UBL witnesses growth of 49% in net profits

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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Posted on: 2019-10-16T12:36:00+05:00

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