Final Results

United Bank Limited

25 February 2026

 

Secretary's Department              UBL/BOD-259/PSX/Results/26              25 February 2026 The General Manager                   Pakistan Stock Exchange Limited Stock Exchange Building, Stock Exchange Road,                                                                                                                                                  Karachi. Dear Sir, FNANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025 We have to inform you that the Board of Directors of the Bank in their 259th meeting held on Wednesday, 25 February 2026 at Islamabad at 10:00 a.m. inter-alia recommended the following: (i)            Cash Dividend A Final Cash Dividend for the year ended 31 December 2025 at Rs.8/- per share i.e.160%. This is in addition to interim cash dividend already paid at Rs.27/- per share i.e.430% (ii)           Bonus Shares Nil (iii)          Right Shares Nil (iv)         Any Other Entitlement / Corporate Action: Nil (v)          Any Other Price-Sensitive Information: NIL Following Statements are attached as: Annexure-A (Unconsolidated) 1.    Standalone Statements of Financial Position 2.    Standalone Statements of Profit and Loss 3.    Standalone Statement of Changes in Equity 4.    Standalone Statements of Cash Flows Annexure-B (Consolidated) 1.    Consolidated Statements of Financial Position 2.    Consolidated Statements of Profit and Loss 3.    Consolidated Statement of Changes in Equity 4.    Consolidated Statements of Cash Flows The 67th Annual General Meeting of the Bank will be held on Thursday 09:30 a.m. 26 March 2026 at Islamabad. The Share Transfer Books of the Bank will be closed from 20 March 2026 to 26 March 2026 (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 Thursday, 19 March 2026 will be treated in time for the purpose of above entitlement to the transferees.      Annual Report of the Bank 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-1
UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2025
					2025		2024
					-------------- (Rupees in '000) -----------
ASSETS
Cash and balances with treasury banks					547,646,979		309,745,911
Balances with other banks					57,179,677		59,968,246
Lendings to financial institutions					31,574,547		18,492,483
Investments					9,951,054,650		5,886,894,503
Advances					1,369,366,395		1,443,481,944
Property and equipment					120,546,171		85,246,731
Right-of-use assets					36,198,112		9,896,084
Intangible assets					58,353,831		2,481,475
Deferred tax assets					-		-
Other assets					448,273,083		246,924,757
					12,620,193,445		8,063,132,134
LIABILITIES
Bills payable					58,631,844		44,221,818
Borrowings					6,530,014,720		4,855,373,516
Deposits and other accounts					5,168,424,418		2,640,211,489
Lease liabilities					38,873,814		12,008,797
Subordinated debt					10,000,000		10,000,000
Deferred tax liabilities					135,943,237		38,959,061
Other liabilities					179,573,846		146,135,202
					12,121,461,879		7,746,909,883
NET ASSETS					498,731,566		316,222,251
REPRESENTED BY:
Share capital					12,521,239		12,241,797
Reserves					138,517,698		114,734,831
Surplus on revaluation of assets - net					173,025,714		77,289,805
Unappropriated profit					174,666,915		111,955,818
					498,731,566		316,222,251
CONTINGENCIES AND COMMITMENTS

ANNEXURE - A-2

UNCONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2025

						2025			2024
						-------------- (Rupees in '000) -----------
Mark-up / return / interest earned						1,184,817,602			1,084,582,857
Mark-up / return / interest expensed						823,256,142			911,168,032
Net mark-up / interest income						361,561,460			173,414,825
Non mark-up / interest income
Fee and commission income						27,992,570			18,910,354
Dividend income						2,421,067			1,796,320
Foreign exchange income						17,188,012			12,221,392
(Loss) / Gain from derivatives						(523,962)			1,230,801
Gain on securities - net						9,879,011			42,592,701
Capital gain on derecognition of financial assets measured at amortised cost						-			2,894,427
Other income						1,042,039			7,848,128
Total non mark-up / interest income						57,998,737			87,494,123
Total Income						419,560,197			260,908,948
Non mark-up / Interest expenses
Operating expenses						130,188,815			94,784,859
Workers' Welfare Fund						5,652,021			3,105,396
Other charges						102,720			75,270
Total non mark-up / interest expenses						135,943,556			97,965,525
Profit before credit loss allowance						283,616,641			162,943,423
Credit loss allowance and write-offs - net						(4,653,428)			12,751,775
Profit before taxation						288,270,069			150,191,648
Taxation						160,261,222			69,664,114
Profit after taxation						128,008,847			80,527,534
						------------------- Rupees -------------------
Earnings per share - basic and diluted - Restated						51.33			32.89

