UBL reports a drop of 54% in overall Profit after Taxation during the half year ended June 30th 2018: earnings report
MG News | August 02, 2018 at 12:49 PM GMT+05:00
United Bank Limited (UBL) released a summary of their financial earnings for the half year ended on June 30th 2018. The report was finalized in a Board of Directors meeting held on August 2nd, 2018.
As compared to the half year ending on June 30th 2017, UBL’s Net mark-up/return/interest income increased by 0.8%.
Net Reversal of Provision against lending to financial institutions increased considerably by 1378%, whereas Net Provision for Diminution in Value of Investments increased by 292%.
UBL’s Income from dealing in Foreign Currencies also went up, by 61.5%, however Other Income dropped slightly by 10.2%
Among expenses, the bank’s Workers’ Welfare Funds reduced by 40% while Other charges decreased by 93% as well.
UBL reduced its Taxation by 52.4% year the overall Profit after Taxation dropped by 54% during the period under consideration.
Basic and Diluted earnings per share were reported to have dropped from Rs.10.81 per share to Rs.5.06 per share, a decrease of 53.2%
| Profit and Loss Account for the Half Year Ended June 30,2018 (Rupees '000) | |||
|---|---|---|---|
| 2018 | 2017 | % Change | |
| Mark-up/return/interest earned | 56,158,142 | 51,305,607 | 9.5% |
| Mark-up/return/interest expensed | (27,095,623) | (22,487,513) | 20.5% |
| Net mark-up/return/interest income | 29,062,519 | 28,818,094 | 0.8% |
| Reversal/(provision) against loans and advances - net | (3,748,145) | 396,834 | |
| Reversal of provision against lendings to financial institutions - net | 122,149 | 8,260 | 1378.8% |
| Provision for diminution in value of investments - net | (740,295) | (188,888) | 291.9% |
| Bad debts written off directly | (40,251) | (24,920) | 61.5% |
| (4,406,542) | 191,286 | ||
| Net mark-up/return/interest income after provisions | 24,655,977 | 29,009,380 | -15.0% |
| Non mark-up/interest income | |||
| Fee, commission and brokerage income | 7,694,571 | 7,039,730 | 9.3% |
| Dividend income | 810,755 | 779,624 | 4.0% |
| Income from dealing in foreign currencies | 1,550,144 | 959,939 | 61.5% |
| Gain on sale of securities - net | 4,735,514.00 | 3,996,614.00 | 18.5% |
| Unrealized gain of revaluation of investments classified as held for trading | (1,290.00) | 2,490.00 | |
| Other income | 372,849.00 | 415,390.00 | -10.2% |
| Total non mark-up /interest income | 15,162,543.00 | 13,193,787 | 14.9% |
| 39,818,520 | 42,203,167 | ||
| Non mark-up/interest expenses | |||
| Administrative expenses | (20,262,638) | (18,850,819) | 7.5% |
| Other (provisions)/reversals - net | (338,980) | 2,508 | |
| Workers' Welfare Fund | (286,898) | (478,129) | -40.0% |
| Other charges | (4,019) | (58,640) | -93.1% |
| Total non mark-up/interest expenses | (20,892,535) | (19,385,080) | 7.8% |
| 18,925,985 | 22,818,087 | -17.1% | |
| Share of income associates | 300,412 | 370,024 | -18.8% |
| Profit before taxation | 19,226,397 | 23,188,111 | -17.1% |
| Extraordinary/unusual item - Accrual in respect of pension liability | (8,404,635) | - | |
| Taxation | (4,709,742) | (9,897,254) | -52.4% |
| Profit after taxation | 6,112,020 | 13,290,857 | -54.0% |
| Earnings per share - basic and diluted (Rupees) | 5.06 | 10.81 | -53.2% |
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