Utd.bk (regs) Regulatory News (UBLS)

Secretary's Department

UBL/BOD-259/PSX/Results/26

25 February 2026

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,

Karachi.

Dear Sir,

FNANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025

We have to inform you that the Board of Directors of the Bank in their 259th meeting held on Wednesday, 25 February 2026 at Islamabad at 10:00 a.m. inter-alia recommended the following:

(i) Cash Dividend

A Final Cash Dividend for the year ended 31 December 2025 at Rs.8/- per share i.e.160%. This is in addition to interim cash dividend already paid at Rs.27/- per share i.e.430%

(ii) Bonus Shares

Nil

(iii) Right Shares

Nil

(iv) Any Other Entitlement / Corporate Action:

Nil

(v) Any Other Price-Sensitive Information:

NIL

Following Statements are attached as:

Annexure-A (Unconsolidated)

1. Standalone Statements of Financial Position

2. Standalone Statements of Profit and Loss

3. Standalone Statement of Changes in Equity

4. Standalone Statements of Cash Flows

Annexure-B (Consolidated)

1. Consolidated Statements of Financial Position

2. Consolidated Statements of Profit and Loss

3. Consolidated Statement of Changes in Equity

4. Consolidated Statements of Cash Flows

The 67th Annual General Meeting of the Bank will be held on Thursday 09:30 a.m. 26 March 2026 at Islamabad.

The Share Transfer Books of the Bank will be closed from 20 March 2026 to 26 March 2026 (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 Thursday, 19 March 2026 will be treated in time for the purpose of above entitlement to the transferees.

Annual Report of the Bank will be transmitted through PUCARS at least 21 days before the date of Annual General Meeting.

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-1

UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT DECEMBER 31, 2025

2025

2024

-------------- (Rupees in '000) -----------

ASSETS

Cash and balances with treasury banks

547,646,979

309,745,911

Balances with other banks

57,179,677

59,968,246

Lendings to financial institutions

31,574,547

18,492,483

Investments

9,951,054,650

5,886,894,503

Advances

1,369,366,395

1,443,481,944

Property and equipment

120,546,171

85,246,731

Right-of-use assets

36,198,112

9,896,084

Intangible assets

58,353,831

2,481,475

Deferred tax assets

 -

-

Other assets

448,273,083

246,924,757

12,620,193,445

8,063,132,134

LIABILITIES

Bills payable

58,631,844

44,221,818

Borrowings

6,530,014,720

4,855,373,516

Deposits and other accounts

5,168,424,418

2,640,211,489

Lease liabilities

38,873,814

12,008,797

Subordinated debt

10,000,000

10,000,000

Deferred tax liabilities

135,943,237

38,959,061

Other liabilities

179,573,846

146,135,202

12,121,461,879

7,746,909,883

NET ASSETS

498,731,566

316,222,251

REPRESENTED BY:

Share capital

12,521,239

12,241,797

Reserves

138,517,698

114,734,831

Surplus on revaluation of assets - net

173,025,714

77,289,805

Unappropriated profit

174,666,915

111,955,818

498,731,566

316,222,251

CONTINGENCIES AND COMMITMENTS

2025

2024

-------------- (Rupees in '000) -----------

Mark-up / return / interest earned

 1,184,817,602

 1,084,582,857

Mark-up / return / interest expensed

 823,256,142

 911,168,032

Net mark-up / interest income

 361,561,460

 173,414,825

Non mark-up / interest income

Fee and commission income

 27,992,570

 18,910,354

Dividend income

 2,421,067

 1,796,320

Foreign exchange income

 17,188,012

 12,221,392

(Loss) / Gain from derivatives

 (523,962)

 1,230,801

Gain on securities - net

 9,879,011

 42,592,701

Capital gain on derecognition of financial assets measured at amortised cost

 -

 2,894,427

Other income

 1,042,039

 7,848,128

Total non mark-up / interest income

 57,998,737

 87,494,123

Total Income

 419,560,197

 260,908,948

Non mark-up / Interest expenses

Operating expenses

 130,188,815

 94,784,859

Workers' Welfare Fund

 5,652,021

 3,105,396

Other charges

 102,720

 75,270

Total non mark-up / interest expenses

 135,943,556

 97,965,525

Profit before credit loss allowance

283,616,641

 162,943,423

Credit loss allowance and write-offs - net

(4,653,428)

