Last checked at 26 Oct 2020 10:31
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 | ||