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Tag: UBL

  • Ufone signs Rs21 billion agreement for 4G spectrum

    Ufone signs Rs21 billion agreement for 4G spectrum

    ISLAMABAD: Pakistani Telecom Company, Ufone has secured its largest syndicated financing facility jointly led by MCB Bank Limited (MCB) (Agent bank), Allied Bank Limited (ABL), Bank of Punjab (BoP), National Bank of Pakistan (NBP), and United Bank Limited (UBL) to fund the acquisition and rollout of its 4G services across Pakistan.

    President and Group CEO, PTCL & Ufone, HatemBamatraf signed the agreement for the syndicated financing of PKR 21 billion at a ceremony held in Islamabad, which was also attended by President, MCB Bank, Imran Maqbool; Group Head, Corporate Finance & International Banking, MCB Bank, Mr. ShoaibMumtaz; President Allied Bank, AizidRazzaq Gill; Chief, Corporate & Investment Banking, Allied Bank, OwaisShahid; Head Investment Banking, Bank of Punjab, Umer Khan, AbidKitchlew Divisional Head C&IBG, National Bank, and Farooq Ahmed Khan Group Head Corporate & Investment Banking, United Bank Ltd .

    Ufone has recently been awarded 4G Spectrum License as a result of competitive bidding during the spectrum auction held by the Pakistan Telecommunication Authority (PTA). The company’s investment in 4G spectrum will go onto enhancing its network capacity and readiness besides delivering superior connectivity and user experience to its customers.

     Speaking at the ceremony President and Group CEO, PTCL & Ufone, HatemBamatraf expressed his gratitude to the banking consortium for the timely financial support and said “The Financing Solution will go a long way in bringing high quality mobile broadband services to the people of Pakistan. It will improve quality of network services  and usher in a host of socio-economic opportunities for growth and development for our customers” He further added “ It is a mutual goal that both Pakistan’s banking and telecom industries are working to achieve in order to create shared value for the communities we serve.”

    Ufone launches contact center for housing loans
  • SBP slaps Rs280 million penalty on National Bank

    SBP slaps Rs280 million penalty on National Bank

    KARACHI: The State Bank of Pakistan (SBP) has slapped a heavy monetary penalty of over Rs280 million on the National Bank of Pakistan (NBP) for violating instructions pertaining to Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT).

    The central bank imposed a monetary penalty on four banks during the quarter ended September 30, 2021. The SBP imposed Rs465 million as monetary penalties on the four banks for similar deviation.

    The SBP imposed a penalty of Rs132.44 million on Silk Bank Limited, Rs38.55 million on United Bank Limited and Rs13.54 million on Industrial and Commercial Bank of China-Pakistan Branches.

    In addition to penal action, the banks have been advised to strengthen its processes with respect to identified areas.

    The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of a regulatory regime which involves the imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.

    In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose significant enforcement actions.

    SBP imposes monetary penalty on eight banks
  • United Bank earns Rs39.3 billion as profit before tax

    United Bank earns Rs39.3 billion as profit before tax

    United Bank Limited (UBL) has announced a strong financial performance for the first nine months of 2021, with a Profit Before Tax (PBT) of Rs39.3 billion, marking a remarkable 49% year-on-year growth. The bank’s earnings per share (EPS) for the same period stood at Rs. 18.6, a substantial increase from Rs. 13.1 in the corresponding period of 2020.

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  • UBL declares 42% growth in net profit in nine months

    UBL declares 42% growth in net profit in nine months

    KARACHI: United Bank Limited (UBL) has posted 42 per cent growth in its profit after tax for nine-month period ended September 30, 2021.

    The board of directors of the bank on Wednesday approved the financial results for the period January – September 2021.

    The bank declared net profit of Rs21.87 billion for the period under review as compared with Rs15.38 billion in the same period of the last year.

    The growth in the net profit can be attributed to reversal of Rs865 million during the period January – September 2021 as compared with write-off provision of Rs15.45 billion in the same period of the last year.

