/Equities/XLOM/UBLS/RNS

Financial Results 2nd Quarter Ended 30 June 2022

RNS Number : 8057U

United Bank Limited

03 August 2022

Secretary's Department

UBL/BOD-238/PSX/Results/22

03 August 2022

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 2022

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 238^th meeting held on Wednesday, 03 August 2022 at Islamabad at 09:30 a.m. inter-alia recommended the following:

(i) Cash Dividend

An Interim Cash Dividend for the Half Year ended 30 June 2022 at Rs.4/- per share i.e.40%.

This is addition to interim Dividend already paid at Rs.5/- per share i.e. 50%

(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 Tuesday, 16 August 2022.

The Share Transfer Books of UBL will remain closed from 17 August 2022 to 19 August 2022 (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 Tuesday, 16 August 2022 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 2022 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, 2022

	April - June 2022	April - June 2021	January - June 2022	January - June 2021
	April - June 2022	April - June 2021	January - June 2022	January - June 2021
	------------------------------------------ (Rupees in '000) ------------------------------------------
Mark-up / return / interest earned	54,891,250	35,925,457	102,847,455	67,751,048
Mark-up / return / interest expensed	31,258,621	17,694,416	57,741,904	32,662,142
Net mark-up / interest income	23,632,629	18,231,041	45,105,551	35,088,906

Non mark-up / interest income
Fee and commission income	3,835,629	3,564,368	7,754,584	6,604,890
Dividend income	355,843	628,742	1,259,503	881,158
Foreign exchange income	3,332,194	710,330	4,614,918	1,194,558
Income from derivatives	60,264	1,504	22,487	8,758
Gain on securities - net	146,466	677,562	574,717	2,544,500
Other income	190,442	63,606	474,770	195,629
Total non mark-up / interest income	7,920,838	5,646,112	14,700,979	11,429,493
Total Income	31,553,467	23,877,153	59,806,530	46,518,399

Non mark-up / Interest expenses
Operating expenses	12,361,375	10,345,999	24,089,347	20,198,825
Workers' Welfare Fund	374,482	272,283	699,603	517,178
Other charges	10,334	14,947	15,962	39,494
Total non mark-up / interest expenses	12,746,191	10,633,229	24,804,912	20,755,497

Profit before provisions	18,807,276	13,243,924	35,001,618	25,762,902
Provisions / (reversals) and write-offs - net	418,471	(441,467)	765,760	(87,396)

Profit before taxation	18,388,805	13,685,391	34,235,858	25,850,298

Taxation	16,054,639	6,092,761	22,373,985	10,852,991

Profit after taxation	2,334,166	7,592,630	11,861,873	14,997,307

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

Earnings per share - basic and diluted	1.91	6.20	9.69	12.25

ANNEXURE B

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

FOR THE SIX MONTHS ENDED JUNE 30, 2022

	April - June 2022	April - June 2021	January - June 2022	January - June 2021
	------------------------------ (Rupees in '000) ------------------------------

Mark-up / return / interest earned	56,515,764	36,873,518	105,847,586	69,804,068
Mark-up / return / interest expensed	31,888,669	18,044,127	58,857,098	33,469,771
Net mark-up / interest income	24,627,095	18,829,391	46,990,488	36,334,297

Non mark-up / interest income
Fee and commission income	4,154,930	3,651,729	8,372,389	7,121,063
Dividend income	174,469	182,866	704,274	435,072
Foreign exchange income	3,386,444	736,225	4,729,777	1,260,733
Income from derivatives	738,940	1,504	701,163	8,758
Gain on securities - net	201,542	709,535	647,948	2,583,607
Other income	202,409	58,722	478,911	186,607
Total non mark-up / interest income	8,858,734	5,340,581	15,634,462	11,595,840
Total income	33,485,829	24,169,972	62,624,950	47,930,137

Non mark-up / interest expenses
Operating expenses	13,303,855	11,008,395	25,990,861	21,793,028
Workers' Welfare Fund	376,571	273,358	704,603	521,852
Other charges	10,334	14,947	15,962	39,494
Total non mark-up / interest expenses	13,690,760	11,296,700	26,711,426	22,354,374

Share of profit of associates	98,781	72,784	51,615	224,786
Profit before provisions	19,893,850	12,946,056	35,965,139	25,800,549
Provisions / (reversals) and write-offs - net	1,033,661	(534,265)	1,367,770	(157,933)
Profit before taxation from continuing operations	18,860,189	13,480,321	34,597,369	25,958,482

Taxation	16,079,594	6,127,353	22,444,112	11,019,580

Profit after taxation from continuing operations	2,780,595	7,352,968	12,153,257	14,938,902

Discontinued operations

Profit from discontinued operations - net of tax	23,616	106,507	45,788	106,474

Profit after taxation	2,804,211	7,459,475	12,199,045	15,045,376

Attributable to:
Equity holders of the Bank
from continuing operations	2,630,746	7,282,454	11,912,672	14,881,184
from discontinued operations	23,616	106,507	45,788	106,474
	2,654,362	7,388,961	11,958,460	14,987,658
Non-controlling interest	149,849	70,514	240,585	57,718
	2,804,211	7,459,475	12,199,045	15,045,376

	--------------------------------------- (Rupees) ---------------------------------------
Earnings per share for profit from continuing operations
attributable to the equity holders of the Bank
Basic and diluted	2.15	5.95	9.73	12.16

Earnings per share for profit attributable to the equity
holders of the Bank
Basic and diluted	2.17	6.04	9.77	12.24

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MSCMZGGRMFNGZZM

Date	3 Aug 2022
Time	12:19:34
Category	Miscellaneous
ID	8057U

Date	3 Aug 2022
Time	12:19:34
Category	Miscellaneous
ID	8057U

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Financial Results 2nd Quarter Ended 30 June 2022