Secretary's Department

�

UBL/BOD-225/PSX/Result-2019/20

19 February, 2020

�

The General Manager��

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,

Karachi.

�

Dear Sir,

�

Financial Results for the year Ended 31 December 2019

�

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 225^th meeting held on Wednesday, 19 February, 2020 at Islamabad at 09:00 a.m. recommended the following:

�

(i)�� Cash Dividend

A final Cash Dividend for the year ended 31 December 2019 at Rs.4/- per share i.e. 40%. This is in addition to Interim Dividends already paid at Rs.8/- per share i.e. 80%.

�

(ii)�� Bonus Shares

--- NIL ---

�

(iii)�� Right Shares

--- NIL ---

�

(iv)�� Any Other Entitlement / Corporate Action

--- NIL ---

�

(v)�� Any Other Price-Sensitive Information

--- NIL ---

�

The financial results of UBL are attached at Annexure "A" for Un-Consolidated Accounts and Annexure "B" for Consolidated Accounts of the said period.

�

The Board has further decided that 61^st Annual General Meeting (AGM) of UBL will be held on Wednesday, 25 March 2020 at 09:30 a.m. at Islamabad.

�

The above entitlement will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on Monday, 16 March 2020.

�

The Share Transfer Books of UBL will be closed from 17 March, 2020 to 25 March, 2020�(both days inclusive).� Transfers received at the office of our Share Registrar, M/s. THK Associates (Pvt.) Limited, 1st Floor, 40-C, Block-6, P.E.C.H.S, Karachi-75400 at the close of business on Monday, 16 March, 2020 will be treated in time for the purpose of above entitlement to the transferees.

Annual Report of the Bank for the year ended 31 December 2019 will be transmitted through PUCARS at least 21 days before the date of Annual General Meeting.

��

�

Yours faithfully,

�

�� Sd/-

Aqeel Ahmed Nasir

Company Secretary &

Chief Legal Counsel

�

C.C. to:

1)�� Citibank N.A., Karachi Branch, Custodian of UBL GDRs;

2)�� London Stock Exchange;

3)�� The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad;

�

Annexure A

UNCONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2019

�

�	�	�	�2019	�	2018
�	�	�	------------- (Rupees in '000) --------------
�	�	�	�	�	�
�	�	�	�	�	�
Mark-up / return / interest earned			� 153,676,364	�	� 113,198,299
Mark-up / return / interest expensed			�� 91,901,868	�	�� 56,964,028
Net mark-up / interest income			�� 61,774,496	�	�� 56,234,271
�	�	�	�	�	�
�	�	�	�	�	�
Non mark-up / interest income			�	�	�
Fee and commission income			�� 13,693,343	�	�� 13,930,970
Dividend income			�� 1,538,378	�	�� 2,086,932
Foreign exchange income			�� 4,526,109	�	�� 3,465,387
Income / (loss) from derivatives			�� 64,627	�	�� (87,716)
Gain on securities - net			�� 2,199	�	�� 4,561,511
Other income			�� 1,851,675	�	�� 1,054,287
Total non mark-up / interest income			�� 21,676,331	�	�� 25,011,371
Total income			�� 83,450,827	�	�� 81,245,642
�	�	�	�	�	�
Non mark-up / interest expenses			�	�	�
Operating expenses			�� 40,208,862	�	�� 38,826,761
Workers' Welfare Fund			�� 740,249	�	�� (2,173,437)
Other charges			�� 40,055	�	�� 114,798
Total non mark-up / interest expenses			�� 40,989,166	�	�� 36,768,122
�	�	�	�	�	�
Profit before provisions			�� 42,461,661	�	�� 44,477,520
Provisions and write-offs- net			�� 8,219,792	�	�� 12,853,640
Extra ordinary / unusual item - charge in respect of			�	�	�
pension liability			�� -��	�	�� 6,657,216
�	�	�	�	�	�
Profit before taxation			�� 34,241,869	�	�� 24,966,664
�	�	�	�	�	�
Taxation		�	�� 15,108,095	�	�� 9,740,569
�	�	�	�	�	�
Profit after taxation			�� 19,133,774	�	�� 15,226,095
�	�	�	�	�	�
�	�	�	----------- (Rupees) -----------
�	�	�	�	�	�
Earnings per share - basic and diluted			15.63	�	12.44

�

Annexure B

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2019

�

�	�	�	�2019	�	�2018
�	�	�	------ (Rupees in '000) ------
Mark-up / return / interest earned			157,277,853	�	116,833,977
Mark-up / return / interest expensed			93,936,935	�	58,890,757
Net mark-up / interest income			63,340,918	�	57,943,220
�	�	�	�	�	�
Non mark-up / interest income			�	�	�
Fee and commission income			15,631,895	�	15,859,283
Dividend income			1,123,261	�	1,683,678
Foreign exchange income			4,669,102	�	3,656,352
Income / (loss) from derivatives			64,627	�	(87,716)
Gain on securities - net			216,670	�	3,885,834
Other income			1,852,427	�	1,014,156
Total non mark-up / interest income			23,557,982	�	26,011,587
Total income			86,898,900	�	83,954,807
�	�	�	�	�	�
Non mark-up / interest expenses			�	�	�
Operating expenses			43,843,588	�	42,047,048
Workers' Welfare Fund			747,859	�	(2,163,314)
Other charges			40,109	�	114,798
Total non mark-up / interest expenses			44,631,556	�	39,998,532
�	�	�	�	�	�
Share of profit of associates			776,853	�	699,294
Profit before provisions			43,044,197	�	44,655,569
Provisions and write offs - net			7,313,543	�	12,446,609
Extra ordinary / unusual item - charge in respect of pension liability			�� -��	�	6,657,216
Profit before taxation from continuing operations			35,730,654	�	25,551,744
�	�	�	�	�	�
Taxation		�	15,457,158	�	10,384,383
�	�	�	�	�	�
Profit after taxation from continuing operations			20,273,496	�	15,167,361
�	�	�	�	�	�
Discontinued operation			�	�	�
�	�	�	�	�	�
Loss from discontinued operation - net of� tax			(1,225,198)	�	(117,807)
�	�	�	�	�	�
�	�	�	19,048,298	�	15,049,554
Attributable to:			�	�	�
Equity holders of the Bank			�	�	�
�from continuing operations			20,320,339	�	15,600,858
�from discontinued operation			(1,225,198)	�	(117,807)
�	�	�	19,095,141	�	15,483,051
Non-controlling interest			(46,843)	�	(433,497)
�	�	�	19,048,298	�	15,049,554
�	�	�	�	�	�
�	�	�	------------ (Rupees) ------------
�	�	�	�	�	�
Earnings per share for profit from continuing operations attributable to			�	�	�
�the ordinary equity holders of the Bank			�	�	�
Basic and diluted			�� 16.60	�	�� 12.74
�	�	�	�	�	�
Earnings per share for profit attributable to� the ordinary			�	�	�
equity holders of the Bank			�	�	�
Basic and diluted			�� 15.60	�	�� 12.65

�

Page 4 of 4