1st Quarter Results of United Bank Limited | RNS | Ticker

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1st Quarter Results of United Bank Limited

RNS Announcement

RNS Number : 2860W

United Bank Limited

22 April 2021

Secretary's Department

UBL/BOD-232/PSX/Results/21

21 April 2021

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,

Karachi.

Dear Sir,

Financial Results for the 1^stQuarter Ended 31 March 2021

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 232^nd meeting held on Wednesday, 21 April 2021 at 03:00 p.m. inter-alia recommended the following:

(i) Cash Dividend

An Interim Cash Dividend for the 1^stquarter ended 31 March 2021 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 Tuesday, 11 May 2021.

The Share Transfer Books of UBL will remain closed from 12 May 2021 to 19 May 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 Tuesday, 11 May 2021 will be treated in time for the purpose of above entitlement to the transferees.

The accounts / report of the Bank for the 1^stQuarter ended 31 March 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) Citibank N.A.1^st Floor Custodian Department of UBL GDRs

AWT Plaza I. I. Chundrigar Road Karachi.

2) London Stock Exchange.

3) 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, 2021

	January - March 2021	January -March 2020
	-------------- (Rupees in '000) --------------

Mark-up / return / interest earned	31,825,591	43,380,353
Mark-up / return / interest expensed	14,967,726	26,037,828
Net mark-up / interest income	16,857,865	17,342,525


Non mark-up / interest income
Fee and commission income	3,040,522	3,035,253
Dividend income	252,416	393,897
Foreign exchange income	484,228	732,424
Income / (loss) from derivatives	7,254	(11,274)
Gain on securities - net	1,866,938	342,219
Other income	132,023	173,350
Total non mark-up / interest income	5,783,381	4,665,869
Total income	22,641,246	22,008,394

Non mark-up / interest expenses
Operating expenses	9,852,826	9,473,593
Workers' Welfare Fund	244,895	218,300
Other charges	24,547	181,039
Total non mark-up / interest expenses	10,122,268	9,872,932

Profit before provisions	12,518,978	12,135,462

Provisions and write-offs - net	354,071	3,700,454

Profit before taxation	12,164,907	8,435,008

Taxation	4,760,230	3,375,027

Profit after taxation	7,404,677	5,059,981

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

Earnings per share - basic and diluted	6.05	4.13

Annexure B

CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT

FOR THE THREE MONTHS ENDED MARCH 31, 2021

	January - March 2021	January - March 2020
	------------ (Rupees in '000) ------------

Mark-up / return / interest earned	32,930,550	44,374,183
Mark-up / return / interest expensed	15,425,644	26,584,742
Net mark-up / interest income	17,504,906	17,789,441

Non mark-up / interest income
Fee and commission income	3,469,334	3,510,113
Dividend income	252,206	177,699
Foreign exchange income	524,508	770,976
Income / (loss) from derivatives	7,254	(11,274)
Gain on securities - net	1,874,072	458,052
Other income	127,885	174,599
Total non mark-up / interest income	6,255,259	5,080,165
Total income	23,760,165	22,869,606

Non mark-up / interest expenses
Operating expenses	10,784,633	10,314,814
Workers' Welfare Fund	248,494	219,422
Other charges	24,547	181,039
Total non mark-up / interest expenses	11,057,674	10,715,275

Share of profit / (loss) of associates	152,002	(147,536)
Profit before provisions	12,854,493	12,006,795
Provisions and write-offs - net	376,332	3,701,317
Profit before taxation from continuing operations	12,478,161	8,305,478

Taxation	4,892,227	3,400,320

Profit after taxation from continuing operations	7,585,934	4,905,158

Discontinued operation

(Loss) / profit from discontinued operation - net of tax	(33)	6,505

	7,585,901	4,911,663
Attributable to:
Equity holders of the Bank
from continuing operations	7,598,730	4,871,117
from discontinued operation	(33)	6,505
	7,598,697	4,877,622
Non-controlling interest	(12,796)	34,041
	7,585,901	4,911,663

	------------------- (Rupees) -------------------
Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the Bank Basic and diluted	6.21	3.98

Earnings per share for profit attributable to the ordinary equity holders of the Bank Basic and diluted	6.21	3.98

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RNS metadata

Title: 1st Quarter Results of United Bank Limited
Time: 07:57:17
Date: 22 Apr 2021
Category: Results
ID: 2860W