    Total income of the bank fell to Rs73.14 billion for the nine-month period ended September 30, 2021 as compared with Rs73.94 billion in the same period of the last year.

    Net Interest Income recorded a decline to Rs55.72 billion as compared with Rs59.72 billion. Non-Interest Income of the bank increased to Rs17.42 billion as compared with Rs14.22 billion.

    Operating expenses of the bank recorded an increase of Rs33.66 billion as compared with Rs31.76 billion. Whereas the total expenses increased to Rs34.53 billion as compared with Rs32.63 billion.

    UBL declares Rs7.6 billion profit for second quarter
  • SBP approves Rs82.6 million interest free student loan

    SBP approves Rs82.6 million interest free student loan

    KARACHI: The State Bank of Pakistan (SBP) has approved an amount of Rs82.6 million as interest free loan for deserving students.

    The apex committee for Student Loan Scheme having representation from State Bank of Pakistan, Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) has approved Rs 82.6 million as interest-free loans to deserving students for their studies within Pakistan.

    The amount, approved by apex committee, will be disbursed to 518 deserving students of public sector universities across the country, studying in different disciplines of under-graduation, graduation and PhD studies for the Session 2017-18, 2018-19 & 2019-2020.

    The objective of the Student Loan Scheme is to provide financial assistance to the meritorious students having insufficient means. The loans are granted for a maximum tenor of 10 years from the date of the disbursement of first installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.

    National Bank of Pakistan, being the administrator of the Scheme, performs all the functions like receiving and scrutinizing the loan applications, disbursement of loans and their recovery.

  • UBL declares Rs7.6 billion profit for second quarter

    UBL declares Rs7.6 billion profit for second quarter

    KARACHI: United Bank Limited (UBL) on Monday announced financial results for second quarter ended June 30, 2021 and announced Rs7.6 billion for the period.

    UBL announced its 2QCY21 result today and posted a profit after tax of PKR 7.6 billion for 2QCY21 translating to an EPS of PKR 6.2, up by 25 per cent YoY.

    The result is above our estimates and street consensus which was Rs5.3 per share and PKR 5.1 share, respectively.

    The deviation is mainly on account of better than expected NIMs at 3.6 per cent and recognition of provisioning reversal worth PKR 441 million during the quarter.

    Consequently, the stock has reacted positively (+2.23 per cent) post announcement of result. The result was accompanied with an interim cash dividend of Rs4.0 per share.

    According to analysis of KASB:

    UBL’s profitability increased 25 per cent YoY during 2QCY21 attributed to i) provisioning reversal and ii) higher NFI. Sequentially, reversal in provisioning expense offset the decline in NIMs by 350bps that translated into flattish earnings on QoQ basis.

    NFI increased by 17 per cent YoY in 2QCY21 on account of 37 per cent YoY jump in fee income that lent support to the bottom-line.

    The bank recorded higher effective tax rate of 45 per cent which we believe is attributed to new taxation measures in Budget FY22.

    Additionally, C/I improved to 44 per cent as opposed to 52 per cent in corresponding period last year that improved UBL’s profitability.

  • United Bank declares 46pc growth in Q1 profit

    United Bank declares 46pc growth in Q1 profit

    KARACHI: United Bank Limited (UBL) on Thursday declared 46 percent growth in its net profit for the quarter ended March 31, 2021 due to significant decline in provisioning and write-offs.

    The bank declared Rs7.4 billion profit after tax for the first quarter (January – March) of calendar year 2021 as compared with Rs5.06 billion in the corresponding period of the last year.

    The bank also declared Rs6.05 as earnings per share (EPS) for the quarter ended March 31, 2021 as compared with Rs4.13 in the corresponding quarter of the last year.

    According to the financial results submitted to the Pakistan Stock Exchange (PSX) the provisions/write-offs of the banks was at Rs354 million during the first quarter of 2021 as compared with Rs3.7 billion in the corresponding quarter of the last year.

