Financial Results for the Half Year Ended 30-06-23

United Bank Limited

19 July 2023

 

            Secretary's Department

             UBL/BOD-244/PSX/Results/23

             19 July 2023

The General Manager                  

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,                                                                                                                                                 

Karachi.

Dear Sir,

Financial Results for the Half Year Ended 30 June 2023

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 244^th meeting held on Wednesday, 19 July 2023 at Islamabad at 10:00 a.m. inter-alia approved the following:

(i)            Cash Dividend

An Interim Cash Dividend for the Half Year ended 30 June 2023 at Rs.11/- per share i.e.110%.

This is addition to interim Dividend already paid 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 Monday, 31 July 2023.                                                                                                                                     

The Share Transfer Books of UBL will remain closed from 01 August 2023 to 03 August 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, 31 July 2023 will be treated in time for the purpose of above entitlement to the transferees.

The accounts / report of the Bank for the Half Year ended 30 June 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 SIX MONTHS ENDED JUNE 30, 2023

		April - June 2023		April - June 2022		January - June 2023		January - June 2022
		------------------------------------------ (Rupees in '000) ------------------------------------------
Mark-up / return / interest earned		100,025,963		54,891,250		189,863,002		102,847,455
Mark-up / return / interest expensed		64,419,944		31,258,621		121,001,922		57,741,904
Net mark-up / interest income		35,606,019		23,632,629		68,861,080		45,105,551
Non mark-up / interest income
Fee and commission income		4,434,039		3,835,629		8,771,605		7,754,584
Dividend income		515,963		355,843		991,412		1,259,503
Foreign exchange income		2,560,949		3,332,194		6,907,546		4,614,918
(Loss) / income from derivatives		(161,010)		60,264		(139,516)		22,487
(Loss) / gain on securities - net		(4,286,964)		146,466		(4,926,858)		574,717
Other income		353,730		190,442		593,919		474,770
Total non mark-up / interest income		3,416,707		7,920,838		12,198,108		14,700,979
Total Income		39,022,726		31,553,467		81,059,188		59,806,530
Non mark-up / Interest expenses
Operating expenses		15,380,268		12,361,375		29,905,428		24,089,347
Workers' Welfare Fund		538,601		374,482		1,034,686		699,603
Other charges		2,544		10,334		4,065		15,962
Total non mark-up / interest expenses		15,921,413		12,746,191		30,944,179		24,804,912
Profit before provisions		23,101,313		18,807,276		50,115,009		35,001,618
(Reversal) / Provisions and write-offs - net		(3,077,760)		418,471		(463,169)		765,760
Profit before taxation		26,179,073		18,388,805		50,578,178		34,235,858
Taxation		13,762,654		16,054,639		24,259,019		22,373,985
Profit after taxation		12,416,419		2,334,166		26,319,159		11,861,873
		--------------------------------------------- (Rupees) ---------------------------------------------
Earnings per share - basic and diluted		10.14		1.91		21.50		9.69

ANNEXURE B

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

FOR THE SIX MONTHS ENDED JUNE 30, 2023

				April - June 2023		April - June 2022		January - June 2023		January - June 2022
				------------------------------ (Rupees in '000) ------------------------------
Mark-up / return / interest earned				103,252,140		56,515,764		195,820,296		105,847,586
Mark-up / return / interest expensed				65,864,810		31,888,669		123,485,537		58,857,098
Net mark-up / interest income				37,387,330		24,627,095		72,334,759		46,990,488
Non-mark-up / interest income
Fee and commission income				4,938,526		4,154,930		9,720,097		8,372,389
Dividend income				428,851		174,469		904,300		704,274
Foreign exchange income				2,617,020		3,386,444		7,055,660		4,729,777
(Loss) / income from derivatives				(171,577)		738,940		(209,183)		701,163
(Loss) / gain on securities - net				(4,281,584)		201,542		(4,918,716)		647,948
Other income				353,175		202,409		587,371		478,911
Total non-markup / interest income				3,884,411		8,858,734		13,139,529		15,634,462
Total income				41,271,741		33,485,829		85,474,288		62,624,950
Non-mark-up / interest expenses
Operating expenses				16,722,117		13,303,855		32,442,092		25,990,861
Workers' Welfare Fund				543,462		376,571		1,043,620		704,603
Other charges				2,544		10,334		4,065		15,962
Total non-mark-up / interest expenses				17,268,123		13,690,760		33,489,777		26,711,426
(Loss) / share of profit of associates				(216,156)		98,781		(374,401)		51,615
Profit before provisions				23,787,462		19,893,850		51,610,110		35,965,139
(Reversal) / provisions and write-offs - net				(3,125,434)		1,033,661		(410,829)		1,367,770
Profit before taxation from continuing operations				26,912,896		18,860,189		52,020,939		34,597,369
Taxation				13,861,523		16,079,594		24,498,838		22,444,112
Profit after taxation from continuing operations				13,051,373		2,780,595		27,522,101		12,153,257
Discontinued operations
Profit from discontinued operations - net of tax				-		23,616		-		45,788
Profit after taxation				13,051,373		2,804,211		27,522,101		12,199,045
Attributable to:
Equity holders of the Bank
from continuing operations				12,716,401		2,630,746		26,943,297		11,912,672
from discontinued operations				-		23,616		-		45,788
				12,716,401		2,654,362		26,943,297		11,958,460
Non-controlling interest				334,972		149,849		578,804		240,585
				13,051,373		2,804,211		27,522,101		12,199,045
				--------------------------------------- (Rupees) ---------------------------------------
Earnings per share for profit from continuing operations
attributable to the equity holders of the Bank
Basic and diluted				10.39		2.15		22.01		9.73
Earnings per share for profit attributable to the equity
holders of the Bank
Basic and diluted				10.39		2.17		22.01		9.77

 

END