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United Bank Limited's Board of Directors, in a meeting on 28 April 2023, approved the 1st Quarter 2023 financial results and an interim cash dividend of Rs.11/- per share (110%), payable to shareholders on record by 11 May 2023. Separately, UBL announced it is exploring a potential merger with Silkbank Limited and intends to seek State Bank of Pakistan permission to commence due diligence.
| Date | 28 Apr 2023 |
| Time | 13:24:02 |
| Category | Results |
| ID | 9181X |
Secretary's Department
UBL/BOD-243/PSX/Results/23
28 April 2023
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Dear Sir,
Financial Results for the 1stQuarter Ended 31 March 2023
We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 243rd meeting held on Friday, 28 April 2023 at Islamabad at 10:00 a.m. inter-alia approved the following:
(i) Cash Dividend
An Interim Cash Dividend for the quarter ended 31 March 2023 at Rs.11/- per share i.e. 110%.
(ii) Bonus Shares
--- NIL ---
(iii) Right Shares
--- NIL ---
(iv) Any Other Entitlement / Corporate Action
--- NIL ---
(v) Any Other Price-Sensitive Information
In accordance with Sections 96 and 131 of the Securities Act, 2015 and Clauses 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited, we hereby convey the material information, contained in the disclosure form enclosed as Annexure "C" hereto.
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, 11 May 2023.
The Share Transfer Books of UBL will remain closed from 12 May 2023 to 16 May 2023 (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, 11 May 2023 will be treated in time for the purpose of above entitlement to the transferees.
The accounts / report of the Bank for the 1stQuarter ended 31 March 2023 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 THREE MONTHS ENDED MARCH 31, 2023
|
|
January -March 2023 |
|
January - March 2022 |
|
|
|
---------- (Rupees in '000) ---------- |
|
||
|
|
|
|
|
|
|
Mark-up / return / interest earned |
89,837,039 |
|
47,956,205 |
|
|
Mark-up / return / interest expensed |
56,581,978 |
|
26,483,283 |
|
|
Net mark-up / interest income |
33,255,061 |
|
21,472,922 |
|
|
|
|
|
|
|
|
Non-mark-up / interest income |
|
|
|
|
|
Fee and commission income |
4,337,566 |
|
3,918,955 |
|
|
Dividend income |
475,449 |
|
903,660 |
|
|
Foreign exchange income |
4,346,597 |
|
1,282,724 |
|
|
Income / (loss) from derivatives |
21,494 |
|
(37,777) |
|
|
(Loss) / Gain on securities - net |
(639,894) |
|
428,251 |
|
|
Other income |
240,189 |
|
284,328 |
|
|
Total non-mark-up / interest income |
8,781,401 |
|
6,780,141 |
|
|
Total income |
42,036,462 |
|
28,253,063 |
|
|
|
|
|
|
|
|
Non-mark-up / interest expenses |
|
|
|
|
|
Operating expenses |
14,525,160 |
|
11,727,972 |
|
|
Workers' Welfare Fund |
496,085 |
|
325,121 |
|
|
Other charges |
1,521 |
|
5,628 |
|
|
Total non-mark-up / interest expenses |
15,022,766 |
|
12,058,721 |
|
|
|
|
|
|
|
|
Profit before provisions |
27,013,696 |
|
16,194,342 |
|
|
Provisions and write-offs- net |
2,614,591 |
|
347,289 |
|
|
|
|
|
|
|
|
Profit before taxation |
24,399,105 |
|
15,847,053 |
|
|
|
|
|
|
|
|
Taxation |
10,496,365 |
|
6,319,346 |
|
|
|
|
|
|
|
|
Profit after taxation |
13,902,740 |
|
9,527,707 |
|
|
|
|
|
|
|
|
|
---------- (Rupees) ---------- |
|
||
|
|
|
|
|
|
|
Earnings per share - basic and diluted |
11.36 |
|
7.78 |
|
Annexure B
CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2023
|
|
January -March 2023 |
|
January - March 2022 |
|
|
|
|
---------- (Rupees in '000) ---------- |
|
|||
|
|
|
|
|
|
|
|
