952		81,005,129
Credit loss allowance / provisions / (reversals) and        write-offs - net		893,529		(1,006,165)		(1,473,236)		1,954,473
Profit before taxation		50,096,509		28,472,478		107,786,188		79,050,656
Taxation		24,556,195		13,926,053		52,800,301		38,185,072
Profit after taxation		25,540,314		14,546,425		54,985,887		40,865,584
		------------------------------------- (Rupees) ---------------------------------------
Earnings per share - basic and diluted		20.86		11.88		44.92		33.38

ANNEXURE B

CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

				July - September 2024		July - September 2023		January - September 2024		January - September 2023
				--------------------------------------- (Rupees in '000) ----------------------------------
Mark-up / return / interest earned				310,757,603		151,129,050		825,931,552		346,949,346
Mark-up / return / interest expensed				259,143,899		111,569,381		720,569,733		235,054,918
Net mark-up / interest income				51,613,704		39,559,669		105,361,819		111,894,428
Non-mark-up / interest income
Fee and commission income				6,478,039		4,892,214		17,594,243		14,612,311
Dividend income				266,556		216,177		1,135,079		1,120,477
Foreign exchange income				3,438,925		2,313,587		9,866,476		9,369,247
(Loss) / income from derivatives				(16,176)		165,972		(41,021)		(43,211)
Gain / (loss) on securities - net				5,930,797		283,567		24,074,130		(1,211,342)
Capital gain on derecognition of financial assets measured at amortised cost				-		-		2,894,427		-
Other income				251,270		239,313		864,077		1,039,073
Total non-markup / interest income				16,349,411		8,110,830		56,387,411		24,886,555
Total income				67,963,115		47,670,499		161,749,230		136,780,983
Non-mark-up / interest expenses
Operating expenses				23,024,463		18,579,359		59,576,656		51,233,840
Workers' Welfare Fund				993,613		515,389		2,246,109		1,559,009
Other charges				155		28,138		32,966		32,203
Total non-mark-up / interest expenses				24,018,231		19,122,886		61,855,731		52,825,052
Share of profit / (loss) of associates				426,286		(446,558)		672,233		(820,959)
Profit before credit loss allowance from continuing operations				44,371,170		28,101,055		100,565,732		83,134,972
Credit loss allowance / provisions / (reversals) and write-offs - net				893,528		(992,501)		(1,473,236)		2,020,477
Profit before taxation from continuing operations				43,477,642		29,093,556		102,038,968		81,114,495
Taxation				24,747,107		14,048,130		53,249,350		38,546,968
Profit after taxation from continuing operations				18,730,535		15,045,426		48,789,618		42,567,527
Discontinued operation
(Loss) / gain from discontinued operation - net of tax				(409,151)		-		938,610		-
				18,321,384		15,045,426		49,728,228		42,567,527
Attributable to:
Equity holders of the Bank
from continuing operations				18,728,087		14,737,205		48,780,590		41,680,502
from discontinued operations				(409,151)		-		332,118		-
				18,318,936		14,737,205		49,112,708		41,680,502
Non-controlling interest
from continuing operations				2,448		308,221		9,028		887,025
from discontinued operations				-		-		606,492		-
				2,448		308,221		615,520		887,025
				18,321,384		15,045,426		49,728,228		42,567,527
				--------------------------------------- (Rupees) ---------------------------------------
Earnings per share for profit from continuing operations
attributable to the equity holders of the Bank
Basic and diluted				15.30		12.04		39.85		34.05
Earnings per share for profit attributable to the equity
holders of the Bank
Basic and diluted				14.96		12.04		40.12		34.05

 

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