 12,751,775

Profit before taxation

 288,270,069

 150,191,648

Taxation

 160,261,222

 69,664,114

Profit after taxation

 128,008,847

 80,527,534

------------------- Rupees -------------------

Earnings per share - basic and diluted - Restated

51.33

32.89

ANNEXURE A-3 (1 of 2)

UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2025

Continued on next page

ANNEXURE A-3 (2 of 2)

UNCONSOLIDATED STATEMENET OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2025

ANNEXURE A-4 (1 of 2)

UNCONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2025

2025

2024

-------------- (Rupees in '000) --------------

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation

288,270,069

 150,191,648

Less: Dividend income

(2,421,067)

 (1,796,320)

285,849,002

 148,395,328

Adjustments:

Depreciation on property and equipment

9,592,956

 5,783,338

Depreciation on right-of-use assets

4,386,127

 2,423,781

Depreciation on non-banking assets acquired in satisfaction of claims

13,396

 3,226

Depreciation on Islamic financing against leased assets (Ijarah)

172,811

 79,527

Amortisation

5,917,680

 1,007,926

Workers' Welfare Fund - charge

5,652,021

 3,105,396

Provision for retirement benefits

 -

 71,967

Provision for compensated absences

334,824

 -

Credit loss allowance against loans and advances - net

(4,201,672)

 11,253,648

Credit loss allowance against off - balance sheet obligations - net

176,963

 1,303,408

Credit loss allowance for diminution in value of investments - net

(366,406)

 (273,241)

Interest expense on lease liability against right-of-use assets

3,607,665

 1,469,697

Gain on sale of property and equipment - net

(156,735)

 (232,084)

Loss / (gain) on sale of Ijarah assets - net

234

 (1,016)

Gain on sale of subsidiary

 -

 (7,083,501)

Bad debts written-off directly

107,914

 54,951

Unrealised gain on revaluation of investments classified as FVTPL

(250,256)

 (35,068)

Credit loss allowance against other assets

85,972

 476,252

Other credit loss allowance / write-offs

12,107

 160,014

25,085,601

 19,568,221

310,934,603

 167,963,549

(Increase) / decrease in operating assets

Lendings to financial institutions

(13,082,064)

 15,955,369

Securities classified as FVTPL

(42,575,793)

 55,025,621

Advances

78,025,851

 (841,322,872)

Other assets (excluding advance taxation)

(164,479,545)

 (79,549,100)

(142,111,551)

 (849,890,982)

Increase / (decrease) in operating liabilities

Bills payable

14,410,026

 22,570,034

Borrowings

1,674,641,204

 2,039,902,962

Deposits and other accounts

2,528,212,929

 289,670,666

Other liabilities

27,121,719

 26,869,487

4,244,385,878

 2,379,013,149

4,413,208,930

 1,697,085,716

Receipts / (payments) on account of staff retirement benefits

(1,301,171)

 505,144

Workers' Welfare Fund refund

37,126

 667,943

Income taxes paid

(138,080,539)

 (82,684,275)

Net cash flow (used in) / generated from operating activities

4,273,864,346

 1,615,574,528

Continued on next page

ANNEXURE A-4 (2 of 2)

UNCONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2025

2025

2024

-------------- (Rupees in '000) --------------

CASH FLOW FROM INVESTING ACTIVITIES

Net investments in securities classified as FVOCI

(3,465,161,606)

 (1,521,630,707)

Net investments in amortized cost securities

(362,629,183)

 40,239,286

Net investments in associates

(9,910)

 -

Net investments in subsidiaries

 -

 1,855,223

Cash acquired through business combination

15,198,229

 -

Investment in property and equipment, right of use assets and intangible assets

(152,963,666)

 (27,037,686)

Investment in non banking assets

(76,222)

