Secretary's Department
UBL/BOD-251/PSX/Results/24
23 October 2024
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the Third Quarter Ended 30 September 2024
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 251st meeting held on Wednesday, 23 October 2024 at Islamabad at 10:00 a.m. inter-alia approved the following:
(i) Cash Dividend
An Interim Cash Dividend for the Third Quarter ended 30 September 2024 at Rs.11/- per share i.e.110% this is addition to interim Dividend already paid at Rs.22/- per share i.e. 220%
(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, 04 November 2024
The Share Transfer Books of UBL will remain closed from 05 November 2024 to 07 November 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 Monday, 04 November 2024 will be treated in time for the purpose of above entitlement to the transferees.
The accounts / report of the Bank for the Third Quarter ended 30 September 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 NINE MONTHS ENDED SEPTEMBER 30, 2024
| | | July - September 2024 |
| July - September 2023 |
| January - September 2024 |
| January - September 2023 |
|
| | | | | ||||
| | | ----------------------------- (Rupees in '000) ---------------------------------- | ||||||
| Mark-up / return / interest earned | | 310,741,852 | | 147,350,437 | | 825,895,798 | | 337,213,439 |
| Mark-up / return / interest expensed | | 259,148,402 | | 109,574,476 | | 720,664,403 | | 230,576,398 |
| Net mark-up / interest income | | 51,593,450 | | 37,775,961 | | 105,231,395 | | 106,637,041 |
| | | | | | | | | |
| Non mark-up / interest income |
| | | | | | | |
| Fee and commission income | | 5,844,125 | | 4,290,282 | | 15,893,508 | | 13,061,887 |
| Dividend income | | 266,556 | | 219,638 | | 1,189,692 | | 1,211,050 |
| Foreign exchange income | | 3,294,805 | | 2,228,965 | | 9,662,474 | | 9,136,511 |
| (Loss) / income from derivatives | | (16,176) | | 168,164 | | (41,021) | | 28,648 |
| Gain / (loss) on securities - net | | 5,930,797 | | 142,748 | | 24,074,130 | | (1,360,303) |
| Capital gain on derecognition of financial assets measured at amortised cost | | - | |
- | | 2,894,427 | |
- |
| Other income | | 7,260,557 | | 241,348 | | 7,618,066 | | 835,267 |
| Total non mark-up / interest income | | 22,580,664 | | 7,291,145 | | 61,291,276 | | 22,913,060 |
| Total Income |
| 74,174,114 | | 45,067,106 | | 166,522,671 | | 129,550,101 |
| | | | | | | | | |
| Non mark-up / Interest expenses |
| | | | | | | |
| Operating expenses | | 22,201,169 | | 17,057,279 | | 57,961,029 | | 46,962,707 |
| Workers' Welfare Fund | | 982,752 | | 515,376 | | 2,215,724 | | 1,550,062 |
| Other charges | | 155 | | 28,138 | | 32,966 | | 32,203 |
| Total non mark-up / interest expenses | | 23,184,076 | | 17,600,793 | | 60,209,719 | | 48,544,972 |
| | | | | | | | | |
| Profit before credit loss allowance | | 50,990,038 | | 27,466,313 | | 106,312,952 | | 81,005,129 |
|
Credit loss allowance / provisions / (reversals) and write-offs - net | | 893,529 | |
(1,006,165) | | (1,473,236) | |
1,954,473 |
| | | | | | | | | |
| Profit before taxation |
| 50,096,509 | | 28,472,478 | | 107,786,188 | | 79,050,656 |
| | | | | | | | | |
| Taxation | | 24,556,195 | | 13,926,053 | | 52,800,301 | | 38,185,072 |
| | | | | | | | | |
| Profit after taxation |
| 25,540,314 | | 14,546,425 | | 54,985,887 | | 40,865,584 |
| | | | | | | | | |
| | | ------------------------------------- (Rupees) --------------------------------------- | ||||||
|
| | | | | | | | |
| Earnings per share - basic and diluted |
| 20.86 | | 11.88 | | 44.92 | | 33.38 |
ANNEXURE B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
| | | |
| July - September 2024 |
| July - September 2023 |
| January - September 2024 |
| January - September 2023 |
| | | | | --------------------------------------- (Rupees in '000) ---------------------------------- | ||||||
| | | | | | | | | | | |
