3rd Quarter Results - United Bank Limited

RNS Number : 3294J

United Bank Limited

23 October 2024

Secretary's Department

UBL/BOD-251/PSX/Results/24

23 October 2024

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,

Karachi.

Dear Sir,

Financial Results for the Third Quarter Ended 30 September 2024

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 251^st meeting held on Wednesday, 23 October 2024 at Islamabad at 10:00 a.m. inter-alia approved the following:

(i) Cash Dividend

An Interim Cash Dividend for the Third Quarter ended 30 September 2024 at Rs.11/- per share i.e.110% this is addition to interim Dividend already paid at Rs.22/- per share i.e. 220%

(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 Monday, 04 November 2024

The Share Transfer Books of UBL will remain closed from 05 November 2024 to 07 November 2024 (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 Monday, 04 November 2024 will be treated in time for the purpose of above entitlement to the transferees.

The accounts / report of the Bank for the Third Quarter ended 30 September 2024 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 NINE MONTHS ENDED SEPTEMBER 30, 2024

	July - September 2024	July - September 2023	January - September 2024	January - September 2023
	July - September 2024	July - September 2023	January - September 2024	January - September 2023
	----------------------------- (Rupees in '000) ----------------------------------
Mark-up / return / interest earned	310,741,852	147,350,437	825,895,798	337,213,439
Mark-up / return / interest expensed	259,148,402	109,574,476	720,664,403	230,576,398
Net mark-up / interest income	51,593,450	37,775,961	105,231,395	106,637,041

Non mark-up / interest income
Fee and commission income	5,844,125	4,290,282	15,893,508	13,061,887
Dividend income	266,556	219,638	1,189,692	1,211,050
Foreign exchange income	3,294,805	2,228,965	9,662,474	9,136,511
(Loss) / income from derivatives	(16,176)	168,164	(41,021)	28,648
Gain / (loss) on securities - net	5,930,797	142,748	24,074,130	(1,360,303)
Capital gain on derecognition of financial assets measured at amortised cost	-	-	2,894,427	-
Other income	7,260,557	241,348	7,618,066	835,267
Total non mark-up / interest income	22,580,664	7,291,145	61,291,276	22,913,060
Total Income	74,174,114	45,067,106	166,522,671	129,550,101

Non mark-up / Interest expenses
Operating expenses	22,201,169	17,057,279	57,961,029	46,962,707
Workers' Welfare Fund	982,752	515,376	2,215,724	1,550,062
Other charges	155	28,138	32,966	32,203
Total non mark-up / interest expenses	23,184,076	17,600,793	60,209,719	48,544,972

Profit before credit loss allowance	50,990,038	27,466,313	106,312,952	81,005,129
Credit loss allowance / provisions / (reversals) and write-offs - net	893,529	(1,006,165)	(1,473,236)	1,954,473

Profit before taxation	50,096,509	28,472,478	107,786,188	79,050,656

Taxation	24,556,195	13,926,053	52,800,301	38,185,072

Profit after taxation	25,540,314	14,546,425	54,985,887	40,865,584

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

Earnings per share - basic and diluted	20.86	11.88	44.92	33.38

ANNEXURE B

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

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

	July - September 2024	July - September 2023	January - September 2024	January - September 2023
	--------------------------------------- (Rupees in '000) ----------------------------------

Mark-up / return / interest earned	310,757,603	151,129,050	825,931,552	346,949,346
Mark-up / return / interest expensed	259,143,899	111,569,381	720,569,733	235,054,918
Net mark-up / interest income	51,613,704	39,559,669	105,361,819	111,894,428

Non-mark-up / interest income
Fee and commission income	6,478,039	4,892,214	17,594,243	14,612,311
Dividend income	266,556	216,177	1,135,079	1,120,477
Foreign exchange income	3,438,925	2,313,587	9,866,476	9,369,247
(Loss) / income from derivatives	(16,176)	165,972	(41,021)	(43,211)
Gain / (loss) on securities - net	5,930,797	283,567	24,074,130	(1,211,342)
Capital gain on derecognition of financial assets measured at amortised cost	-	-	2,894,427	-
Other income	251,270	239,313	864,077	1,039,073
Total non-markup / interest income	16,349,411	8,110,830	56,387,411	24,886,555
Total income	67,963,115	47,670,499	161,749,230	136,780,983

Non-mark-up / interest expenses
Operating expenses	23,024,463	18,579,359	59,576,656	51,233,840
Workers' Welfare Fund	993,613	515,389	2,246,109	1,559,009
Other charges	155	28,138	32,966	32,203
Total non-mark-up / interest expenses	24,018,231	19,122,886	61,855,731	52,825,052

Share of profit / (loss) of associates	426,286	(446,558)	672,233	(820,959)
Profit before credit loss allowance from continuing operations	44,371,170	28,101,055	100,565,732	83,134,972
Credit loss allowance / provisions / (reversals) and write-offs - net	893,528	(992,501)	(1,473,236)	2,020,477
Profit before taxation from continuing operations	43,477,642	29,093,556	102,038,968	81,114,495

Taxation	24,747,107	14,048,130	53,249,350	38,546,968

Profit after taxation from continuing operations	18,730,535	15,045,426	48,789,618	42,567,527

Discontinued operation

(Loss) / gain from discontinued operation - net of tax	(409,151)	-	938,610	-

	18,321,384	15,045,426	49,728,228	42,567,527

Attributable to:
Equity holders of the Bank
from continuing operations	18,728,087	14,737,205	48,780,590	41,680,502
from discontinued operations	(409,151)	-	332,118	-
	18,318,936	14,737,205	49,112,708	41,680,502
Non-controlling interest
from continuing operations	2,448	308,221	9,028	887,025
from discontinued operations	-	-	606,492	-
	2,448	308,221	615,520	887,025

	18,321,384	15,045,426	49,728,228	42,567,527

	--------------------------------------- (Rupees) ---------------------------------------
Earnings per share for profit from continuing operations
attributable to the equity holders of the Bank
Basic and diluted	15.30	12.04	39.85	34.05

Earnings per share for profit attributable to the equity
holders of the Bank
Basic and diluted	14.96	12.04	40.12	34.05

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