Mark-up / return / interest earned |
92,568,156 |
|
49,331,822 |
|
|
|
Mark-up / return / interest expensed |
57,620,727 |
|
26,968,429 |
|
|
|
Net mark-up / interest income |
34,947,429 |
|
22,363,393 |
|
|
|
|
|
|
|
|
|
|
Non-mark-up / interest income |
|
|
|
|
|
|
Fee and commission income |
4,781,571 |
|
4,217,459 |
|
|
|
Dividend income |
475,449 |
|
529,805 |
|
|
|
Foreign exchange income |
4,438,640 |
|
1,343,333 |
|
|
|
Loss from derivatives |
(37,606) |
|
(37,777) |
|
|
|
(Loss) / gain on securities - net |
(637,132) |
|
446,406 |
|
|
|
Other income |
234,196 |
|
276,502 |
|
|
|
Total non-mark-up / interest income |
9,255,118 |
|
6,775,728 |
|
|
|
Total income |
44,202,547 |
|
29,139,121 |
|
|
|
|
|
|
|
|
|
|
Non-mark-up / interest expenses |
|
|
|
|
|
|
Operating expenses |
15,719,975 |
|
12,687,006 |
|
|
|
Workers' Welfare Fund |
500,158 |
|
328,032 |
|
|
|
Other charges |
1,521 |
|
5,628 |
|
|
|
Total non-mark-up / interest expenses |
16,221,654 |
|
13,020,666 |
|
|
|
|
|
|
|
|
|
|
Share of loss of associates |
(158,245) |
|
(47,166) |
|
|
|
Profit before provisions |
27,822,648 |
|
16,071,289 |
|
|
|
Provisions and write-offs - net |
2,714,605 |
|
334,109 |
|
|
|
Profit before taxation from continuing operations |
25,108,043 |
|
15,737,180 |
|
|
|
|
|
|
|
|
|
|
Taxation |
10,637,315 |
|
6,364,518 |
|
|
|
|
|
|
|
|
|
|
Profit after taxation from continuing operations |
14,470,728 |
|
9,372,662 |
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from discontinued operations - net of tax |
- |
|
22,172 |
|
|
|
|
|
|
|
|
|
|
Profit after taxation |
14,470,728 |
|
9,394,834 |
|
|
|
Attributable to: |
|
|
|
|
|
|
Equity holders of the Bank |
|
|
|
|
|
|
from continuing operations |
14,226,896 |
|
9,281,926 |
|
|
|
from discontinued operations |
- |
|
22,172 |
|
|
|
|
14,226,896 |
|
9,304,098 |
|
|
|
Non-controlling interest |
243,832 |
|
90,736 |
|
|
|
|
14,470,728 |
|
9,394,834 |
|
|
|
|
|
|
|
|
|
|
|
---------- (Rupees) ---------- |
||||
|
Earnings per share for profit from continuing operations attributable to the equity holders of the Bank Basic and diluted |
11.62 |
|
7.58 |
|
|
|
|
|
|
|
|
|
|
Earnings per share for profit attributable to the equity holders of the Bank Basic and diluted |
11.62 |
|
7.60 |
|
|
|
|
|
|
|
|
|
Annexure C
April 28, 2023
|
Name of Company: |
United Bank Limited
|
|
Date of Report: |
April 28, 2023
|
|
Name of Company as specified in its Memorandum: |
United Bank Limited
|
|
Company's registered office: |
13th Floor, UBL Building, Jinnah Avenue, Blue Area, Islamabad, Pakistan.
|
|
Contact Information: |
Aqeel Ahmed Nasir Company Secretary & Chief Legal Counsel United Bank Limited Telephone Numbers: (021) 990332960 & (021) 32400419 |
Disclosure of inside information by listed company.
Public disclosure of inside information, which directly concerns the listed securities.
United Bank Limited is exploring a potential merger with Silkbank Limited and intends to seek permission of the State Bank of Pakistan to commence due diligence. The potential merger will remain subject to due diligence, internal and regulatory approvals and definitive documents. We will update the Pakistan Stock Exchange if there are any further material developments in this regard.
SIGNATURES
In case of company, pursuant to the requirements of the Securities Act, 2015 and the Rule Book of the Pakistan Stock Exchange, the company has duly caused this form / statement to be signed on its behalf by the undersigned hereunto duly authorized.
Sd/-
Aqeel Ahmed Nasir
Company Secretary &
Chief Legal Counsel
Dated: April 28, 2023