REG - United Bank Limited - 1st Quarter Results
Secretary's Department
UBL/BOD-226/PSX/Results/20
22 April 2020
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the Quarter Ended 31 March 2020
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 226th meeting held on Wednesday, 22 April 2020 at 4:00pm inter-alia recommended the following:
(i) Cash Dividend
An Interim Cash Dividend for the quarter ended 31 March 2020 at Rs.2.50 per share i.e. 25%.
(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 Thursday, 14 May 2020.
Page 1 of 2
The Share Transfer Books of UBL will remain closed from 15 May 2020 to 22 May 2020 (both days inclusive). Transfers received at the office of our Share Registrar, M/s. THK Associates (Pvt.) Limited, 1st Floor, 40-C, Block-6, P.E.C.H.S, Karachi-75400 at the close of business on Thursday, 14 May 2020 will be treated in time for the purpose of above entitlement to the transferees.
The Quarterly Report of the Bank for the period ended 31 March 2020 will be transmitted through PUCARS separately, within stipulated time.
Yours faithfully,
-Sd-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
C.C. to:
1) Citibank N.A.1st Floor Custodian Department of UBL GDRs AWT Plaza I. I. Chundrigar Road Karachi.
2) London Stock Exchange.
3) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad.
Page 2 of 2
Annexure A
UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2020
January - March
2020
January - March
2019
-------------- (Rupees in '000) --------------
Mark-up / return / interest earned
43,380,353
31,400,113
Mark-up / return / interest expensed
26,037,828
16,741,531
Net mark-up / interest income
17,342,525
14,658,582
Non mark-up / interest income
Fee and commission income
2,986,449
3,612,868
Dividend income
393,897
226,422
Foreign exchange income
732,424
907,911
(Loss) / Income from derivatives
(11,274)
51,482
Gain on securities - net
342,219
5,098
Other income
222,154
170,643
Total non mark-up / interest income
4,665,869
4,974,424
Total income
22,008,394
19,633,006
Non mark-up / interest expenses
Operating expenses
9,473,593
8,950,871
Workers' Welfare Fund
218,300
181,489
Other charges
181,039
1,985
Total non mark-up / interest expenses
9,872,932
9,134,345
Profit before provisions
12,135,462
10,498,661
Provisions and write-offs - net
3,700,454
1,323,158
Extra ordinary / unusual item
-
-
Profit before taxation
8,435,008
9,175,503
Taxation
3,375,027
5,011,702
Profit after taxation
5,059,981
4,163,801
----------- (Rupees) -----------
Earnings per share - basic and diluted
4.13
3.40
Annexure B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2020
January - March
2020
January - March
2019
------ (Rupees in '000) ------
Mark-up / return / interest earned
44,374,183
32,137,781
Mark-up / return / interest expensed
26,584,742
17,170,616
Net mark-up / interest income
17,789,441
14,967,165
Non mark-up / interest income
Fee and commission income
3,461,309
4,131,123
Dividend income
177,699
226,422
Foreign exchange income
770,976
952,802
(Loss) / income from derivatives
(11,274)
51,482
Gain on securities - net
458,052
41,348
Other income
223,403
108,218
Total non mark-up / interest income
5,080,165
5,511,395
Total income
22,869,606
20,478,560
Non mark-up / interest expenses
Operating expenses
10,314,814
9,762,408
Workers' Welfare Fund
219,422
184,081
Other charges
181,039
1,985
Total non mark-up / interest expenses
10,715,275
9,948,474
Share of (loss) / profit of associates
(147,536)
243,571
Profit before provisions
12,006,795
10,773,657
Provisions and write-offs - net
3,701,317
883,020
Extra ordinary / unusual item
-
-
Profit before taxation from continuing operations
8,305,478
9,890,637
Taxation
3,400,320
5,052,344
Profit after taxation from continuing operations
4,905,158
4,838,293
Discontinued operation
Profit / (loss) from discontinued operation - net of tax
6,505
(785,740)
Profit after taxation
4,911,663
4,052,553
Attributable to:
Equity holders of the Bank
from continuing operations
4,871,117
4,828,562
from discontinued operation
6,505
(785,740)
4,877,622
4,042,822
Non-controlling interest
34,041
9,731
4,911,663
4,052,553
------------ (Rupees) ------------
Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the Bank
Basic and diluted
3.98
3.94
Earnings per share for profit attributable to the ordinary
equity holders of the Bank
Basic and diluted
3.98
3.30
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