UBL profits soar high to Rs32bn in CY22 with hefty payouts to shareholders

MG News | February 22, 2023 at 04:01 PM GMT+05:00

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February 22, 2023 (MLN): United Bank Limited (UBL) on Wednesday reported a profit after tax of Rs32 billion (EPS Rs25.76) for the financial year ended 2022, up by 4.5% YoY compared to Rs30.6bn in CY21.

The Bank maintained strong payouts to shareholders, declaring dividends of Rs9 per share i.e., 90%. This is in addition to Interim Dividend already paid at Rs13 per share i.e., 130%.

The bank’s net interest income (NII) stood at Rs107.7bn in CY22, witnessing a surge of 44% YoY compared to Rs74.73bn in CY21. This was due to a 69% YoY increase in interest earned which clocked in at Rs257.83bn in the review period.

On the other hand, the total non-interest income of the bank posted an impressive growth of over 2x YoY to Rs36.5bn mainly attributable to higher foreign exchange income which has swelled by more than twofold on significant PKR depreciation.

Meanwhile, fee and commission income, dividend income, and gain on sale of securities increased by 55.4% YoY, 21% YoY, and 36.3% YoY to Rs17.24bn, Rs1.54bn, and Rs560.5mn in CY22.

The bank’s operating expenses were recorded at Rs56.16bn, growing by 40.2% YoY.

Moreover, the bank’s effective tax rate clocked in at 53% as opposed to 41% last year.

Consolidated Profit and Loss Account for the year ended on December 31, 2022 (Rupees '000)
	Dec-22	Dec-21	% Change
Mark-up/return/interest earned	257,829,501	152,761,180	68.8%
Mark-up/return/interest expensed	150,086,273	78,025,366	92.4%
Net mark-up/return/interest income	107,743,228	74,735,814	44.2%
Non mark-up/interest income
Fee, commission and brokerage income	17,243,484	11,097,472	55.4%
Dividend income	1,536,659	1,269,537	21.0%
Foreign exchange income	8,595,998	3,684,585	133.3%
Income /Loss from derivatives	963,928	(13,076)	-
Gain on sale of securities - net	560,588	411,440	36.3%
Other income	7,606,522	644,381	1080.4%
Total non mark-up /interest income	36,507,179	17,094,339	113.6%
Total Income	144,250,407	91,830,153	57.1%
Non mark-up/interest expenses
Operating expenses	56,164,757	40,060,602	40.2%
Workers' Welfare Fund	1,352,568	864,956	56.4%
Other charges	48,862	167,335	-70.8%
Total non mark-up/interest expenses	57,566,187	41,092,893	40.1%
Share of loss/profit of associates	(650,058)	342,160
Profit before provision	86,034,162	50,718,528	69.6%
Provisions and write offs-net	17,598,771	(1,448,527)
Profit before taxation from continuing operations	68,435,391	52,167,055	31.2%
Taxation	36,374,642	21,474,478	69.4%
Profit after taxation	32,060,749	30,692,577	4.5%
Earnings per share - basic and diluted (Rupees) for profit from continuing operations attributable to the ordinary equity share	25.76	24.84	3.7%

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