UBL posts highest-ever PAT of Rs12.15bn in 1HCY23

MG News | July 19, 2023 at 02:16 PM GMT+05:00

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July 19, 2023 (MLN): United Bank Limited (PSX: UBL) has revealed its financial statement today for the half year ended on June 30, 2023, as per which the bank posted a profit worth Rs27.52 billion [EPS: Rs22.01], depicting a surge of 2.27x YoY, compared to Rs12.20bn [EPS: Rs9.71] in the same period last year (SPLY), bank’s filing on PSX showed today.

Along with the 1HCY23 financial results, the board of directors of UBL has also announced an interim cash dividend for the period ended June 30, 2022, at Rs11 per share i.e. 110%.

It is worth noting that this was the highest dividend payout and PAT ever recorded.

Going by the income statement, the bank witnessed an increase of 53.9% in its net interest income (NII) to stand at Rs72.33bn, compared to SPLY. The surge in NII is due to a jump in interest-earning (Rs89.97bn), up by 85% YoY.

During the period under review, the bank’s Non-Markup Income (NMI) fell down by 16% YoY to Rs13.14bn owing to the massive rise in loss on the sale of securities to clock in at Rs4.92bn as compared to a gain of Rs647.95m in SPLY.

In addition, the bank incurred a provision expense of Rs410.83m during the review period compared to the provisioning reversal of Rs1.37bn in the corresponding period last year.

On the tax front, the bank paid Rs24.50bn, 9.2% higher than the amount paid in 1HCY22.

Consolidated Profit and Loss Account for the 6 Months Ended June 30, 2023 (Rupees in 000)
	Jun-23	Jun-22	% Change
Mark-up/return/interest earned	195,820,296	105,847,586	85.0%
Mark-up/return/interest expensed	(123,485,537)	(58,857,098)	109.8%
Net mark-up/return/interest income	72,334,759	46,990,488	53.9%
Non mark-up/interest income
Fee, commission and brokerage income	9,720,097	8,372,389	16.1%
Dividend income	904,300	704,274	28.4%
Income from dealing in foreign currencies	7,055,660	4,729,777	49.2%
Income /Loss from derivatives	(209,183)	701,163	-
Gain on sale of securities - net	(4,918,716)	647,948	-
Other income	587,371	478,911	22.6%
Total non mark-up /interest income	13,139,529	15,634,462	-16.0%
Total Income	85,474,288	62,624,950	36.5%
Non mark-up/interest expenses
Operating expenses	32,442,092	25,990,861	24.8%
Workers' Welfare Fund	1,043,620	704,603	48.1%
Other charges	4,065	15,962	-74.5%
Total non mark-up/interest expenses	33,489,777	26,711,426	25.4%
Share of income/(loss) of associates	(374,401)	51,615	-
Profit before provisions	51,610,110	35,965,139	43.5%
Provisions and write offs-net	410,829	(1,367,770)	-
Profit before taxation	52,020,939	34,597,369	50.4%
Taxation	(24,498,838)	(22,444,112)	9.2%
Profit after taxation	27,522,101	12,153,257	126.5%
Earnings per share - basic and diluted (Rupees)	22.01	9.77	125.3%

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