REG - United Bank Limited - 3rd Quarter Results
Secretary's Department
UBL/BOD-229/PSX/Results/20
23 October 2020
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the Nine Months Ended 30 September 2020
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 229th meeting held on Friday, 23 October 2020 at 02:00pm inter-alia recommended the following:
(i) Cash Dividend
No dividend has been announced for the Third quarter ended September 30, 2020 in compliance of State Bank of Pakistan letter no. BPRD/BA&CPD/006315-2/20 dated 22 April 2020.
The first Interim Cash Dividend(s) had already been paid at Rs.2.50 per share i.e. 25% for the quarter ended March 31, 2020.
(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.
Book Closure:
Not Applicable.
The accounts/report of the Bank for the 3rd Quarter, ended 30 September 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., Karachi Branch, Custodian of UBL GDRs;
2) London Stock Exchange;
3) 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, 2020
July - September 2020
July - September 2019
January - September 2020
January - September 2019
-------------- (Rupees in '000) --------------
Mark-up / return / interest earned
34,570,719
45,582,208
120,915,352
112,146,989
Mark-up / return / interest expensed
15,479,419
30,157,281
62,703,242
66,799,278
Net mark-up / interest income
19,091,300
15,424,927
58,212,110
45,347,711
Non mark-up / interest income
Fee and commission income
2,664,110
3,491,060
7,816,466
10,567,323
Dividend income
112,680
144,874
906,008
918,799
Foreign exchange income
1,211,353
1,149,745
2,943,970
3,374,623
(Loss) / Income from derivatives
(148,696)
(35,128)
(162,204)
50,298
Gain on securities - net
112,555
188,623
788,892
390,361
Other income
152,120
137,739
737,450
1,919,380
Total non mark-up / interest income
4,104,122
5,076,913
13,030,582
17,220,784
Total Income
23,195,422
20,501,840
71,242,692
62,568,495
Non mark-up / Interest expenses
Operating expenses
9,887,339
10,031,237
29,048,422
29,243,956
Workers' Welfare Fund
200,734
174,652
700,009
527,757
Other charges - net
7,995
727
160,328
2,945
Total non mark-up / interest expenses
10,096,068
10,206,616
29,908,759
29,774,658
Profit before provisions
13,099,354
10,295,224
41,333,933
32,793,837
Provisions and write-offs - net
5,456,793
1,993,748
14,886,614
6,487,773
PROFIT BEFORE TAXATION
7,642,561
8,301,476
26,447,319
26,306,064
Taxation
2,973,997
3,440,919
10,377,977
11,902,730
PROFIT AFTER TAXATION
4,668,564
4,860,557
16,069,342
14,403,334
----------- (Rupees) -----------
Earnings per share - basic and diluted
3.81
3.97
13.13
11.77
ANNEXURE B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020
July - September 2020
July - September 2019
January - September 2020
January - September 2019
------ (Rupees in '000) ------
Mark-up / return / interest earned
35,593,765
46,381,062
123,933,330
114,622,747
Mark-up / return / interest expensed
15,937,892
30,509,464
64,208,325
68,165,602
Net mark-up / interest income
19,655,873
15,871,598
59,725,005
46,457,145
Non mark-up / interest income
Fee and commission income
3,049,356
3,954,774
9,105,995
12,054,092
Dividend income
112,680
144,874
508,512
784,488
Foreign exchange income
1,230,465
1,197,991
3,051,817
3,484,894
(Loss) / income from derivatives
(148,696)
(35,128)
(162,204)
50,298
Gain on securities - net
123,249
462,449
981,510
772,386
Other income
151,132
146,665
733,898
1,874,038
Total non mark-up / interest income
4,518,186
5,871,625
14,219,528
19,020,196
Total income
24,174,059
21,743,223
73,944,533
65,477,341
Non mark-up / interest expenses
Operating expenses
10,815,578
10,909,380
31,760,011
31,811,389
Workers' Welfare Fund
203,365
175,575
706,298
532,237
Other charges - net
7,995
727
160,328
2,945
Total non mark-up / interest expenses
11,026,938
11,085,682
32,626,637
32,346,571
Share of profit of associates
130,795
79,116
174,924
427,840
Profit before provisions
13,277,916
10,736,657
41,492,820
33,558,610
Provisions and write-offs - net
5,500,626
2,028,937
15,453,220
5,706,877
Profit before taxation from continuing operations
7,777,290
8,707,720
26,039,600
27,851,733
Taxation
3,120,302
3,516,912
10,646,054
12,163,304
Profit after taxation from continuing operations
4,656,988
5,190,808
15,393,546
15,688,429
Discontinued operations
Loss from discontinued operations - net of tax
(760)
(137,818)
(11,031)
(1,468,330)
Profit after taxation
4,656,228
5,052,990
15,382,515
14,220,099
Attributable to:
Equity holders of the Bank
from continuing operations
4,721,538
5,192,045
15,677,919
15,698,858
from discontinued operations
(760)
(137,818)
(11,031)
(1,468,330)
4,720,778
5,054,227
15,666,888
14,230,528
Non-controlling interest
(64,550)
(1,237)
(284,373)
(10,429)
4,656,228
5,052,990
15,382,515
14,220,099
------------ (Rupees) ------------
Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the Bank
Basic and diluted
3.86
4.24
12.81
12.82
Earnings per share for profit attributable to the ordinary equity holders of the Bank
Basic and diluted
3.86
4.13
12.80
11.62
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