ANNEXURE A-3 (1 of 2) UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025 Share capital Share Premium Capital Reserve - Exchange Translation Statutory reserve Surplus / (Deficit) on revaluation Unappropriated Profit Total Investments Property and Equipment Non-banking Assets                         ---------------------------------------------------------------- (Rupees in '000) ---------------------------------------------------------------- Balance as at January 01, 2024 - as restated 12,241,797 - 60,922,855 46,878,123 780,037 38,211,793 - 89,138,112 248,172,717 Total comprehensive income for the year ended December 31, 2024 Profit after taxation for the year ended December 31, 2024 - - - - - - - 80,527,534 80,527,534 Other comprehensive income - net of tax - - (1,118,901) - 38,006,924 319,239 1,146 4,177,500 41,385,908 Total comprehensive income for the year ended December 31, 2024 - - (1,118,901) - 38,006,924 319,239 1,146 84,705,034 121,913,442 Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax - - - - - - - - - Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax - - - - - (77,583) - 77,583 - Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax - - - - 48,249 - - (48,249) - Transfer to statutory reserve - - - 8,052,754 - - - (8,052,754) - Transactions with owners, recorded directly in equity Final cash dividend - December 31, 2023 declared subsequent to the year end at Rs. 11.0 per share - - - - - - - (13,465,977) (13,465,977) Interim cash dividend - March 31, 2024 declared at Rs. 11.0 per share - - - - - - - (13,465,977) (13,465,977) Interim cash dividend - June 30, 2024 declared at Rs. 11.0 per share - - - - - - - (13,465,977) (13,465,977) Interim cash dividend - September 30, 2024 declared at Rs. 11.0 per share - - - - - - - (13,465,977) (13,465,977) - - - - - - - (53,863,908) (53,863,908) Balance as at December 31, 2024 12,241,797 - 59,803,954 54,930,877 38,835,210 38,453,449 1,146 111,955,818 316,222,251 Continued on next page ANNEXURE A-3 (2 of 2) UNCONSOLIDATED STATEMENET OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025 Share capital Share Premium Capital Reserve - Exchange Translation Statutory reserve Surplus / (Deficit) on revaluation Unappropriated Profit Total Investments Property and Equipment Non-banking Assets                         ---------------------------------------------------------------- (Rupees in '000) ---------------------------------------------------------------- Fair Valuation of unlisted equity securities carried at FVOCI - - - - 1,355,745 - - - 1,355,745 Balance as at January 01, 2025 - as restated 12,241,797 - 59,803,954 54,930,877 40,190,955 38,453,449 1,146 111,955,818 317,577,996 Total comprehensive income for the year ended December 31, 2025 Profit after taxation for the year ended December 31, 2025 - - - - - - - 128,008,847 128,008,847 Other comprehensive income - net of tax - - 508,221 - 97,091,202 - - 12,099,401 109,698,824 Total comprehensive income for the year ended December 31, 2025 - - 508,221 - 97,091,202 - - 140,108,248 237,707,671 Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax - - - - - - - - - Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax - - - - - (71,714) - 71,714 - Transfer of net gain on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax - - - - (2,639,324) - - 2,639,324 - Transfer to statutory reserve - - - 12,800,885 - - - (12,800,885) - Shares issued under amalgamation 279,442 10,473,761 - - - - - - 10,753,203 Transactions with owners, recorded directly in equity Final cash dividend - December 31, 2024 declared subsequent to the year end at Rs. 11.0 per share - - - - - - - (13,465,977) (13,465,977) Interim cash dividend - March 31, 2025 declared at Rs. 11.0 per share - - - - - - - (13,773,363) (13,773,363) Interim cash dividend - June 30, 2025 declared at Rs. 8.0 per share - - - - - - - (20,033,982) (20,033,982) Interim cash dividend - September 30, 2025 declared at Rs. 8.0 per share - - - - - - - (20,033,982) (20,033,982) - - - - - - - (67,307,304) (67,307,304) Balance as at December 31, 2025 12,521,239 10,473,761 60,312,175 67,731,762 134,642,833 38,381,735 1,146 174,666,915 498,731,566

