Final Results

RNS Number : 3678U

United Bank Limited

25 February 2026

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 259^th 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 67^th 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

ANNEXURE - A-2

UNCONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2025

	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

	Share capital	Share Premium	Capital Reserve - Exchange Translation	Statutory reserve	Surplus / (Deficit) on revaluation			Unappropriated Profit	Total
	Share capital	Share Premium	Capital Reserve - Exchange Translation	Statutory reserve	Investments	Property and Equipment	Non-banking Assets	Unappropriated Profit	Total
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Balance as at January 01, 2024 - as restated	12,241,797	-	60,922,855	46,878,123	780,037	38,211,793	-	89,138,112	248,172,717
Total comprehensive income for the year ended December 31, 2024
Profit after taxation for the year ended December 31, 2024	-	-	-	-	-	-	-	80,527,534	80,527,534
Other comprehensive income - net of tax	-	-	(1,118,901)	-	38,006,924	319,239	1,146	4,177,500	41,385,908
Total comprehensive income for the year ended December 31, 2024	-	-	(1,118,901)	-	38,006,924	319,239	1,146	84,705,034	121,913,442
Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax	-	-	-	-	-	-	-	-	-
Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(77,583)	-	77,583	-
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)	-
Transactions with owners, 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)
Interim cash dividend - March 31, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(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)
Interim cash dividend - September 30, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)
	-	-	-	-	-	-	-	(53,863,908)	(53,863,908)
Balance as at December 31, 2024	12,241,797	-	59,803,954	54,930,877	38,835,210	38,453,449	1,146	111,955,818	316,222,251

Continued on next page

ANNEXURE A-3 (2 of 2)

UNCONSOLIDATED STATEMENET OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2025

	Share capital	Share Premium	Capital Reserve - Exchange Translation	Statutory reserve	Surplus / (Deficit) on revaluation			Unappropriated Profit	Total
	Share capital	Share Premium	Capital Reserve - Exchange Translation	Statutory reserve	Investments	Property and Equipment	Non-banking Assets	Unappropriated Profit	Total
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Fair Valuation of unlisted equity securities carried at FVOCI	-	-	-	-	1,355,745	-	-	-	1,355,745
Balance as at January 01, 2025 - as restated	12,241,797	-	59,803,954	54,930,877	40,190,955	38,453,449	1,146	111,955,818	317,577,996
Total comprehensive income for the year ended December 31, 2025
Profit after taxation for the year ended December 31, 2025	-	-	-	-	-	-	-	128,008,847	128,008,847
Other comprehensive income - net of tax	-	-	508,221	-	97,091,202	-	-	12,099,401	109,698,824
Total comprehensive income for the year ended December 31, 2025	-	-	508,221	-	97,091,202	-	-	140,108,248	237,707,671
Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax	-	-	-	-	-	-	-	-	-
Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(71,714)	-	71,714	-
Transfer of net gain on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	(2,639,324)	-	-	2,639,324	-
Transfer to statutory reserve	-	-	-	12,800,885	-	-	-	(12,800,885)	-
Shares issued under amalgamation	279,442	10,473,761	-	-	-	-	-	-	10,753,203
Transactions with owners, recorded directly in equity
Final cash dividend - December 31, 2024 declared subsequent to the year end at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)
Interim cash dividend - March 31, 2025 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,773,363)	(13,773,363)
Interim cash dividend - June 30, 2025 declared at Rs. 8.0 per share	-	-	-	-	-	-	-	(20,033,982)	(20,033,982)
Interim cash dividend - September 30, 2025 declared at Rs. 8.0 per share	-	-	-	-	-	-	-	(20,033,982)	(20,033,982)
	-	-	-	-	-	-	-	(67,307,304)	(67,307,304)
Balance as at December 31, 2025	12,521,239	10,473,761	60,312,175	67,731,762	134,642,833	38,381,735	1,146	174,666,915	498,731,566

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

ANNEXURE B-1

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT DECEMBER 31, 2025


	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

ANNEXURE B-2

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2025

	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

ANNEXURE B-3 (1 of 2)

CONSOLIDATED STATEMENET OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2025

	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Surplus / (Deficit) on revaluation			Unappropriated Profit	Sub total	Non-controlling interest	Total
	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Investments	Property and Equipment	Non-banking Assets	Unappropriated Profit	Sub total	Non-controlling interest	Total
	---------------------------------------------------------------- (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

ANNEXURE B-3 (2 of 2)