 -

Dividend income received

2,394,310

 1,796,320

Proceeds realised on sale of subsidiary

 -

 9,053,274

Sale proceeds from disposal of property and equipment and intangible assets

358,922

 259,438

Sale proceeds from sale of Ijarah assets

10,411

 19,344

Effect of translation of net investment in foreign branches

508,221

 (1,118,901)

Net cash flow used in investing activities

 (3,962,370,494)

(1,496,564,409)

CASH FLOW FROM FINANCING ACTIVITIES

Payment of lease liability against right-of-use assets

(7,297,972)

 (3,501,422)

Payment of sub ordinated debt

(1,998,400)

 -

Dividend paid

(67,084,981)

 (53,825,508)

Net cash flow used in financing activities

(76,381,353)

 (57,326,930)

Increase / (decrease) in cash and cash equivalents

235,112,499

 61,683,189

Cash and cash equivalents at the beginning of the year

368,320,156

 309,603,472

Effect of exchange rate changes on cash and cash equivalents

1,394,001

 (1,572,504)

369,714,157

 308,030,968

Cash and cash equivalents at the end of the year

604,826,656

 369,714,157

2025

2024

----------------- (Rupees in '000) -----------------

ASSETS

Cash and balances with treasury banks

548,709,327

310,836,376

Balances with other banks

57,279,049

59,968,246

Lendings to financial institutions

31,574,547

18,492,483

Investments

9,956,066,916

5,889,765,841

Advances

1,369,366,395

1,443,481,944

Property and equipment

120,927,227

85,591,999

Right-of-use assets

36,813,438

10,231,121

Intangible assets

58,690,656

2,792,016

Deferred tax assets

 -

 -

Other assets

449,087,109

247,937,251

12,628,514,664

8,069,097,277

LIABILITIES

Bills payable

58,631,844

44,221,818

Borrowings

6,530,014,720

4,855,373,516

Deposits and other accounts

5,168,089,899

2,639,875,985

Lease liabilities

39,520,412

12,381,018

Subordinated debt

10,000,000

10,000,000

Deferred tax liabilities

136,299,736

39,311,263

Other liabilities

180,666,240

147,125,664

12,123,222,851

7,748,289,264

NET ASSETS

505,291,813

320,808,013

REPRESENTED BY:

Share capital

12,521,239

12,241,797

Reserves

138,517,698

114,734,831

Surplus on revaluation of assets - net

173,003,893

77,309,424

Unappropriated profit

181,178,532

116,472,051

Total equity attributable to the equity holders of the Bank

505,221,362

320,758,103

Non-controlling interest

70,451

 49,910

505,291,813

 320,808,013

CONTINGENCIES AND COMMITMENTS

2025

2024

-------- (Rupees in '000) --------

Mark-up / return / interest earned

1,184,861,499

1,084,641,497

Mark-up / return / interest expensed

823,309,408

911,093,616

Net mark-up / interest income

361,552,091

173,547,881

Non-mark-up / interest income

Fee and commission income

32,044,235

21,535,329

Dividend income

2,340,252

1,741,707

Foreign exchange income

17,978,624

12,559,992

(Loss) / gain from derivatives

(523,962)

1,230,801

Gain on securities - net

9,878,973

42,592,701

Capital gain on derecognition of financial assets measured at amortised cost

-

2,894,427

Other income

986,246

1,139,575

Total non-markup / interest income

62,704,368

83,694,532

Total income

424,256,459

257,242,413

Non-mark-up / interest expenses

Operating expenses

132,959,781

97,104,258

Workers' Welfare Fund

5,703,814

3,145,755

Other charges

104,598

75,270

Total non-mark-up / interest expenses

138,768,193

100,325,283

Share of profit of associates

965,823

895,183

Profit before credit loss allowance

286,454,089

157,812,313

Credit loss allowance and write-offs - net

(4,653,428)

12,775,474

Profit before taxation from continuing operations

291,107,517

145,036,839

Taxation

161,087,143

70,198,005

Profit after taxation from continuing operations

130,020,374

74,838,834

Discontinued operation

Profit from discontinued operations - net of tax

-

938,610

130,020,374

75,777,444

Attributable to:

