April 20, 2022 (MLN): United Bank Limited (UBL) has revealed its financial statement today for 1QCY22 ended March 31, 2021, as per which the bank posted a profit worth Rs9.52 billion, depicting a surge of 28.7% YoY, compared to 1QCY21, bank’s filing on PSX showed today.
This has translated into earnings per share (EPS) which clocked in at Rs7.78 and increased by 28.6%, against EPS of Rs6.05 in the same period last year (SPLY).
Along with the quarterly financial results, the board of directors of UBL has also announced an interim cash dividend for the period ended March 31, 2022, at Rs5 per share i.e. 50%.
Going by the income statement, the bank witnessed an increase of 27.4% in its net interest income (NII) to stand at Rs21.47bn, compared to SPLY. The surge in NII is due to a jump in interest-earning (Rs48bn), up by 50% YoY.
During the period under review, the bank’s non-funded income (NFI) climbed up by 17.2% YoY to Rs6.78bn owing to the massive surge in foreign exchange income by 2.64x YoY to clock in at Rs1.28bn. In addition, the increment in fee and commission income (up by 28.9%) and dividend income (3.5x) have also supported NFI.
The bank noted a 19.1% increment in its non-markup interest expense to lock in at Rs12bn during 1QCY22, against Rs10.1bn in SPLY.
In addition, the bank booked a provisioning reversal of Rs347mn during the review period compared to the provisioning expense of Rs354 in the corresponding period last year.
On the tax front, the bank paid Rs9.5bn, 32% higher than the amount paid in 1QCY21.
|
Consolidated Profit and Loss Account for the Quarter ended on March 31, 2022 (Rupees 000) |
|||
|---|---|---|---|
|
Mar-22 |
Mar-21 |
% Change |
|
|
Mark-up/return/interest earned |
47,956,205 |
31,825,591 |
50.7% |
|
Mark-up/return/interest expensed |
26,483,283 |
14,967,726 |
76.9% |
|
Net mark-up/return/interest income |
21,472,922 |
16,857,865 |
27.4% |
|
Non mark-up/interest income |
|||
|
Fee and commission income |
3,918,955 |
3,040,522 |
28.9% |
|
Dividend income |
903,660 |
252,416 |
258.0% |
|
Foreign exchange income |
1,282,724 |
484,228 |
164.9% |
|
Income /Loss from derivatives |
(37,777) |
7,254 |
– |
|
Gain on sale of securities – net |
428,251 |
1,866,938 |
-77.1% |
|
Other income |
284,328 |
132,023 |
115.4% |
|
Total non mark-up /interest income |
6,780,141 |
5,783,381 |
17.2% |
|
Total Income |
28,253,063 |
22,641,246 |
24.8% |
|
Non mark-up/interest expenses |
|||
|
Operating expenses |
11,727,972 |
9,852,826 |
19.0% |
|
Workers' Welfare Fund |
325,121 |
244,895 |
32.8% |
|
Other charges |
5,628 |
24,547 |
-77.1% |
|
Total non mark-up/interest expenses |
12,058,721 |
10,122,268 |
19.1% |
|
Profit before provisions |
16,194,342 |
12,518,978 |
0 |
|
Provisions and write offs-net |
347,289 |
354,071 |
-1.9% |
|
Profit before taxation from continuing operations |
15,847,053 |
12,164,907 |
30.3% |
|
Taxation |
6,319,346 |
4,760,230 |
32.8% |
|
Profit after taxation |
9,527,707 |
7,404,677 |
28.7% |
|
Earnings per share – basic and diluted (Rupees) |
7.78 |
6.05 |
28.6% |
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