REG - United Bank Limited - Financial Results for the 4th Qtr of UBL

United BankAnnouncement

21/02/2024 11:30

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RNS Number : 9538D  United Bank Limited  21 February 2024

             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 248(th) 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 65(th) 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           45.05                                         25.74

 to the equity holders of the Bank

         Basic and diluted

 Earnings per share for profit attributable to the equity holders of the Bank    45.05                                         25.76

         Basic and diluted

 

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