UBL's Q3 profit soars to Rs25.54bn with 110% dividend

By MG News | October 23, 2024 at 02:16 PM GMT+05:00

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October 23, 2024 (MLN): United Bank Limited (PSX: UBL) reported a profit of Rs25.54 billion (EPS: 20.86) for Q3 2024, reflecting a significant increase of 75.6% YoY compared to Rs14.54bn (EPS: 11.88) in the same period last year (SPLY).

Along with the financial results, the bank has announced an Interim Cash Dividend for the Third Quarter ended 30 September 2024 at Rs11 per share i.e.110%. This is in addition to the interim Dividend already paid at Rs22 per share i.e. 220%

Going by the income statement, the net interest income (NII) increased by 36.6% YoY to Rs51.6bn in Q3 2024 mainly due to the surge in interest earnings by 110% YoY to Rs310.7bn compared to SPLY.

On the other hand, the bank’s total non-markup income surged 3x YoY to Rs22.58bn, owing to a massive gain on the sale of securities worth Rs5.93bn, compared to a gain of Rs142.74m recorded in Q3 2024.

The gains were further buoyed by a rise in Fee, commission and brokerage income which clocked in at Rs5.84bn, due to improved economic activity.

On the expense side, the total non-markup expenses increased by 31.7% YoY to Rs23.18bn in Q3 2024.

The increase was attributed to the jump in both operating costs and charges towards the Workers' Welfare Fund.

On the tax front, the bank paid Rs24.55bn, 76.3% YoY higher than the amount paid in the same quarter last year.

Consolidated Profit and Loss Account for the quarter ended on September 30, 2024 (Rupees '000)
	Sep-24	Sep-23	% Change
Mark-up/return/interest earned	310,741,852	147,350,437	110.9%
Mark-up/return/interest expensed	259,148,402	109,574,476	136.5%
Net mark-up/return/interest income	51,593,450	37,775,961	36.6%
Non mark-up/interest income
Fee, commission and brokerage income	5,844,125	4,290,282	36.2%
Dividend income	266,556	219,638	21.4%
Foreign exchange income	3,294,805	2,228,965	47.8%
Income /Loss from derivatives	(16,176)	168,164	-
Gain on sale of securities - net	5,930,797	142,748	4054.7%
Other income	7,260,557	241,348	2908.3%
Total non mark-up /interest income	22,580,664	7,291,145	209.7%
Total Income	74,174,114	45,067,106	64.6%
Non mark-up/interest expenses
Operating expenses	22,201,169	17,057,279	30.2%
Workers' Welfare Fund	982,752	515,376	90.7%
Other charges	155	28,138	-99.4%
Total non mark-up/interest expenses	23,184,076	17,600,793	31.7%
Profit before taxation from continuing operations	50,096,509	28,472,478	75.9%
Taxation	24,556,195	13,926,053	76.3%
Profit after taxation	25,540,314	14,546,425	75.6%
Earnings per share	20.86	11.88	75.6%

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