UBL suffers 42% decline in consolidated profits for 2HFY19

By MG News | February 20, 2019 at 12:23 PM GMT+05:00

0:00

February 20, 2019 (MLN): United Bank Limited (UBL) has posted hefty decline in its annual gains for the period ended December 2018, as it reported net gains worth Rs.15.1 billion (EPS: Rs.12.65) down by 42%.

The profits posted during the corresponding period (Rs.25.95 billion, EPS: Rs.21.2) of last year were nearly Rs.11 billion higher.

The decline in earnings was attributed to almost no growth in the net-mark-up income. Although non-mark-up income showed some improvement of 9.6%, it was countered by increase in non-mark-up expense which grew by 2.8%.

The equity market expected higher declines in UBL’s earnings, having accredited the results to heavy provisioning expenses from foreign operations.

Apart from this, UBL has reported a final Cash Dividend at Rs.3 per share, that is, 30% in addition to Interim Dividends already paid at Rs.8 per share (80%).

Profit and loss account for the six months ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Mark-up / return / interest earned	117,363,124	110,579,895	6.13%
Mark-up / return / interest expensed	59,115,489	52,487,753	12.63%
Net mark-up / interest income	58,247,635	58,092,142	0.27%
Non mark-up / interest income
Fee and commission income	15,886,753	14,831,990	7.11%
Dividend income	1,683,678	1,733,757	-2.89%
Foreign exchange income	3,662,854	2,150,117	70.36%
(Loss) / income from derivatives	-87,716	32,793	-367.48%
Gain on securities - net	4,484,066	4,799,893	-6.58%
Other income	1,014,156	747,535	35.67%
Total non-mark-up / interest income	26,643,791	24,296,085	9.66%
Total income	84,891,426	82,388,227	3.04%
Non mark-up / interest expenses
Operating expenses	42,492,994	38,455,334	10.50%
Workers' Welfare Fund	-2,163,314	814,699	-365.54%
Other charges	114,798	59,688	92.33%
Total non-mark-up / interest expenses	40,444,478	39,329,721	2.83%
Share of profit of associates	699,294	459,702	52.12%
Profit before provisions	45,146,242	43,518,208	3.74%
Provisions and write offs - net	13,101,543	2,628,801	398.38%
Extra ordinary / unusual item - charge in respect of pension liability	6,657,216
Profit before taxation	25,387,483	40,889,407	-37.91%
Taxation	10,337,929	14,934,403	-30.78%
Profit after taxation	15,049,554	25,955,004	-42.02%
Earnings per share - basic and diluted	12.65	21.20	-40.33%

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