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.
Unconsolidated Profit and Loss Account – For the Three Months Ended, March 30th 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.