United Bank Ltd. profits fall 63.58 percent to Rs. 2.645 billion

MG News | April 18, 2018 at 04:09 PM GMT+05:00

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United Bank Limited (UBL) today announced financial results for the three months period ending 31 March, 2018 reporting Net mark-up/interest earned worth Rs. 23.146 billion. Furthermore, the bank’s net profit after provisions during the outgoing three months fell by 13 percent to reach 11.869 billion.

The bank reported Fee, Commission and Brokerage Income +5.73 percent, Dividend Income +3.39 percent, income from foreign currencies +28.06 percent and capital gain on sale of securities +31.04 percent contributing more than 7.120 billion to total income.

On the expenses front, UBL statements show Total non-mark-up interest expenses were down by 0.35 percent during the outgoing three months. Furthermore, the company’s bottom line profits during the period clocked in at 2.645 billion down by 63.53 percent due to a an extraordinary cost of 6.404 billion due to the pension payments paid to retired employees. The Supreme Court had ordered United Bank Limited to pay back the outstanding amounts to retired employees in December, last year.

UBL reported an EPS of Rs. 2.28 vs. an EPS of Rs 6.14 during the three months ending March, 2017.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Three Months Ended, March 30^th 2017
Key Financials	March, 2018	March, 2017	% Change
	Amounts in PKR ‘000
Net mark-up/return/interest earned	28,146,657	23,888,226	17.83%
Net mark-up/return/interest earned after provisions	11,869,414	13,616,555	-12.83%
Fee, commission and brokerage income	2,946,665	2,786,924	5.73%
Dividend Income	570,910	552,168	3.39%
Income from Foreign Currencies	535,561	418,213	28.06%
Capital gain on sale of securities - net	3,067,094	2,340,505	31.04%
Other income	189,762	183,345	3.50%
Total non-mark-up/interest income	7,309,287	6,275,556	16.47%
Administrative Expenses	8,654,926	8,519,662	1.59%
Other provisions - net	73,038	15,828	361.45%
Other charges/reversals	432	318	35.85%
Total non-mark-up/interest expenses	8,706,147	8,736,450	-0.35%
Profit before Extraordinary/unusual item and taxation	10,472,554	11,155,661	-6.12%
Extraordinary Item - Pension Cost	6,404,635	-
Profit before Taxation	4,057,919	11,155,661	-63.62%

Company release on Earnings Report can be accessed here.

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