9 Aug 2021 10:44
Secretary's Department
UBL/BOD-233/PSX/Results/21
06 August 2021
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 2021
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 233rd meeting held on Friday, 06 August 2021 at 03:00 p.m. inter-alia recommended the following:
(i) Cash Dividend
An Interim Cash Dividend for the Half Year ended 30 June 2021 at Rs. 4/- per share i.e. 40%. This is in addition to interim Dividend already paid at Rs.4/- per share i.e. 40%.
(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 Friday, 27 August 2021.
The Share Transfer Books of UBL will remain closed from 28 August 2021 to 03 September 2021 (both days inclusive). Transfers received at the office of our Share Registrar, M/s. THK Associates (Pvt.) Limited, Plot No. C-32, Jami Commercial Street-2 D.H.A. Phase-VII Karachi-75400 at the close of business on Friday, 27 August 2021 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 2021 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, 2021
|
| April - June 2021 |
| April - June 2020 |
| January - June 2021 |
| January - June 2020 |
|
|
|
|
| ||||
|
| -------------- (Rupees in '000) -------------- | ||||||
Mark-up / return / interest earned |
| 35,925,457 |
| 43,067,661 |
| 67,751,048 |
| 86,448,014 |
Mark-up / return / interest expensed |
| 17,694,416 |
| 21,289,376 |
| 32,662,142 |
| 47,327,204 |
Net mark-up / interest income |
| 18,231,041 |
| 21,778,285 |
| 35,088,906 |
| 39,120,810 |
|
|
|
|
|
|
|
|
|
Non mark-up / interest income |
|
|
|
|
|
|
|
|
Fee and commission income |
| 3,564,368 |
| 2,261,860 |
| 6,604,890 |
| 5,248,309 |
Dividend income |
| 628,742 |
| 399,431 |
| 881,158 |
| 793,328 |
Foreign exchange income |
| 710,330 |
| 1,000,193 |
| 1,194,558 |
| 1,732,617 |
Income / (loss) from derivatives |
| 1,504 |
| (2,234) |
| 8,758 |
| (13,508) |
Gain on securities - net |
| 677,562 |
| 334,118 |
| 2,544,500 |
| 676,337 |
Other income |
| 63,606 |
| 269,359 |
| 195,629 |
| 491,513 |
Total non mark-up / interest income |
| 5,646,112 |
| 4,262,727 |
| 11,429,493 |
| 8,928,596 |
Total Income |
| 23,877,153 |
| 26,041,012 |
| 46,518,399 |
| 48,049,406 |
|
|
|
|
|
|
|
|
|
Non mark-up / Interest expenses |
|
|
|
|
|
|
|
|
Operating expenses |
| 10,345,999 |
| 9,689,626 |
| 20,198,825 |
| 19,163,219 |
Workers' Welfare Fund |
| 272,283 |
| 280,975 |
| 517,178 |
| 499,275 |
Other charges / (reversals) |
| 14,947 |
| (28,706) |
| 39,494 |
| 152,333 |
Total non mark-up / interest expenses |
| 10,633,229 |
| 9,941,895 |
| 20,755,497 |
| 19,814,827 |
|
|
|
|
|
|
|
|
|
Profit before provisions |
| 13,243,924 |
| 16,099,117 |
| 25,762,902 |
| 28,234,579 |
(Reversals) / provisions and write-offs - net |
| (441,467) |
| 5,729,367 |
| (87,396) |
| 9,429,821 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION |
| 13,685,391 |
| 10,369,750 |
| 25,850,298 |
| 18,804,758 |
|
|
|
|
|
|
|
|
|
Taxation |
| 6,092,761 |
| 4,028,953 |
| 10,852,991 |
| 7,403,980 |
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAXATION |
| 7,592,630 |
| 6,340,797 |
| 14,997,307 |
| 11,400,778 |
|
|
|
|
|
|
|
|
|
|
| ----------- (Rupees) ----------- | ||||||
|
|
|
|
|
|
|
|
|
Earnings per share - basic and diluted |
| 6.20 |
| 5.18 |
| 12.25 |
| 9.31 |
ANNEXURE B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2021
|
|
|
| April - June 2021 |
| April - June 2020 |
| January - June 2021 |
| January - June 2020 |
|
|
|
| ------------------------------ (Rupees in '000) ------------------------------ | ||||||