ANNEXURE A-4 (1 of 2)
UNCONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2025
	2025		2024
	-------------- (Rupees in '000) --------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation	288,270,069		150,191,648
Less: Dividend income	(2,421,067)		(1,796,320)
	285,849,002		148,395,328
Adjustments:
Depreciation on property and equipment	9,592,956		5,783,338
Depreciation on right-of-use assets	4,386,127		2,423,781
Depreciation on non-banking assets acquired in satisfaction of claims	13,396		3,226
Depreciation on Islamic financing against leased assets (Ijarah)	172,811		79,527
Amortisation	5,917,680		1,007,926
Workers' Welfare Fund - charge	5,652,021		3,105,396
Provision for retirement benefits	-		71,967
Provision for compensated absences	334,824		-
Credit loss allowance against loans and advances - net	(4,201,672)		11,253,648
Credit loss allowance against off - balance sheet obligations - net	176,963		1,303,408
Credit loss allowance for diminution in value of investments - net	(366,406)		(273,241)
Interest expense on lease liability against right-of-use assets	3,607,665		1,469,697
Gain on sale of property and equipment - net	(156,735)		(232,084)
Loss / (gain) on sale of Ijarah assets - net	234		(1,016)
Gain on sale of subsidiary	-		(7,083,501)
Bad debts written-off directly	107,914		54,951
Unrealised gain on revaluation of investments classified as FVTPL	(250,256)		(35,068)
Credit loss allowance against other assets	85,972		476,252
Other credit loss allowance / write-offs	12,107		160,014
	25,085,601		19,568,221
	310,934,603		167,963,549
(Increase) / decrease in operating assets
Lendings to financial institutions	(13,082,064)		15,955,369
Securities classified as FVTPL	(42,575,793)		55,025,621
Advances	78,025,851		(841,322,872)
Other assets (excluding advance taxation)	(164,479,545)		(79,549,100)
	(142,111,551)		(849,890,982)
Increase / (decrease) in operating liabilities
Bills payable	14,410,026		22,570,034
Borrowings	1,674,641,204		2,039,902,962
Deposits and other accounts	2,528,212,929		289,670,666
Other liabilities	27,121,719		26,869,487
	4,244,385,878		2,379,013,149
	4,413,208,930		1,697,085,716
Receipts / (payments) on account of staff retirement benefits	(1,301,171)		505,144
Workers' Welfare Fund refund	37,126		667,943
Income taxes paid	(138,080,539)		(82,684,275)
Net cash flow (used in) / generated from operating activities	4,273,864,346		1,615,574,528
	Continued on next page
ANNEXURE A-4 (2 of 2)
UNCONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2025	2025		2024
	-------------- (Rupees in '000) --------------
CASH FLOW FROM INVESTING ACTIVITIES
Net investments in securities classified as FVOCI	(3,465,161,606)		(1,521,630,707)
Net investments in amortized cost securities	(362,629,183)		40,239,286
Net investments in associates	(9,910)		-
Net investments in subsidiaries	-		1,855,223
Cash acquired through business combination	15,198,229		-
Investment in property and equipment, right of use assets and intangible assets	(152,963,666)		(27,037,686)
Investment in non banking assets	(76,222)		-
Dividend income received	2,394,310		1,796,320
Proceeds realised on sale of subsidiary	-		9,053,274
Sale proceeds from disposal of property and equipment and intangible assets	358,922		259,438
Sale proceeds from sale of Ijarah assets	10,411		19,344
Effect of translation of net investment in foreign branches	508,221		(1,118,901)
Net cash flow used in investing activities	(3,962,370,494)		(1,496,564,409)
CASH FLOW FROM FINANCING ACTIVITIES
Payment of lease liability against right-of-use assets	(7,297,972)		(3,501,422)
Payment of sub ordinated debt	(1,998,400)		-
Dividend paid	(67,084,981)		(53,825,508)
Net cash flow used in financing activities	(76,381,353)		(57,326,930)
Increase / (decrease) in cash and cash equivalents	235,112,499		61,683,189
Cash and cash equivalents at the beginning of the year	368,320,156		309,603,472
Effect of exchange rate changes on cash and cash equivalents	1,394,001		(1,572,504)
	369,714,157		308,030,968
Cash and cash equivalents at the end of the year	604,826,656		369,714,157

