RNS Number : 9181X
United Bank Limited
28 April 2023
 

        

       Secretary's Department

        UBL/BOD-243/PSX/Results/23

        28 April 2023

The General Manager                   

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,                                                                                                                                                 

Karachi.

 

Dear Sir,

Financial Results for the 1stQuarter Ended 31 March 2023

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 243rd meeting held on Friday, 28 April 2023 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 2023 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

In accordance with Sections 96 and 131 of the Securities Act, 2015 and Clauses 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited, we hereby convey the material information, contained in the disclosure form enclosed as Annexure "C" hereto.

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 Tuesday, 11 May 2023.                                                                                                                                      

 

The Share Transfer Books of UBL will remain closed from 12 May 2023 to 16 May 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 Tuesday, 11 May 2023 will be treated in time for the purpose of above entitlement to the transferees.

The accounts / report of the Bank for the 1stQuarter ended 31 March 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 THREE MONTHS ENDED MARCH 31, 2023

 

January -March

2023

 

January - March

2022

 

---------- (Rupees in '000) ----------

 

 




Mark-up / return / interest earned

89,837,039


47,956,205

Mark-up / return / interest expensed

56,581,978


26,483,283

Net mark-up / interest income

33,255,061


21,472,922





Non-mark-up / interest income

 



Fee and commission income

4,337,566


3,918,955

Dividend income

475,449


903,660

Foreign exchange income

4,346,597


1,282,724

Income / (loss) from derivatives

21,494


(37,777)

(Loss) / Gain on securities - net

(639,894)


428,251

Other income

240,189


284,328

Total non-mark-up / interest income

8,781,401


6,780,141

Total income

42,036,462


28,253,063





Non-mark-up / interest expenses

 



Operating expenses

14,525,160


11,727,972

Workers' Welfare Fund

496,085


325,121

Other charges

1,521


5,628

Total non-mark-up / interest expenses

15,022,766


12,058,721





Profit before provisions

27,013,696


16,194,342

Provisions and write-offs- net

2,614,591


347,289





Profit before taxation

24,399,105


15,847,053





Taxation

10,496,365


6,319,346





Profit after taxation

13,902,740


9,527,707






 

---------- (Rupees) ----------

 

 




Earnings per share - basic and diluted

11.36


7.78






 

Annexure B

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

FOR THE THREE MONTHS ENDED MARCH 31, 2023

 

 

January -March

2023

 

 

January - March

2022

 

                

---------- (Rupees in '000) ----------

 





 

Mark-up / return / interest earned

   92,568,156


   49,331,822

 

Mark-up / return / interest expensed

    57,620,727


     26,968,429 

 

Net mark-up / interest income

    34,947,429


     22,363,393  

 





 

Non-mark-up / interest income



 

 

Fee and commission income

    4,781,571


     4,217,459  

 

Dividend income

475,449 


       529,805  

 

Foreign exchange income

       4,438,640 


       1,343,333  

 

Loss from derivatives

           (37,606)


            (37,777) 

 

(Loss) / gain on securities - net

       (637,132) 


       446,406

 

Other income

       234,196 


276,502  

 

Total non-mark-up / interest income

     9,255,118 


     6,775,728  

 

Total income

    44,202,547 


     29,139,121  

 

 




 

Non-mark-up / interest expenses




 

Operating expenses

     15,719,975 


     12,687,006  

 

Workers' Welfare Fund

      500,158


        328,032  

 

Other charges

           1,521 


           5,628  

 

Total non-mark-up / interest expenses

     16,221,654 


     13,020,666  

 





 

Share of loss of associates

(158,245)


(47,166)

 

Profit before provisions

     27,822,648 


     16,071,289

 

Provisions and write-offs - net

     2,714,605 


     334,109  

 

Profit before taxation from continuing operations

     25,108,043 


     15,737,180   

 

 




 

Taxation

      10,637,315 


     6,364,518

 





 

Profit after taxation from continuing operations

     14,470,728 


     9,372,662  

 





 

Discontinued operations

 

 

 

 

 

 

 

 

 

Profit from discontinued operations - net of tax

-

 

22,172

 



 


 

Profit after taxation

14,470,728

 

9,394,834

 

 

Attributable to:


 


 

Equity holders of the Bank


 


 

      from continuing operations

14,226,896

 

9,281,926

 

      from discontinued operations

-

 

22,172

 


14,226,896

 

9,304,098

 

Non-controlling interest

243,832

 

90,736

 

 

14,470,728

 

9,394,834

 



 


 


---------- (Rupees) ----------

Earnings per share for profit from continuing operations attributable

        to the equity holders of the Bank

        Basic and diluted

11.62


7.58

 

 




 

Earnings per share for profit attributable to the equity holders of the Bank 

        Basic and diluted

11.62


7.60

 





 







 

 

 

Annexure C

 

 

April 28, 2023

 

Name of Company:

United Bank Limited

 

Date of Report:

April 28, 2023

 

Name of Company as specified in its Memorandum:

United Bank Limited

 

Company's registered office:

13th Floor, UBL Building, Jinnah Avenue, Blue Area, Islamabad, Pakistan.

 

Contact Information:

Aqeel Ahmed Nasir

Company Secretary & Chief Legal Counsel

United Bank Limited

Telephone Numbers: (021) 990332960 & (021) 32400419

 

Disclosure of inside information by listed company.

 

Public disclosure of inside information, which directly concerns the listed securities.

United Bank Limited is exploring a potential merger with Silkbank Limited and intends to seek permission of the State Bank of Pakistan to commence due diligence. The potential merger will remain subject to due diligence, internal and regulatory approvals and definitive documents. We will update the Pakistan Stock Exchange if there are any further material developments in this regard.

 

SIGNATURES

In case of company, pursuant to the requirements of the Securities Act, 2015 and the Rule Book of the Pakistan Stock Exchange, the company has duly caused this form / statement to be signed on its behalf by the undersigned hereunto duly authorized.

                  

                            Sd/-

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

Dated: April 28, 2023

 

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