REG - United Bank Limited - Half-year Report
Secretary's Department
UBL/BOD-228/PSX/Results/20
05 August 2020
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 2020
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 228th meeting held on Wednesday, 05 August 2020 at 04:00pm inter-alia recommended the following:
(i) Cash Dividend
No dividend has been announced for the Second quarter ended June 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) have 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 Half yearly accounts/report of the Bank for the period ended 30 June 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 SIX MONTHS ENDED JUNE 30, 2020
April - June 2020
April - June 2019
January - June 2020
January - June 2019
-------------- (Rupees in '000) --------------
Mark-up / return / interest earned
42,964,280
35,164,668
86,344,633
66,564,781
Mark-up / return / interest expensed
21,185,995
19,900,466
47,223,823
36,641,997
Net mark-up / interest income
21,778,285
15,264,202
39,120,810
29,922,784
Non mark-up / interest income
Fee and commission income
2,165,907
3,463,395
5,152,356
7,076,263
Dividend income
399,431
547,503
793,328
773,925
Foreign exchange income
1,000,193
1,316,967
1,732,617
2,224,878
(Loss) / Income from derivatives
(2,234)
33,944
(13,508)
85,426
Gain on securities - net
334,118
98,628
676,337
103,726
Other income
363,176
1,610,998
585,330
1,781,641
Total non mark-up / interest income
4,260,591
7,071,435
8,926,460
12,045,859
Total Income
26,038,876
22,335,637
48,047,270
41,968,643
Non mark-up / Interest expenses
Operating expenses
9,687,490
10,261,848
19,161,083
19,212,719
Workers' Welfare Fund
280,975
171,616
499,275
353,105
Other (reversals) / charges
(28,706)
233
152,333
2,218
Total non mark-up / interest expenses
9,939,759
10,433,697
19,812,691
19,568,042
Profit before provisions
16,099,117
11,901,940
28,234,579
22,400,601
Provisions and write-offs - net
5,729,367
3,072,855
9,429,821
4,396,013
PROFIT BEFORE TAXATION
10,369,750
8,829,085
18,804,758
18,004,588
Taxation
4,028,953
3,450,109
7,403,980
8,461,811
PROFIT AFTER TAXATION
6,340,797
5,378,976
11,400,778
9,542,777
----------- (Rupees) -----------
Earnings per share - basic and diluted
5.18
4.39
9.31
7.80
ANNEXURE B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2020
April - June 2020
April - June 2019
January - June 2020
January - June 2019
------ (Rupees in '000) ------
Mark-up / return / interest earned
43,965,382
36,103,904
88,339,565
68,241,685
Mark-up / return / interest expensed
21,685,691
20,485,522
48,270,433
37,656,138
Net mark-up / interest income
22,279,691
15,618,382
40,069,132
30,585,547
Non mark-up / interest income
Fee and commission income
2,595,330
3,968,195
6,056,639
8,099,318
Dividend income
218,133
413,192
395,832
639,614
Foreign exchange income
1,050,376
1,334,101
1,821,352
2,286,903
(Loss) / income from derivatives
(2,234)
33,944
(13,508)
85,426
Gain on securities - net
400,209
268,589
858,261
309,937
Other income
359,363
1,619,155
582,766
1,727,373
Total non mark-up / interest income
4,621,177
7,637,176
9,701,342
13,148,571
Total income
26,900,868
23,255,558
49,770,474
43,734,118
Non mark-up / interest expenses
Operating expenses
10,629,619
11,139,601
20,944,433
20,902,009
Workers' Welfare Fund
283,511
172,581
502,933
356,662
Other charges
(28,706)
233
152,333
2,218
Total non mark-up / interest expenses
10,884,424
11,312,415
21,599,699
21,260,889
Share of profit of associates
191,665
105,153
44,129
348,724
Profit before provisions
16,208,109
12,048,296
28,214,904
22,821,953
Provisions and write-offs - net
6,251,277
2,794,920
9,952,594
3,677,940
Profit before taxation from continuing operations
9,956,832
9,253,376
18,262,310
19,144,013
Taxation
4,125,432
3,594,048
7,525,752
8,646,392
Profit after taxation from continuing operations
5,831,400
5,659,328
10,736,558
10,497,621
Discontinued operations
Loss from discontinued operations - net of tax
(16,776)
(544,772)
(10,271)
(1,330,512)
Profit after taxation
5,814,624
5,114,556
10,726,287
9,167,109
Attributable to:
Equity holders of the Bank
from continuing operations
6,085,264
5,678,251
10,956,381
10,506,813
from discontinued operations
(16,776)
(544,772)
(10,271)
(1,330,512)
6,068,488
5,133,479
10,946,110
9,176,301
Non-controlling interest
(253,864)
(18,923)
(219,823)
(9,192)
5,814,624
5,114,556
10,726,287
9,167,109
Earnings per share for profit from continuing operations attributable
to the ordinary equity holders of the Bank
Basic and diluted
4.97
4.64
8.95
8.58
Earnings per share for profit attributable to the ordinary equity holders of the Bank
Basic and diluted
4.96
4.19
8.94
7.50
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