ANNEXURE B-1

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT DECEMBER 31, 2025

	2025		2024
	----------------- (Rupees in '000) -----------------
ASSETS
Cash and balances with treasury banks	548,709,327		310,836,376
Balances with other banks	57,279,049		59,968,246
Lendings to financial institutions	31,574,547		18,492,483
Investments	9,956,066,916		5,889,765,841
Advances	1,369,366,395		1,443,481,944
Property and equipment	120,927,227		85,591,999
Right-of-use assets	36,813,438		10,231,121
Intangible assets	58,690,656		2,792,016
Deferred tax assets	-		-
Other assets	449,087,109		247,937,251
	12,628,514,664		8,069,097,277
LIABILITIES
Bills payable	58,631,844		44,221,818
Borrowings	6,530,014,720		4,855,373,516
Deposits and other accounts	5,168,089,899		2,639,875,985
Lease liabilities	39,520,412		12,381,018
Subordinated debt	10,000,000		10,000,000
Deferred tax liabilities	136,299,736		39,311,263
Other liabilities	180,666,240		147,125,664
	12,123,222,851		7,748,289,264
NET ASSETS	505,291,813		320,808,013
REPRESENTED BY:
Share capital	12,521,239		12,241,797
Reserves	138,517,698		114,734,831
Surplus on revaluation of assets - net	173,003,893		77,309,424
Unappropriated profit	181,178,532		116,472,051
Total equity attributable to the equity holders of the Bank	505,221,362		320,758,103
Non-controlling interest	70,451		49,910
	505,291,813		320,808,013
CONTINGENCIES AND COMMITMENTS

ANNEXURE B-2

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2025

									2025		2024
									-------- (Rupees in '000) --------
Mark-up / return / interest earned									1,184,861,499		1,084,641,497
Mark-up / return / interest expensed									823,309,408		911,093,616
Net mark-up / interest income									361,552,091		173,547,881
Non-mark-up / interest income
Fee and commission income									32,044,235		21,535,329
Dividend income									2,340,252		1,741,707
Foreign exchange income									17,978,624		12,559,992
(Loss) / gain from derivatives									(523,962)		1,230,801
Gain on securities - net									9,878,973		42,592,701
Capital gain on derecognition of financial assets measured at amortised cost									-		2,894,427
Other income									986,246		1,139,575
Total non-markup / interest income									62,704,368		83,694,532
Total income									424,256,459		257,242,413
Non-mark-up / interest expenses
Operating expenses									132,959,781		97,104,258
Workers' Welfare Fund									5,703,814		3,145,755
Other charges									104,598		75,270
Total non-mark-up / interest expenses									138,768,193		100,325,283
Share of profit of associates									965,823		895,183
Profit before credit loss allowance									286,454,089		157,812,313
Credit loss allowance and write-offs - net									(4,653,428)		12,775,474
Profit before taxation from continuing operations									291,107,517		145,036,839
Taxation									161,087,143		70,198,005
Profit after taxation from continuing operations									130,020,374		74,838,834
Discontinued operation
Profit from discontinued operations - net of tax									-		938,610
									130,020,374		75,777,444
Attributable to:
Equity holders of the Bank
from continuing operations									129,999,883		74,823,735
from discontinued operation									-		332,118
									129,999,883		75,155,853
Non-controlling interest
from continuing operations									20,491		15,099
from discontinued operation									-		606,492
									20,491		621,591
									130,020,374		75,777,444
									----------------- (Rupees) -----------------
Earnings per share for profit from continuing operations
attributable to the equity holders of the Bank - Restated
Basic and diluted									52.13		30.56
Earnings per share for profit attributable to the equity
holders of the Bank - Restated
Basic and diluted									52.13		30.70

ANNEXURE B-3 (1 of 2)

CONSOLIDATED STATEMENET OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2025