| Mark-up / return / interest earned | | 310,757,603 | | 151,129,050 | | 825,931,552 | | 346,949,346 | ||
| Mark-up / return / interest expensed | | 259,143,899 | | 111,569,381 | | 720,569,733 | | 235,054,918 | ||
| Net mark-up / interest income | | 51,613,704 | | 39,559,669 | | 105,361,819 | | 111,894,428 | ||
| | | | | | | | | | | |
| Non-mark-up / interest income | | | | | | | | | ||
| Fee and commission income | | 6,478,039 | | 4,892,214 | | 17,594,243 | | 14,612,311 | ||
| Dividend income | | 266,556 | | 216,177 | | 1,135,079 | | 1,120,477 | ||
| Foreign exchange income | | 3,438,925 | | 2,313,587 | | 9,866,476 | | 9,369,247 | ||
| (Loss) / income from derivatives | | (16,176) | | 165,972 | | (41,021) | | (43,211) | ||
| Gain / (loss) on securities - net | | 5,930,797 | | 283,567 | | 24,074,130 | | (1,211,342) | ||
| Capital gain on derecognition of financial assets measured at amortised cost | | - | | - | | 2,894,427 | | - | ||
| Other income | | 251,270 | | 239,313 | | 864,077 | | 1,039,073 | ||
| Total non-markup / interest income | | 16,349,411 | | 8,110,830 | | 56,387,411 | | 24,886,555 | ||
| Total income | | 67,963,115 | | 47,670,499 | | 161,749,230 | | 136,780,983 | ||
| | | | | | | | | | | |
| Non-mark-up / interest expenses | | | | | | | | | ||
| Operating expenses | | 23,024,463 | | 18,579,359 | | 59,576,656 | | 51,233,840 | ||
| Workers' Welfare Fund | | 993,613 | | 515,389 | | 2,246,109 | | 1,559,009 | ||
| Other charges | | 155 | | 28,138 | | 32,966 | | 32,203 | ||
| Total non-mark-up / interest expenses | | 24,018,231 | | 19,122,886 | | 61,855,731 | | 52,825,052 | ||
| | | | | | | | | | | |
| Share of profit / (loss) of associates | | 426,286 | | (446,558) | | 672,233 | | (820,959) | ||
| Profit before credit loss allowance from continuing operations | | 44,371,170 | | 28,101,055 | | 100,565,732 | | 83,134,972 | ||
| Credit loss allowance / provisions / (reversals) and write-offs - net | | 893,528 | | (992,501) | | (1,473,236) | | 2,020,477 | ||
| Profit before taxation from continuing operations | | 43,477,642 | | 29,093,556 | | 102,038,968 | | 81,114,495 | ||
| | | | | | | | | | | |
| Taxation | | | 24,747,107 | | 14,048,130 | | 53,249,350 | | 38,546,968 | |
| | | | | | | | | | | |
| Profit after taxation from continuing operations | | 18,730,535 | | 15,045,426 | | 48,789,618 | | 42,567,527 | ||
| | | | | | | | | | | |
| Discontinued operation | | | | | | | | | ||
| | | | | | | | | | | |
| (Loss) / gain from discontinued operation - net of tax | | (409,151) | | - | | 938,610 | | - | ||
| | | | | | | | | | | |
|
| | 18,321,384 | | 15,045,426 | | 49,728,228 | | 42,567,527 | ||
| | | | | | | | | | | |
| Attributable to: | | | | | | | | | ||
| Equity holders of the Bank | | | | | | | | | ||
| from continuing operations | | 18,728,087 | | 14,737,205 | | 48,780,590 | | 41,680,502 | ||
| from discontinued operations | | (409,151) | | - | | 332,118 | | - | ||
| | | | | 18,318,936 | | 14,737,205 | | 49,112,708 | | 41,680,502 |
| Non-controlling interest | | | | | | | | | ||
| from continuing operations | | 2,448 | | 308,221 | | 9,028 | | 887,025 | ||
| from discontinued operations | | - | | - | | 606,492 | | - | ||
| | | 2,448 | | 308,221 | | 615,520 | | 887,025 | ||
| | | | | | | | | | ||
| | | | | 18,321,384 | | 15,045,426 | | 49,728,228 | | 42,567,527 |
| | | | | | | | | | | |
| | | | | --------------------------------------- (Rupees) --------------------------------------- | ||||||
| Earnings per share for profit from continuing operations | | | | | | | | | ||
| attributable to the equity holders of the Bank | | | | | | | | | ||
| Basic and diluted | | 15.30 | | 12.04 | | 39.85 | | 34.05 | ||
| | | | | | | | | | | |
| Earnings per share for profit attributable to the equity | | | | | | | | | ||
| holders of the Bank | | | | | | | | | ||
| Basic and diluted | | 14.96 | | 12.04 | | 40.12 | | 34.05 | ||
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.