CONSOLIDATED STATEMENET OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Surplus / (Deficit) on revaluation			Unappropriated Profit	Sub total	Non-controlling interest	Total
	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Investments	Property and Equipment	Non-banking Assets	Unappropriated Profit	Sub total	Non-controlling interest	Total
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(71,714)	-	71,714	-	-	-
Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	(2,639,324)	-	-	2,639,324	-	-	-
Transfer to statutory reserve	-	-	12,800,885	-	-	-	-	(12,800,885)	-	-	-
Shares issued under amalgamation	279,442	10,473,761	-	-	-	-	-	-	10,753,203	-	10,753,203
Transactions with owners, recorded directly in equity
Final cash dividend - December 31, 2024 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, 2025 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,773,363)	(13,773,363)	-	(13,773,363)
Interim cash dividend - June 30, 2025 declared at Rs. 8.0 per share	-	-	-	-	-	-	-	(20,033,982)	(20,033,982)	-	(20,033,982)
Interim cash dividend - September 30, 2025 declared at Rs. 8.0 per share	-	-	-	-	-	-	-	(20,033,982)	(20,033,982)	-	(20,033,982)
	-	-	-	-	-	-	-	(67,307,304)	(67,307,304)	-	(67,307,304)
Balance as at December 31, 2025	12,521,239	10,473,761	67,731,762	60,312,175	134,621,012	38,381,735	1,146	181,178,532	505,221,362	70,451	505,291,813

ANNEXURE B-4 (1 of 2)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2025

	2025	2024
	--------- (Rupees in '000) ---------

CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation including discontinued operations	291,107,517	145,036,839
Less: Dividend income	(2,340,252)	(1,741,707)
Less: Share of profit of associates	(965,823)	(895,183)
	287,801,442	142,399,949
Adjustments:
Depreciation on property and equipment	9,694,788	5,849,218
Depreciation on right-of-use assets	4,465,536	2,520,644
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	5,934,281	1,022,553
Workers' Welfare Fund - charge	5,703,814	3,145,755
Provision for retirement benefits	21,083	91,706
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)	(15,723,998)
Interest expense on lease liability against right-of-use assets	3,680,910	1,504,645
Gain on sale of operating property and equipment - net	(156,801)	(234,287)
Transfer of exchange translation reserve to profit and loss on derecognition of subsidiary	-	(8,706,711)
Gain on sale of Ijarah assets - net	234	(1,016)
Bad debts written off directly	107,914	54,951
Unrealised gain on revaluation of investments classified as FVPL	(250,256)	(35,068)
Credit loss allowance against other assets	85,972	476,252
Other provisions / write-offs	12,107	160,014
	25,429,498	2,764,467
	313,230,940	145,164,416
(Increase) / decrease in operating assets
Lendings to financial institutions	(13,082,064)	20,823,787
Securities classified as FVTPL	(42,575,793)	55,025,621
Advances	78,025,851	(582,847,466)
Other assets (excluding advance taxation)	(164,125,439)	(79,237,101)
	(141,757,445)	(586,235,159)
Increase / (decrease) in operating liabilities
Bills payable	14,410,026	22,487,287
Borrowings	1,674,641,204	2,031,485,602
Deposits and other accounts	2,528,213,914	5,159,883
Other liabilities	27,673,094	27,144,404
	4,244,938,238	2,086,277,176
	4,416,411,733	1,645,206,433
Payments on account of staff retirement benefits	(1,168,832)	(5,669,400)
Workers' Welfare Fund refund	33,291	667,943
Income taxes paid	(139,002,133)	(84,229,275)
Net cash flow generated from / (used in) operating activities	4,276,274,059	1,555,975,701

Continued on next page

ANNEXURE B-4 (2 of 2)

CONSOLIDATED 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	(3,465,426,978)	(1,453,132,892)
Net investments in amortized cost securities	(362,629,183)	40,239,285
Net investments in associates	(1,184,206)	(811,921)
Cash acquired through business combination	15,198,229	-
Investment in property and equipment and intangible assets	(153,631,779)	(16,615,615)
Investment in non banking assets	(76,222)	-
Dividend income received	2,313,495	1,741,707
Sale proceeds from disposal of property and equipment and intangible assets	363,935	358,842
Sale proceeds from sale of Ijarah assets	10,411	19,344
Effect of translation of net investment in overseas branches and subsidiaries	508,221	(10,307,279)
Net cash flow used in investing activities	(3,964,554,077)	(1,438,508,529)

CASH FLOW FROM FINANCING ACTIVITIES
Payment of lease liability against right-of-use assets	(7,452,847)	(3,623,173)
Payment of subordinated debt	(1,998,400)	-
Dividend paid	(67,084,981)	(53,825,508)
Net cash flow used in financing activities	(76,536,228)	(57,448,681)
Increase in cash and cash equivalents	235,183,754	60,018,491
Cash and cash equivalents at the beginning of the year	369,404,910	312,451,157
Effect of exchange rate changes on cash and cash equivalents	1,399,712	(1,665,026)
	370,804,622	310,786,131
Cash and cash equivalents at the end of the year	605,988,376	370,804,622

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FR AKPBDKBKDKBB

Date	25 Feb 2026
Time	10:14:58
Category	Results
ID	3678U

Date	25 Feb 2026
Time	10:14:58
Category	Results
ID	3678U

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