	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Surplus / (Deficit) on revaluation			Unappropriated Profit	Sub total	Non-controlling interest	Total
					Investments	Property and Equipment	Non-banking Assets
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Balance as at January 01, 2024 - Restated	12,241,797	-	46,878,123	69,893,293	(192,993)	41,795,310	-	96,024,872	266,640,402	14,904,379	281,544,781
Total comprehensive income for the year ended December 31, 2024
Profit after taxation for the year ended December 31, 2024	-	-	-	-	-	-	-	75,155,853	75,155,853	621,591	75,777,444
Other comprehensive income - net of tax	-	-	-	(10,089,339)	38,463,839	252,545	1,146	4,197,565	32,825,756	114,056	32,939,812
Total comprehensive income for the year ended December 31, 2024	-	-	-	(10,089,339)	38,463,839	252,545	1,146	79,353,418	107,981,609	735,647	108,717,256
Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax	-	-	-	-	-	(22,930)	-	22,930	-	-	-
Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(78,513)	-	78,513	-	-	-
Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	48,249	-	-	(48,249)	-	-	-
Transfer to statutory reserve	-	-	8,052,754	-	-	-	-	(8,052,754)	-	-	-
Derecognition of subsidiary	-	-	-	-	535,734	(3,492,963)	-	2,957,229	-	(15,590,116)	(15,590,116)
Transactions with owners for the year ended December 31, 2024, recorded directly in equity
Final cash dividend - December 31, 2023 declared subsequent to the year end at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
Interim cash dividend - March 31, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
Interim cash dividend - June 30, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
Interim cash dividend - September 30, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
	-	-	-	-	-	-	-	(53,863,908)	(53,863,908)	-	(53,863,908)
Balance as at December 31, 2024	12,241,797	-	54,930,877	59,803,954	38,854,829	38,453,449	1,146	116,472,051	320,758,103	49,910	320,808,013
Fair valuation of unlisted equity securities carried at FVOCI	-	-	-	-	1,355,745	-	-	-	1,355,745	-	1,355,745
Balance as at January 01, 2025 - as restated	12,241,797	-	54,930,877	59,803,954	40,210,574	38,453,449	1,146	116,472,051	322,113,848	49,910	322,163,758
Total comprehensive income for the year ended December 31, 2025
Profit after taxation for the year ended December 31, 2025	-	-	-	-	-	-	-	129,999,883	129,999,883	20,491	130,020,374
Other comprehensive income - net of tax	-	-	-	508,221	97,049,762	-	-	12,103,749	109,661,732	50	109,661,782
Total comprehensive income for the year ended December 31, 2025	-	-	-	508,221	97,049,762	-	-	142,103,632	239,661,615	20,541	239,682,156
						Continued on next page

ANNEXURE B-3 (2 of 2)

CONSOLIDATED STATEMENET OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Surplus / (Deficit) on revaluation			Unappropriated Profit	Sub total	Non-controlling interest	Total
					Investments	Property and Equipment	Non-banking Assets
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(71,714)	-	71,714	-	-	-
Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	(2,639,324)	-	-	2,639,324	-	-	-
Transfer to statutory reserve	-	-	12,800,885	-	-	-	-	(12,800,885)	-	-	-
Shares issued under amalgamation	279,442	10,473,761	-	-	-	-	-	-	10,753,203	-	10,753,203
Transactions with owners, recorded directly in equity
Final cash dividend - December 31, 2024 declared subsequent to the year end at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
Interim cash dividend - March 31, 2025 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,773,363)	(13,773,363)	-	(13,773,363)
Interim cash dividend - June 30, 2025 declared at Rs. 8.0 per share	-	-	-	-	-	-	-	(20,033,982)	(20,033,982)	-	(20,033,982)
Interim cash dividend - September 30, 2025 declared at Rs. 8.0 per share	-	-	-	-	-	-	-	(20,033,982)	(20,033,982)	-	(20,033,982)
	-	-	-	-	-	-	-	(67,307,304)	(67,307,304)	-	(67,307,304)
Balance as at December 31, 2025	12,521,239	10,473,761	67,731,762	60,312,175	134,621,012	38,381,735	1,146	181,178,532	505,221,362	70,451	505,291,813

