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UBL observes better first half as its profits surge by 52%

August 7, 2019 (MLN): United Bank Limited (UBL) has announced its financial results for the half year ended on June 30th 2019, as per which the bank has reported net earnings of Rs. 9.54 billion (EPS: Rs. 7.8), which is about 52% higher than the earnings of Rs. 6.3 billion recorded in the same period last year.

The surge in UBL’s net profits by more than half is mainly due to improvement in net interest income as it increased by 6.7% and absence of pension charge which bank took last year of Rs 8.4 bln

During the period, bank’s income from dealing in foreign currencies and income from other sources surged significantly by 54% and 327% respectively which further helped in lifting the profits up.

It is pertinent to mention that the financial results of the bank are in line with market expectations, with Ismail Iqbal Securities making the most accurate forecast.

Moreover, the Board of Directors of the bank announced an interim cash dividend for the aforementioned period at Rs. 2.50 per share i.e. 25%.

Unconsolidated Profit and Loss Account for the Half year ended June 30th, 2019 (Rupees '000)

 

Jun-19

Jun-18

% Change

Mark-up/return/interest earned

 66,564,781

 54,164,809

22.9%

Mark-up/return/interest expensed

 (36,641,997)

 (26,109,232)

40.3%

Net mark-up/return/interest income

 29,922,784

 28,055,577

6.7%

Non mark-up/interest income

 

 

 

Fee, commission and brokerage income

 7,076,263

 6,727,671

5.2%

Dividend income

 773,925

 1,158,938

-33.2%

Income from dealing in foreign currencies

 2,224,878

 1,446,754

53.8%

Income /Loss from derivatives

 85,426

 (6,274)

 

Gain on sale of securities – net

 201,738

 4,541,825

-95.6%

Other income

 1,781,641

 417,075

327.2%

Total non-mark-up /interest income

 12,143,871

 14,285,989

-15.0%

Total Income

 42,066,655

 42,341,566

-0.6%

Non mark-up/interest expenses

 

 

 

Operating expenses

 (19,212,719)

 (18,516,714)

3.8%

Workers' Welfare Fund

 (353,105)

 (282,035)

25.2%

Other charges

 (2,218)

 (4,019)

-44.8%

Total non-mark-up/interest expenses

 (19,568,042)

 (18,802,768)

4.1%

Share of income/(loss) of associates

 –  

 –  

 

Profit before provisions

 22,498,613

 23,538,798

-4.4%

Provisions and write offs-net

 (4,494,025)

 (4,532,102)

-0.8%

Extra ordinary/ unusual item- charges in respect of pension liability

 –  

 (8,404,635)

 

Profit before taxation

 18,004,588

 10,602,061

69.8%

Taxation

 (8,461,811)

 (4,331,357)

95.4%

loss from discontinued operations- net of tax

 –  

 –  

 

Profit after taxation

 9,542,777

 6,270,704

52.2%

Earnings per share – basic and diluted (Rupees)

 7.80

 5.12

52.3%

 

Copyright Mettis Link News

Posted on: 2019-08-07T12:45:00+05:00

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