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 1stQuarter Ended 31 March 2024

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 249th 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 1st 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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