United Bank Ltd: Financial Results for the 1stQuarter Ended 31 March 2024
An Interim Cash Dividend for the quarter ended 31 March 2024 at Rs.11/‐ per share i.e. 110%.
EPS 1Q2024: 12.73 (last year same quarter EPS was Rs. 11.36)
Profit after tax at Rs 15.5 billion rose by 12% over the same quarter last year.
Markup income dropped close to 20% compared to last quarter.
UBL booked a gain in securities of over Rs. 12 billion which has boosted the income.
Profit before provision increased by 6%.
Foreign exchange income, decreased 40% YoY and 19% QoQ to Rs 2.7 billion in 1Q2024.
Fees & commission income, increased 22% YoY to Rs 5.27 billion in 1Q2024.
UBL reversed provisions of Rs 1.7 billion in 1Q2024, compared to a provision expense of Rs 2.7 billion in 1Q2023.
Operating expenses rose 22% in this quarter compared to same quarter last year. But compared to previous i.e., fourth quarter of Year 2023 there was no increase.
UBL effective tax rate was 48% in 1Q2024, compared to 42% in 1Q2023 and 53% in 4Q2023.
https://dps.psx.com.pk/download/document/229133.pdf
