October 16, 2019 (MLN): United Bank Limited (UBL) has earned net income of Rs. 14.2 billion (EPS: Rs. 11.62) during the nine months ended on September 30, 2019. This amount is nearly 49% higher than the income of same period last year.
The improvement in net earnings can be attributed to growth in Net Interest Income by 7%, which in turn is an outcome of better asset pricing as well as book expansion. On the other hand, Non-interest Income shrank by 8.4% owing to decline in dividend income and gains made on sales of securities.
UBL also announced an Interim Cash Dividend for the quarter ended on September 30, 2019 at Rs. 3 per share i.e. 30%. This is in addition to the dividends already paid at Rs. 5 per share i.e. 50%.
Consolidated Profit and Loss Account for the nine months ended September 30, 2019 (Rupees '000) |
|||
---|---|---|---|
Sep-19 |
Sep-18 |
% Change |
|
Mark-up/return/interest earned |
114,622,747 |
86,991,106 |
31.8% |
Mark-up/return/interest expensed |
68,165,602 |
43,553,484 |
56.5% |
Net mark-up/return/interest income |
46,457,145 |
43,437,622 |
7.0% |
Non mark-up/interest income |
|||
Fee, commission and brokerage income |
12,054,092 |
11,447,163 |
5.3% |
Dividend income |
784,488 |
1,045,814 |
-25.0% |
Income from dealing in foreign currencies |
3,484,894 |
2,843,801 |
22.5% |
Income /Loss from derivatives |
50,298 |
(8,958) |
|
Gain on sale of securities – net |
772,386 |
4,793,274 |
-83.9% |
Other income |
1,874,038 |
641,432 |
192.2% |
Total non-mark-up /interest income |
19,020,196 |
20,762,526 |
-8.4% |
Total Income |
65,477,341 |
64,200,148 |
2.0% |
Non mark-up/interest expenses |
|||
Operating expenses |
(31,811,389) |
(30,733,737) |
3.5% |
Workers' Welfare Fund |
(532,237) |
(424,918) |
25.3% |
Other charges |
(2,945) |
(43,358) |
-93.2% |
Total non-mark-up/interest expenses |
(32,346,571) |
(31,202,013) |
3.7% |
Share of income/(loss) of associates |
427,840 |
455,007 |
|
Profit before provisions |
33,558,610 |
33,453,142 |
0.3% |
Provisions and write offs-net |
(5,706,877) |
(7,988,618) |
-28.6% |
Extra ordinary/ unusual item- charges in respect of pension liability |
– |
(8,746,607) |
|
Profit before taxation |
27,851,733 |
16,717,917 |
66.6% |
Taxation |
(12,163,304) |
(7,224,512) |
68.4% |
loss from discontinued operations- net of tax |
(1,468,330) |
– |
|
Profit after taxation |
14,220,099 |
9,493,405 |
49.8% |
Earnings per share – basic and diluted (Rupees) |
11.62 |
7.96 |
46.0% |
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