1st Quarter Results - United Bank Limited

United Bank Limited

17 April 2024

 

        Secretary's Department

        UBL/BOD-249/PSX/Results/24

        17 April 2024

The General Manager                   

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,                                                                                                                                                 

Karachi.

Dear Sir,

Financial Results for the 1^stQuarter Ended 31 March 2024

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 249^th meeting held on Wednesday, 17 April 2024 at Islamabad at 10:00 a.m. inter-alia approved the following:

(i)            Cash Dividend

An Interim Cash Dividend for the quarter ended 31 March 2024 at Rs.11/- per share i.e. 110%.

(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 Friday, 26 April 2024.                                                                                                                                        

The Share Transfer Books of UBL will remain closed from 29 April 2024 to 01 May 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, 26 April 2024 will be treated in time for the purpose of above entitlement to the transferees.

The accounts / report of the Bank for the 1^st Quarter ended 31 March 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 THREE MONTHS ENDED MARCH 31, 2024

	January -March 2024		January - March 2023
	---------- (Rupees in '000) ----------
Mark-up / return / interest earned	238,626,523		89,837,039
Mark-up / return / interest expensed	212,012,393		56,581,978
Net mark-up / interest income	26,614,130		33,255,061
Non-mark-up / interest income
Fee and commission income	5,269,354		4,337,566
Dividend income	473,165		475,449
Foreign exchange income	2,675,845		4,346,597
(Loss) / income from derivatives	(64,846)		21,494
Gain / (loss) on securities - net	12,808,746		(639,894)
Net loss on derecognition of financial assets measured at amortised cost	(947,561)		-
Other income	181,837		240,189
Total non-mark-up / interest income	20,396,540		8,781,401
Total income	47,010,670		42,036,462
Non-mark-up / interest expenses
Operating expenses	17,609,729		14,525,160
Workers' Welfare Fund	668,478		496,085
Other charges	866		1,521
Total non-mark-up / interest expenses	18,279,073		15,022,766
Profit before credit loss allowance	28,731,597		27,013,696
Credit loss allowance and write-offs - net	(1,719,712)		2,614,591
Profit before taxation	30,451,309		24,399,105
Taxation	14,862,852		10,496,365
Profit after taxation	15,588,457		13,902,740
	---------- (Rupees) ----------
Earnings per share - basic and diluted	12.73		11.36

Annexure B

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

FOR THE THREE MONTHS ENDED MARCH 31, 2024

	January -March 2024		January - March 2023
	---------- (Rupees in '000) ----------
Mark-up / return / interest earned	243,023,585		92,568,156
Mark-up / return / interest expensed	214,922,381		57,620,727
Net mark-up / interest income	28,101,204		34,947,429
Non-mark-up / interest income
Fee and commission income	5,937,228		4,781,571
Dividend income	473,165		475,449
Foreign exchange income	2,718,981		4,438,640
Loss from derivatives	(64,846)		(37,606)
Gain / (loss) on securities - net	12,828,808		(637,132)
Net loss on derecognition of financial assets measured at amortised cost	(947,561)		-
Other income	330,474		234,196
Total non-mark-up / interest income	21,276,249		9,255,118
Total income	49,377,453		44,202,547
Non-mark-up / interest expenses
Operating expenses	19,190,077		15,719,975
Workers' Welfare Fund	676,423		500,158
Other charges	866		1,521
Total non-mark-up / interest expenses	19,867,366		16,221,654
Share of loss of associates	(48,299)		(158,245)
Profit before credit loss allowance	29,461,788		27,822,648
Credit loss allowance and write-offs - net	(1,717,889)		2,714,605
Profit before taxation	31,179,677		25,108,043
Taxation	15,040,768		10,637,315
Profit after taxation	16,138,909		14,470,728
Attributable to:
Equity holders of the Bank	15,977,409		14,226,896
Non-controlling interest	161,500		243,832
	16,138,909		14,470,728
	---------- (Rupees) ----------
Earnings per share - basic and diluted	13.05		11.62

 

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