REG - United Bank Limited - 1st Quarter Results - United Bank Ltd.

United BankAnnouncement

28/04/2023 13:30

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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 1(st)Quarter Ended 31 March 2023

We have to inform you that the Board of Directors of United Bank Limited
("UBL") in their 243(rd) 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 1(st)Quarter 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                 January - March

                                         2023                           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                         January - March

                                                                                 2023                                   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           11.62                                  7.58

         to the equity holders of the Bank

         Basic and diluted

 Earnings per share for profit attributable to the equity holders of the Bank    11.62                                  7.60

         Basic and diluted

 

 

 

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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