Secretary's Department
UBL/BOD-248/PSX/Results/24
21 February 2024
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the Year Ended 31 December 2023
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 248th meeting held on Wednesday, 21 February 2024 at Islamabad at 10:00 a.m. inter-alia recommended the following:
(i) Cash Dividend
A final Cash Dividend for the year 31 December 2023 at Rs.11/- per share i.e.110%. This is addition to interim Dividend already paid at Rs.33/- per share i.e. 330%
(ii) Bonus Shares
--- NIL ---
(iii) Right Shares
--- NIL ---
(iv) Any Other Entitlement / Corporate Action
--- NIL ---
(v) Any Other Price-Sensitive Information
The Board of Directors of United Bank Limited has approved an investment of Rs. 1 Billion in its wholly owned subsidiary UBL Currency Exchange (Private) Limited (UBLCEPL) to increase its paid up capital to Rs. 2 Billion, subject to all applicable corporate compliances and the regulatory approvals. This investment will help capitalize UBLCEPL for available expansion options and is expected to reap benefits for UBL in future.
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 Board has further decided that 65th Annual General Meeting (AGM) of UBL will be held on Monday 09:30 a.m. 18 March 2024 at Islamabad.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Friday, 08 March 2024.
The Share Transfer Books of UBL will remain closed from 11 March 2024 to 18 March 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, 08 March 2024 will be treated in time for the purpose of above entitlement to the transferees.
Annual Report of the Bank for the year ended 31 December 2023 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
UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2023
|
| 2023 |
| 2022 |
|
| ---------- (Rupees in '000) ---------- | ||
|
| | | |
| Mark-up / return / interest earned | 521,374,426 | | 250,678,678 |
| Mark-up / return / interest expensed | 378,490,304 | | 147,469,357 |
| Net mark-up / interest income | 142,884,122 | | 103,209,321 |
| | | | |
| Non-mark-up / interest income |
| | |
| Fee and commission income | 17,526,982 | | 15,871,191 |
| Dividend income | 1,715,063 | | 2,093,393 |
| Foreign exchange income | 12,498,424 | | 8,414,415 |
| Gain from derivatives | 6,772 | | 48,147 |
| (Loss) / gain on securities - net | (9,974,997) | | 466,415 |
| Other income | 1,096,504 | | 7,549,010 |
| Total non-mark-up / interest income | 22,868,748 | | 34,442,571 |
| Total income | 165,752,870 | | 137,651,892 |
| | | | |
| Non-mark-up / interest expenses |
| | |
| Operating expenses | 64,305,675 | | 52,284,342 |
| Workers' Welfare Fund | 2,131,149 | | 1,339,336 |
| Other charges | 240,326 | | 48,862 |
| Total non-mark-up / interest expenses | 66,677,150 | | 53,672,540 |
| | | | |
| Profit before provisions | 99,075,720 | | 83,979,352 |
| (Reversals) / provisions and write-offs- net | (9,042,354) | | 15,669,346 |
| | | | |
| Profit before taxation | 108,118,074 | | 68,310,006 |
| | | | |
| Taxation | 54,937,661 | | 36,247,351 |
| | | | |
| Profit after taxation | 53,180,413 | | 32,062,655 |
| | | | |
| |
---------- (Rupees) ---------- | ||
|
| | | |
| Earnings per share - basic and diluted | 43.44 | | 26.19 |
Annexure B
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2023
|
|
2023 |
|
2022 |
|
|
| ---------- (Rupees in '000) ---------- |
| ||
| | | | |
|
| Mark-up / return / interest earned | 535,211,524 | | 257,829,501 |
|
| Mark-up / return / interest expensed | 386,236,455 | | 150,086,273 |
|
| Net mark-up / interest income | 148,975,069 | | 107,743,228 |
|
| | | | |
|
| Non-mark-up / interest income | | |
|
|
| Fee and commission income | 19,751,084 | | 17,243,484 |
|
| Dividend income | 1,614,470 | | 1,536,659 |
|
| Foreign exchange income | 12,715,845 | | 8,595,998 |
|
| (Loss) / gain on derivatives | (65,266) | | 963,928 |
|
| (Loss) / gain on securities - net | (11,580,659) | | 560,588 |
|
| Other income | 1,523,109 | | 8,103,725 |
|
| Total non-mark-up / interest income | 23,958,583 | | 37,004,382 |
|
| Total income | 172,933,652 | | 144,747,610 |
|
|
| | | |
|
| Non-mark-up / interest expenses | | | |
|
| Operating expenses | 70,093,696 | | 56,661,960 |
|
| Workers' Welfare Fund | 2,158,813 | | 1,352,568 |
|
| Other charges | 240,326 | | 48,862 |
|
| Total non-mark-up / interest expenses | 72,492,835 | | 58,063,390 |
|
| | | | |
|
| Share of loss of associates | (989,536) | | (650,058) |
|
| Profit before provisions | 99,451,281 | | 86,034,162 |
|
| (Reversals) / Provisions and write offs - net | (11,133,284) | | 17,598,771 |
|
| Profit before taxation from continuing operations | 110,584,565 | | 68,435,391 |
|
|
| | | |
|
| Taxation | 54,113,644 | | 36,374,642 |
|
| | | | |
|
| Profit after taxation from continuing operations | 56,470,921 | | 32,060,749 |
|
|
| | | |
|
| Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| Profit from discontinued operations - net of tax | - |
| 20,949 |
|
| | |
| |
|
| | 56,470,921 |
| 32,081,698 |
|
| Attributable to: | |
| |
|
| Equity holders of the Bank | |
| |
|
| from continuing operations | 55,145,075 |
| 31,514,545 |
|
| from discontinued operations | - |
| 20,949 |
|
| | 55,145,075 |
| 31,535,494 |
|
| Non-controlling interest | 1,325,846 |
| 546,204 |
|
|
| 56,470,921 |
| 32,081,698 |
|
| | |
| |
|
| | ---------- (Rupees) ---------- | |||
| Earnings per share for profit from continuing operations attributable to the equity holders of the Bank Basic and diluted | 45.05 | | 25.74 |
|
|
| | | |
|
| Earnings per share for profit attributable to the equity holders of the Bank Basic and diluted | 45.05 | | 25.76 |
|
| | | | |
|
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