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REG - United Bank Limited - Financial Results 2nd Quarter Ended 30 June 2022

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RNS Number : 8057U  United Bank Limited  03 August 2022

 
 
                       Secretary's Department

             UBL/BOD-238/PSX/Results/22

             03 August 2022

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange
Road,

Karachi.

 

Dear Sir,

Financial Results for the Half Year Ended 30 June 2022

We have to inform you that the Board of Directors of United Bank Limited
("UBL") in their 238(th) meeting held on Wednesday, 03 August 2022 at
Islamabad at 09:30 a.m. inter-alia recommended the following:

(i)            Cash Dividend

 

An Interim Cash Dividend for the Half Year ended 30 June 2022 at Rs.4/- per
share i.e.40%.

This is addition to interim Dividend already paid at Rs.5/- per share i.e. 50%

 

(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 Tuesday, 16 August
2022.

 
 

The Share Transfer Books of UBL will remain closed from 17 August 2022 to 19
August 2022 (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, 16 August 2022 will be treated in time for the purpose of above
entitlement to the transferees.

The accounts / report of the Bank for the Half Year ended 30 June 2022 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 SIX MONTHS ENDED JUNE 30, 2022

                                                     April - June 2022               April - June 2021               January - June 2022               January - June 2021

                                                    ------------------------------------------ (Rupees in '000)
                                                    ------------------------------------------
 Mark-up / return / interest earned                  54,891,250                     35,925,457                      102,847,455                       67,751,048
 Mark-up / return / interest expensed                31,258,621                     17,694,416                      57,741,904                        32,662,142
 Net mark-up / interest income                       23,632,629                      18,231,041                     45,105,551                        35,088,906

 Non mark-up / interest income
 Fee and commission income                           3,835,629                      3,564,368                       7,754,584                         6,604,890
 Dividend income                                     355,843                        628,742                         1,259,503                         881,158
 Foreign exchange income                             3,332,194                       710,330                        4,614,918                         1,194,558
 Income from derivatives                             60,264                         1,504                           22,487                            8,758
 Gain on securities - net                            146,466                         677,562                        574,717                           2,544,500
 Other income                                        190,442                         63,606                         474,770                           195,629
 Total non mark-up / interest income                 7,920,838                      5,646,112                       14,700,979                        11,429,493
 Total Income                                        31,553,467                     23,877,153                      59,806,530                        46,518,399

 Non mark-up / Interest expenses
 Operating expenses                                  12,361,375                      10,345,999                     24,089,347                        20,198,825
 Workers' Welfare Fund                               374,482                         272,283                        699,603                           517,178
 Other charges                                       10,334                          14,947                         15,962                            39,494
 Total non mark-up / interest expenses              12,746,191                       10,633,229                     24,804,912                        20,755,497

 Profit before provisions                           18,807,276                      13,243,924                      35,001,618                        25,762,902
 Provisions / (reversals) and write-offs - net      418,471                         (441,467)                       765,760                           (87,396)

 Profit before taxation                             18,388,805                      13,685,391                      34,235,858                        25,850,298

 Taxation                                           16,054,639                      6,092,761                       22,373,985                        10,852,991

 Profit after taxation                              2,334,166                       7,592,630                       11,861,873                        14,997,307

                                                    ----------- (Rupees) -----------

 Earnings per share - basic and diluted             1.91                            6.20                            9.69                              12.25

 

 

ANNEXURE B

CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2022

 

                                                                    April - June 2022                 April - June 2021                  January - June 2022                  January - June 2021
                                                                    ------------------------------ (Rupees in '000) ------------------------------

 Mark-up / return / interest earned                                 56,515,764                       36,873,518                         105,847,586                          69,804,068
 Mark-up / return / interest expensed                               31,888,669                       18,044,127                         58,857,098                           33,469,771
 Net mark-up / interest income                                      24,627,095                       18,829,391                         46,990,488                           36,334,297

 Non mark-up / interest income
 Fee and commission income                                          4,154,930                        3,651,729                          8,372,389                            7,121,063
 Dividend income                                                    174,469                          182,866                            704,274                              435,072
 Foreign exchange income                                            3,386,444                        736,225                            4,729,777                            1,260,733
 Income from derivatives                                            738,940                          1,504                              701,163                              8,758
 Gain on securities - net                                           201,542                          709,535                            647,948                              2,583,607
 Other income                                                       202,409                          58,722                             478,911                              186,607
 Total non mark-up / interest income                                8,858,734                        5,340,581                          15,634,462                           11,595,840
 Total income                                                       33,485,829                       24,169,972                         62,624,950                           47,930,137

 Non mark-up / interest expenses
 Operating expenses                                                 13,303,855                       11,008,395                         25,990,861                           21,793,028
 Workers' Welfare Fund                                              376,571                          273,358                            704,603                              521,852
 Other charges                                                      10,334                           14,947                             15,962                               39,494
 Total non mark-up / interest expenses                              13,690,760                       11,296,700                         26,711,426                           22,354,374

 Share of profit of associates                                      98,781                           72,784                             51,615                               224,786
 Profit before provisions                                           19,893,850                       12,946,056                         35,965,139                           25,800,549
 Provisions  / (reversals) and write-offs - net                     1,033,661                        (534,265)                          1,367,770                            (157,933)
 Profit before taxation from continuing operations                  18,860,189                       13,480,321                         34,597,369                           25,958,482

 Taxation                                                           16,079,594                       6,127,353                          22,444,112                           11,019,580

 Profit after taxation from continuing operations                   2,780,595                        7,352,968                          12,153,257                           14,938,902

 Discontinued operations

 Profit from discontinued operations - net of  tax                  23,616                           106,507                            45,788                               106,474

 Profit after taxation                                              2,804,211                        7,459,475                          12,199,045                           15,045,376

 Attributable to:
 Equity holders of the Bank
  from continuing operations                                        2,630,746                        7,282,454                          11,912,672                           14,881,184
  from discontinued operations                                      23,616                           106,507                            45,788                               106,474
                                                                    2,654,362                        7,388,961                          11,958,460                           14,987,658
 Non-controlling interest                                           149,849                          70,514                             240,585                              57,718
                                                                    2,804,211                        7,459,475                          12,199,045                           15,045,376

                                                                    --------------------------------------- (Rupees)
                                                                    ---------------------------------------
 Earnings per share for profit from continuing operations
  attributable to the equity holders of the Bank
 Basic and diluted                                                  2.15                             5.95                               9.73                                 12.16

 Earnings per share for profit attributable to the equity
   holders of the Bank
 Basic and diluted                                                  2.17                             6.04                               9.77                                 12.24

 

 

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