    Net Markup / Interest Income of the bank, however, fell to Rs16.85 billion for the quarter under review as compared with Rs17.34 billion in the corresponding quarter of the last year.

    Non mark-up/interest income of the bank increased to Rs5.78 billion for the quarter ended March 31, 2021 as compared with Rs4.66 billion in the corresponding quarter of the last year.

    The bank also made considerable income through gain on securities to Rs1.86 billion during the first quarter of 2021 as compared with Rs342 million in the same quarter of the last year.

    Total income of the bank during the quarter increased nominally to Rs22.64 billion during first quarter of 2021 as compared with Rs22 billion in the corresponding period of the last year.

    Operating expenses of the bank remained flat at Rs9.85 billion as compared with Rs9.47 billion. Total expenses of UBL rose to Rs10.12 billion during the first quarter of 2020 as compared with Rs9.87 billion in the corresponding quarter of the last year.

  • UBL declares Rs20.9bn as annual after tax profit

    UBL declares Rs20.9bn as annual after tax profit

    KARACHI: United Bank Limited (UBL) on Thursday announced its financial results for the year ended December 31, 2020. The bank made provisioning and write-offs to the tune of Rs16.77 billion or 104 percent higher which trimmed its annual profit growth to 9.25 percent.

    The bank announced an amount of Rs20.9 billion as profit after tax for the year ended December 31, 2020 as compared with Rs19.13 billion profit after tax in the preceding year.

    The bank made provisioning and write-offs an amount of Rs16.77 billion for the year under review as compared with Rs8.22 billion in the preceding year.

    UBL announced earnings per share at Rs17.07 for the year ended December 31, 2020 as compared with Rs8.22 in the preceding year.

    Net interest income of the bank increased by 21.42 percent to Rs75 billion for the year under review as compared with Rs61.77 billion in the preceding year.

    Total income of the bank posted 10.24 percent growth to Rs92 billion as against Rs83.45 billion.

    Operating expenses of the bank were flat at Rs40.66 billion as compared with Rs40.21 billion.

    UBL announced a final cash dividend for the year ended December 31, 2020 at Rs9.50 per share i.e. 95 percent. This is in addition to interim dividend already paid at Rs2.50 per share i.e. 25 percent.

    UBL gets DD approval to acquire Telenor Microfinance Bank
  • UBL makes Rs5.45 billion quarterly provisioning, write-offs

    UBL makes Rs5.45 billion quarterly provisioning, write-offs

    KARACHI: High provisioning and write-offs of Rs5.45 billion has resulted in decline of after tax profit declared by United Bank Limited (UBL)

    UBL submitted its financial results to Pakistan Stock Exchange (PSX) on Monday and declared 4.11 percent decline in after tax profit to Rs4.66 billion for the quarter ended September 30, 2020 as compared with the profit of Rs4.86 billion in the corresponding quarter of the last year.

    Major reason in decline of profit may be attributed to higher amount of provisioning and write-offs.

    The provisioning and write-offs were at Rs5.45 billion for the quarter ended September 30, 2020 as compared with Rs1.99 billion in the corresponding quarter of the last year.

    Net mark up / interest income of the bank increased to Rs19.09 billion for the quarter under review as compared with Rs15.42 billion in the same quarter of the last year.

    Total income of the bank surged to Rs23.19 billion for the quarter ended September 30, 2020 as compared with Rs20.5 billion in the same period of the last year.

    Expenses of the bank were flat at Rs10.09 billion as compared with Rs10.2 billion in the same period of the last year.

    The bank paid tax to the tune of Rs2.97 billion for the quarter ended September 30, 2020 as compared with Rs3.44 billion in the same period of the last year.

  • UBL continues de-risking strategy in international operations

    UBL continues de-risking strategy in international operations

    KARACHI: The United Bank Limited (UBL) has continued its de-risking strategy in its overseas operations, with the business model focused on selective lending mainly to established corporates with a longer term business relationship with the bank.

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