ANNEXURE B-4 (1 of 2)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2025

	2025		2024
	--------- (Rupees in '000) ---------
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation including discontinued operations	291,107,517		145,036,839
Less: Dividend income	(2,340,252)		(1,741,707)
Less: Share of profit of associates	(965,823)		(895,183)
	287,801,442		142,399,949
Adjustments:
Depreciation on property and equipment	9,694,788		5,849,218
Depreciation on right-of-use assets	4,465,536		2,520,644
Depreciation on non-banking assets acquired in satisfaction of claims	13,396		3,226
Depreciation on Islamic financing against leased assets (Ijarah)	172,811		79,527
Amortisation	5,934,281		1,022,553
Workers' Welfare Fund - charge	5,703,814		3,145,755
Provision for retirement benefits	21,083		91,706
Provision for compensated absences	334,824		-
Credit loss allowance against loans and advances - net	(4,201,672)		11,253,648
Credit loss allowance against off - balance sheet obligations - net	176,963		1,303,408
Credit loss allowance for diminution in value of investments - net	(366,406)		(15,723,998)
Interest expense on lease liability against right-of-use assets	3,680,910		1,504,645
Gain on sale of operating property and equipment - net	(156,801)		(234,287)
Transfer of exchange translation reserve to profit and loss on derecognition of subsidiary	-		(8,706,711)
Gain on sale of Ijarah assets - net	234		(1,016)
Bad debts written off directly	107,914		54,951
Unrealised gain on revaluation of investments classified as FVPL	(250,256)		(35,068)
Credit loss allowance against other assets	85,972		476,252
Other provisions / write-offs	12,107		160,014
	25,429,498		2,764,467
	313,230,940		145,164,416
(Increase) / decrease in operating assets
Lendings to financial institutions	(13,082,064)		20,823,787
Securities classified as FVTPL	(42,575,793)		55,025,621
Advances	78,025,851		(582,847,466)
Other assets (excluding advance taxation)	(164,125,439)		(79,237,101)
	(141,757,445)		(586,235,159)
Increase / (decrease) in operating liabilities
Bills payable	14,410,026		22,487,287
Borrowings	1,674,641,204		2,031,485,602
Deposits and other accounts	2,528,213,914		5,159,883
Other liabilities	27,673,094		27,144,404
	4,244,938,238		2,086,277,176
	4,416,411,733		1,645,206,433
Payments on account of staff retirement benefits	(1,168,832)		(5,669,400)
Workers' Welfare Fund refund	33,291		667,943
Income taxes paid	(139,002,133)		(84,229,275)
Net cash flow generated from / (used in) operating activities	4,276,274,059		1,555,975,701

Continued on next page

ANNEXURE B-4 (2 of 2)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2025

	2025		2024
	----------------- (Rupees in '000) -----------------
CASH FLOW FROM INVESTING ACTIVITIES
Net investments in securities classified as FVOCI	(3,465,426,978)		(1,453,132,892)
Net investments in amortized cost securities	(362,629,183)		40,239,285
Net investments in associates	(1,184,206)		(811,921)
Cash acquired through business combination	15,198,229		-
Investment in property and equipment and intangible assets	(153,631,779)		(16,615,615)
Investment in non banking assets	(76,222)		-
Dividend income received	2,313,495		1,741,707
Sale proceeds from disposal of property and equipment and intangible assets	363,935		358,842
Sale proceeds from sale of Ijarah assets	10,411		19,344
Effect of translation of net investment in overseas branches and subsidiaries	508,221		(10,307,279)
Net cash flow used in investing activities	(3,964,554,077)		(1,438,508,529)
CASH FLOW FROM FINANCING ACTIVITIES
Payment of lease liability against right-of-use assets	(7,452,847)		(3,623,173)
Payment of subordinated debt	(1,998,400)		-
Dividend paid	(67,084,981)		(53,825,508)
Net cash flow used in financing activities	(76,536,228)		(57,448,681)
Increase in cash and cash equivalents	235,183,754		60,018,491
Cash and cash equivalents at the beginning of the year	369,404,910		312,451,157
Effect of exchange rate changes on cash and cash equivalents	1,399,712		(1,665,026)
	370,804,622		310,786,131
Cash and cash equivalents at the end of the year	605,988,376		370,804,622

 

END