Equity holders of the Bank

 from continuing operations

129,999,883

74,823,735

 from discontinued operation

-

332,118

129,999,883

75,155,853

Non-controlling interest

 from continuing operations

20,491

15,099

 from discontinued operation

-

606,492

20,491

621,591

130,020,374

75,777,444

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

Earnings per share for profit from continuing operations

 attributable to the equity holders of the Bank - Restated

Basic and diluted

52.13

30.56

Earnings per share for profit attributable to the equity

holders of the Bank - Restated

Basic and diluted

52.13

30.70

Share capital

Share Premium

Statutory Reserve

Capital Reserve - Exchange Translation

Surplus / (Deficit) on revaluation

Unappropriated Profit

Sub total

Non-controlling interest

Total

Investments

Property and Equipment

Non-banking Assets

---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------

Balance as at January 01, 2024 - Restated

12,241,797

-

46,878,123

69,893,293

(192,993)

41,795,310

-

96,024,872

266,640,402

14,904,379

281,544,781

Total comprehensive income for the year ended December 31, 2024

Profit after taxation for the year ended December 31, 2024

-

-

-

-

-

-

-

75,155,853

75,155,853

621,591

75,777,444

Other comprehensive income - net of tax

-

-

-

(10,089,339)

38,463,839

252,545

1,146

4,197,565

32,825,756

114,056

32,939,812

Total comprehensive income for the year ended December 31, 2024

-

-

-

(10,089,339)

38,463,839

252,545

1,146

79,353,418

107,981,609

735,647

108,717,256

Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax

-

-

-

-

-

(22,930)

-

22,930

-

-

-

Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax

-

-

-

-

-

(78,513)

-

78,513

-

-

-

Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax

-

-

-

-

48,249

-

-

(48,249)

-

-

-

Transfer to statutory reserve

-

-

8,052,754

-

-

-

-

(8,052,754)

-

-

-

Derecognition of subsidiary

-

-

-

-

535,734

(3,492,963)

-

2,957,229

-

(15,590,116)

(15,590,116)

Transactions with owners for the year ended December 31, 2024, recorded directly in equity

Final cash dividend - December 31, 2023 declared subsequent to the year end at Rs. 11.0 per share

-

-

-

-

-

-

-

(13,465,977)

(13,465,977)

-

(13,465,977)

Interim cash dividend - March 31, 2024 declared at Rs. 11.0 per share

-

-

-

-

-

-

-

(13,465,977)

(13,465,977)

-

(13,465,977)

Interim cash dividend - June 30, 2024

declared at Rs. 11.0 per share

-

-

-

-

-

-

-

(13,465,977)

(13,465,977)

-

(13,465,977)

Interim cash dividend - September 30, 2024

declared at Rs. 11.0 per share

-

-

-

-

-

-

-

(13,465,977)

(13,465,977)

-

(13,465,977)

-

-

-

-

-

-

-

(53,863,908)

(53,863,908)

-

(53,863,908)

Balance as at December 31, 2024

12,241,797

-

54,930,877

59,803,954

38,854,829

38,453,449

1,146

116,472,051

320,758,103

49,910

320,808,013

Fair valuation of unlisted equity securities carried at FVOCI

-

-

-

-

1,355,745

-

-

-

1,355,745

-

1,355,745

Balance as at January 01, 2025 - as restated

12,241,797

-

54,930,877

59,803,954

40,210,574

38,453,449

1,146

116,472,051

322,113,848

49,910

322,163,758

Total comprehensive income for the year ended December 31, 2025

Profit after taxation for the year ended December 31, 2025

-

-

-

-

-

-

-

129,999,883

129,999,883

20,491

130,020,374

Other comprehensive income - net of tax

-

-

-

508,221

97,049,762

-

-

12,103,749

109,661,732

50

109,661,782

Total comprehensive income for the year ended December 31, 2025

-

-

-

508,221

97,049,762

-

-

142,103,632

239,661,615

20,541

239,682,156

Continued on next page