|
|
|
|
|
|
|
|
|
|
|
Mark-up / return / interest earned |
| 36,873,518 |
| 44,068,763 |
| 69,804,068 |
| 88,442,946 | ||
Mark-up / return / interest expensed |
| 18,044,127 |
| 21,789,072 |
| 33,469,771 |
| 48,373,814 | ||
Net mark-up / interest income |
| 18,829,391 |
| 22,279,691 |
| 36,334,297 |
| 40,069,132 | ||
|
|
|
|
|
|
|
|
|
|
|
Non mark-up / interest income |
|
|
|
|
|
|
|
| ||
Fee and commission income |
| 3,651,729 |
| 2,642,479 |
| 7,121,063 |
| 6,152,592 | ||
Dividend income |
| 182,866 |
| 218,133 |
| 435,072 |
| 395,832 | ||
Foreign exchange income |
| 736,225 |
| 1,050,376 |
| 1,260,733 |
| 1,821,352 | ||
Income / (loss) from derivatives |
| 1,504 |
| (2,234) |
| 8,758 |
| (13,508) | ||
Gain on securities - net |
| 709,535 |
| 400,209 |
| 2,583,607 |
| 858,261 | ||
Other income |
| 58,722 |
| 314,350 |
| 186,607 |
| 488,949 | ||
Total non mark-up / interest income |
| 5,340,581 |
| 4,623,313 |
| 11,595,840 |
| 9,703,478 | ||
Total income |
| 24,169,972 |
| 26,903,004 |
| 47,930,137 |
| 49,772,610 | ||
|
|
|
|
|
|
|
|
|
|
|
Non mark-up / interest expenses |
|
|
|
|
|
|
|
| ||
Operating expenses |
| 11,008,395 |
| 10,631,755 |
| 21,793,028 |
| 20,946,569 | ||
Workers' Welfare Fund |
| 273,358 |
| 283,511 |
| 521,852 |
| 502,933 | ||
Other charges |
| 14,947 |
| (28,706) |
| 39,494 |
| 152,333 | ||
Total non mark-up / interest expenses |
| 11,296,700 |
| 10,886,560 |
| 22,354,374 |
| 21,601,835 | ||
|
|
|
|
|
|
|
|
|
|
|
Share of profit of associates |
| 72,784 |
| 191,665 |
| 224,786 |
| 44,129 | ||
Profit before provisions |
| 12,946,056 |
| 16,208,109 |
| 25,800,549 |
| 28,214,904 | ||
(Reversals) / provisions and write-offs - net |
| (534,265) |
| 6,251,277 |
| (157,933) |
| 9,952,594 | ||
Profit before taxation from continuing operations |
| 13,480,321 |
| 9,956,832 |
| 25,958,482 |
| 18,262,310 | ||
|
|
|
|
|
|
|
|
|
|
|
Taxation |
|
| 6,127,353 |
| 4,125,432 |
| 11,019,580 |
| 7,525,752 | |
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation from continuing operations |
| 7,352,968 |
| 5,831,400 |
| 14,938,902 |
| 10,736,558 | ||
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
Profit / (loss) from discontinued operations - net of tax |
| 106,507 |
| (16,776) |
| 106,474 |
| (10,271) | ||
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation |
| 7,459,475 |
| 5,814,624 |
| 15,045,376 |
| 10,726,287 | ||
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
| ||
Equity holders of the Bank |
|
|
|
|
|
|
|
| ||
from continuing operations |
| 7,282,454 |
| 6,085,264 |
| 14,881,184 |
| 10,956,381 | ||
from discontinued operations |
| 106,507 |
| (16,776) |
| 106,474 |
| (10,271) | ||
|
|
|
| 7,388,961 |
| 6,068,488 |
| 14,987,658 |
| 10,946,110 |
Non-controlling interest |
| 70,514 |
| (253,864) |
| 57,718 |
| (219,823) | ||
|
|
|
| 7,459,475 |
| 5,814,624 |
| 15,045,376 |
| 10,726,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| --------------------------------------- (Rupees) --------------------------------------- | ||||||
Earnings per share for profit from continuing operations |
|
|
|
|
|
|
|
| ||
attributable to the ordinary equity holders of the Bank |
|
|
|
|
|
|
|
| ||
Basic and diluted |
| 5.95 |
| 4.97 |
| 12.16 |
| 8.95 | ||
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for profit attributable to the ordinary |
|
|
|
|
|
|
|
| ||
equity holders of the Bank |
|
|
|
|
|
|
|
| ||
Basic and diluted |
| 6.04 |
| 4.96 |
| 12.24 |
| 8.94 | ||
Utd.bk (regs) (UBLS)