Financial Results for the 4th Qtr of UBL

United Bank Limited

21 February 2024

 

             Secretary's Department

             UBL/BOD-248/PSX/Results/24

             21 February 2024

The General Manager                  

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,                                                                                                                                                 

Karachi.

Dear Sir,

Financial Results for the Year Ended 31 December 2023

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 248^th meeting held on Wednesday, 21 February 2024 at Islamabad at 10:00 a.m. inter-alia recommended the following:

(i)            Cash Dividend

A final Cash Dividend for the year 31 December 2023 at Rs.11/- per share i.e.110%. This is addition to interim Dividend already paid at Rs.33/- per share i.e. 330%

(ii)           Bonus Shares

--- NIL ---

(iii)          Right Shares

--- NIL ---

(iv)         Any Other Entitlement / Corporate Action

--- NIL ---

(v)          Any Other Price-Sensitive Information

The Board of Directors of United Bank Limited has approved an investment of Rs. 1 Billion in its wholly owned subsidiary UBL Currency Exchange (Private) Limited (UBLCEPL) to increase its paid up capital to Rs. 2 Billion, subject to all applicable corporate compliances and the regulatory approvals. This investment will help capitalize UBLCEPL for available expansion options and is expected to reap benefits for UBL in future.

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 Board has further decided that 65^th Annual General Meeting (AGM) of UBL will be held on Monday 09:30 a.m. 18 March 2024 at Islamabad.

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Friday, 08 March 2024.                                                                                                                                                                                                                                                                                                

The Share Transfer Books of UBL will remain closed from 11 March 2024 to 18 March 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 Friday, 08 March 2024 will be treated in time for the purpose of above entitlement to the transferees.

Annual Report of the Bank for the year ended 31 December 2023 will be transmitted through PUCARS at least 21 days before the date of Annual General Meeting.

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 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2023

	2023		2022
	---------- (Rupees in '000) ----------
Mark-up / return / interest earned	521,374,426		250,678,678
Mark-up / return / interest expensed	378,490,304		147,469,357
Net mark-up / interest income	142,884,122		103,209,321
Non-mark-up / interest income
Fee and commission income	17,526,982		15,871,191
Dividend income	1,715,063		2,093,393
Foreign exchange income	12,498,424		8,414,415
Gain from derivatives	6,772		48,147
(Loss) / gain on securities - net	(9,974,997)		466,415
Other income	1,096,504		7,549,010
Total non-mark-up / interest income	22,868,748		34,442,571
Total income	165,752,870		137,651,892
Non-mark-up / interest expenses
Operating expenses	64,305,675		52,284,342
Workers' Welfare Fund	2,131,149		1,339,336
Other charges	240,326		48,862
Total non-mark-up / interest expenses	66,677,150		53,672,540
Profit before provisions	99,075,720		83,979,352
(Reversals) / provisions and write-offs- net	(9,042,354)		15,669,346
Profit before taxation	108,118,074		68,310,006
Taxation	54,937,661		36,247,351
Profit after taxation	53,180,413		32,062,655
	---------- (Rupees) ----------
Earnings per share - basic and diluted	43.44		26.19

Annexure B

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2023

	2023		2022
	---------- (Rupees in '000) ----------
Mark-up / return / interest earned	535,211,524		257,829,501
Mark-up / return / interest expensed	386,236,455		150,086,273
Net mark-up / interest income	148,975,069		107,743,228
Non-mark-up / interest income
Fee and commission income	19,751,084		17,243,484
Dividend income	1,614,470		1,536,659
Foreign exchange income	12,715,845		8,595,998
(Loss) / gain on derivatives	(65,266)		963,928
(Loss) / gain on securities - net	(11,580,659)		560,588
Other income	1,523,109		8,103,725
Total non-mark-up / interest income	23,958,583		37,004,382
Total income	172,933,652		144,747,610
Non-mark-up / interest expenses
Operating expenses	70,093,696		56,661,960
Workers' Welfare Fund	2,158,813		1,352,568
Other charges	240,326		48,862
Total non-mark-up / interest expenses	72,492,835		58,063,390
Share of loss of associates	(989,536)		(650,058)
Profit before provisions	99,451,281		86,034,162
(Reversals) / Provisions and write offs - net	(11,133,284)		17,598,771
Profit before taxation from continuing operations	110,584,565		68,435,391
Taxation	54,113,644		36,374,642
Profit after taxation from continuing operations	56,470,921		32,060,749
Discontinued operations
Profit from discontinued operations - net of tax	-		20,949
	56,470,921		32,081,698
Attributable to:
Equity holders of the Bank
from continuing operations	55,145,075		31,514,545
from discontinued operations	-		20,949
	55,145,075		31,535,494
Non-controlling interest	1,325,846		546,204
	56,470,921		32,081,698
	---------- (Rupees) ----------
Earnings per share for profit from continuing operations attributable to the equity holders of the Bank         Basic and diluted	45.05		25.74
Earnings per share for profit attributable to the equity holders of the Bank          Basic and diluted	45.05		25.76

 

END