3rd Quarter Results

United Bank Limited

25 October 2023

 

             Secretary's Department

             UBL/BOD-246/PSX/Results/23

             25 October 2023

The General Manager                  

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,                                                                                                                                                 

Karachi.

Dear Sir,

Financial Results for the 3^rd Quarter Ended 30 September 2023

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 246^th meeting held on Wednesday, 25 October 2023 at Islamabad at 10:00 a.m. inter-alia approved the following:

(i)            Cash Dividend

An Interim Cash Dividend for the 3^rd Quarter ended 30 September 2023 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, 06 November 2023                                                                                                                                         

The Share Transfer Books of UBL will remain closed from 07 November 2023 to 09 November 2023 (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, 06 November 2023 will be treated in time for the purpose of above entitlement to the transferees.

The accounts / report of the Bank for the 3^rd Quarter ended 30 September 2023 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, 2023

		July - September 2023		July - September 2022		January - September 2023		January - September 2022
		------------------------------------------ (Rupees in '000) ------------------------------------------
Mark-up / return / interest earned		147,350,437		73,458,895		337,213,439		176,306,350
Mark-up / return / interest expensed		109,574,476		45,790,734		230,576,398		103,532,638
Net mark-up / interest income		37,775,961		27,668,161		106,637,041		72,773,712
Non mark-up / interest income
Fee and commission income		4,290,282		3,937,453		13,061,887		11,692,037
Dividend income		219,638		214,056		1,211,050		1,473,559
Foreign exchange income		2,228,965		3,016,173		9,136,511		7,631,091
Income / (loss) from derivatives		168,164		(25,836)		28,648		(3,349)
(Loss) / gain on securities - net		(6,221,102)		92,241		(11,147,960)		666,958
Other income		241,348		184,052		835,267		658,822
Total non mark-up / interest income		927,295		7,418,139		13,125,403		22,119,118
Total Income		38,703,256		35,086,300		119,762,444		94,892,830
Non mark-up / Interest expenses
Operating expenses		17,057,279		13,683,016		46,962,707		37,772,363
Workers' Welfare Fund		515,376		333,706		1,550,062		1,033,309
Other charges		28,138		1,827		32,203		17,789
Total non mark-up / interest expenses		17,600,793		14,018,549		48,544,972		38,823,461
Profit before provisions		21,102,463		21,067,751		71,217,472		56,069,369
(Reversals) / Provisions and write-offs - net		(7,370,015)		4,650,557		(7,833,184)		5,416,317
Profit before taxation		28,472,478		16,417,194		79,050,656		50,653,052
Taxation		13,926,053		9,517,237		38,185,072		31,891,222
Profit after taxation		14,546,425		6,899,957		40,865,584		18,761,830
		--------------------------------------------- (Rupees) ---------------------------------------------
Earnings per share - basic and diluted		11.88		5.64		33.38		15.33

ANNEXURE B

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

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

				July - September 2023		July - September 2022		January - September 2023		January - September 2022
				------------------------------ (Rupees in '000) ------------------------------
Mark-up / return / interest earned				151,129,050		75,402,959		346,949,346		181,250,545
Mark-up / return / interest expensed				111,569,381		46,479,598		235,054,918		105,336,696
Net mark-up / interest income				39,559,669		28,923,361		111,894,428		75,913,849
Non-mark-up / interest income
Fee and commission income				4,892,214		4,285,794		14,612,311		12,658,183
Dividend income				216,177		214,057		1,120,477		918,331
Foreign exchange income				2,313,587		3,034,467		9,369,247		7,764,244
(Loss) / income from derivatives				165,972		258,263		(43,211)		959,426
(Loss) / gain on securities - net				(7,848,511)		109,483		(12,767,227)		757,431
Other income				239,313		279,791		826,684		758,702
Total non-markup / interest income				(21,248)		8,181,855		13,118,281		23,816,317
Total income				39,538,421		37,105,216		125,012,709		99,730,166
Non-mark-up / interest expenses
Operating expenses				18,579,359		14,436,639		51,021,451		40,427,500
Workers' Welfare Fund				515,389		338,190		1,559,009		1,042,793
Other charges				28,138		1,827		32,203		17,789
Total non-mark-up / interest expenses				19,122,886		14,776,656		52,612,663		41,488,082
Share of loss from associates				(446,558)		(678,902)		(820,959)		(627,287)
Profit before provisions				19,968,977		21,649,658		71,579,087		57,614,797
(Reversals) / provisions and write-offs - net				(9,124,579)		5,460,852		(9,535,408)		6,828,622
Profit before taxation from continuing operations				29,093,556		16,188,806		81,114,495		50,786,175
Taxation				14,048,130		9,596,211		38,546,968		32,040,323
Profit after taxation from continuing operations				15,045,426		6,592,595		42,567,527		18,745,852
Discontinued operations
Profit from discontinued operations - net of tax				-		1,082		-		46,870
Profit after taxation				15,045,426		6,593,677		42,567,527		18,792,722
Attributable to:
Equity holders of the Bank
from continuing operations				14,737,205		6,513,164		41,680,502		18,425,836
from discontinued operations				-		1,082		-		46,870
				14,737,205		6,514,246		41,680,502		18,472,706
Non-controlling interest				308,221		79,431		887,025		320,016
				15,045,426		6,593,677		42,567,527		18,792,722
				--------------------------------------- (Rupees) ---------------------------------------
Earnings per share for profit from continuing operations
attributable to the equity holders of the Bank
Basic and diluted				12.04		5.32		34.05		15.05
Earnings per share for profit attributable to the equity
holders of the Bank
Basic and diluted				12.04		5.32		34.05		15.09

 

END