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.
(more…)Tag: United Bank Limited
-
UBL declares 26% growth in annual profit
KARACHI: United Bank Limited has declared 26 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.
According to financial results for calendar year 2019 released on Wednesday, the bank declared Rs19.13 billion after tax profit as compared with Rs15.22 billion profit in the preceding year.
The bank also announced Rs15.63 as earning per share for the year as compared with EPS of 12.44 declared in the last year.
The interest income of the bank registered 36 percent increase to Rs153.67 billion in calendar year 2019 as compared with Rs113.9 billion in the preceding year.
However, total non-markup come at Rs61.77 billion in 2019 as compared with Rs56.23 billion in the last year.
Total income of the bank after including non-mark up income rose to Rs83.45 billion in 2019 as compared with Rs81.25 billion in the preceding year.
Operating expenses of the bank have increased to Rs40.21 billion in 2019 as compared with Rs38.82 billion in preceding year.
The bank contributed income tax to the tune of Rs15.1 billion in the calendar year 2019 as compared with Rs9.74 billion in the preceding year.
-
UBL concludes asset sale transaction of Tanzania operation
KARACHI: United Bank Limited (UBL) has said that it has concluded transactions related to Asset Liabilities Sale of its operation in Tanzania.
The bank on Monday informed the Pakistan Stock Exchange (PSX) that the transactions related to Assets Liabilities Sale of UBL Bank (Tanzania) Limited (UBTL), a wholly owned subsidiary of United Bank Limited, had been concluded with Exim Bank Tanzania Limited.
Besides, the banking license, awarded by the Bank of Tanzania (The Central Bank of Tanzania) to UBTL, has been surrendered to Bank of Tanzania.
Simultaneously, the orderly liquidation of the UBTL is in process, the bank said.
It further said that the decision is part of UBL’s strategy for global repositioning and realignment based on purely commercial consideration.
The bank said that it appreciated the support provided by the State Bank of Pakistan and Bank of Tanzania during the process of concluding the transaction of Assets and Liabilities Sale of UBTL.
Related Posts
-
UBL pays Rs11.59 billion against tax demand
KARACHI: United Bank Limited (UBL) has paid Rs11.59 billion against tax demand created by Federal Board of Revenue (FBR) for past multiple years.
According to financial statement submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank said that the income tax authorities had issued amended assessment orders for the tax years 2003 to 2018, and created additional tax demands (including disallowances of provisions made prior to Seventh Schedule) of Rs.11.591 billion (December 31 2018: Rs.13.119 billion), which had been fully paid as required under the law.
However, the bank has filed appeals before the various appellate forums against these amendments, the bank said, adding that where the appellate authorities have allowed relief on certain issues, the assessing authorities have filed appeals before higher appellate forums.
“Where the appellate authorities have not allowed relief the Bank has filed appeals before higher appellate forums. The management of the Bank is confident that the appeals will be decided in favor of the Bank.”
According to the financial statement, the bank said that the tax returns for Azad Kashmir (AK) and Gilgit Baltistan (GB) Branches have been filed up to the tax year 2018 (financial year 2017) under the provisions of section 120(1) read with section 114 of the Ordinance and in compliance with the terms of the agreement between banks and the Azad Kashmir Council in May 2005.
The returns filed are considered as deemed assessment orders under the law.
The bank further said that the tax authorities have also carried out monitoring for Federal Excise Duty, Sales tax and withholding taxes covering period from year ended 2007 to 2017.
Consequently various addbacks and demands were raised creating a total demand of Rs. 889 million (2018: Rs. 995 million).
The Bank has filed appeals against all such demands and is confident that these would be decided in the favor of the bank.
The tax returns for Yemen, Qatar and UAE branches have been filed upto the year ended December 31, 2018 under the provisions of the laws prevailing in the respective countries, and are deemed as assessed unless opened for reassessment.
The bank has received corrective tax assessment of QAR 1 M (Rs: 42.946 million) from the General tax Authority (GTA) in respect of tax year 2004 with no supporting calculations from GTA.
Management has requested details for 2004 assessment from GTA, however to date no response has been received. Management is confident that the matters will be decided in favour of the Bank and the possibility of any outcome against it is remote, the UBL said in its financial statement.
-
UBL posts 48 percent increase in after tax profit
KARACHI: United Bank Limited (UBL) has announced 48 percent increase in after tax profit to Rs14.4 billion in nine-month period ended September 30, 2019.
The net profit of the bank was Rs9.73 billion for the period January – September 2018, according to announcement on Wednesday.
UBL also announced Rs11.77 earning per shares (EPS) for the period as compared with Rs7.95 EPS in the same period of the last year.
Net mark-up / interest income of the bank registered increase to Rs45.34 billion during first three quarters of financial year 2019 as compared with Rs41.88 billion in the corresponding quarters of the last year.
Total mark-up/interest expenses of the bank increased to Rs29.24 billion as against previous year’s Rs28.155 billion.
UBL allowed provisioning and write-offs to the tune of Rs6.82 billion during the period under review as compared with Rs7.44 billion in the same period of the last year.
Profit before taxation of the bank was Rs26.3 billion during January – September 2019 as against Rs16.49 billion.
The bank discharged tax liability to the tune of Rs11.9 billion for nine-month period ended September 2019 as compared with Rs6.76 billion paid in the corresponding period of the last year.
-
UBL announces 52 percent increase in net profit in first half
KARACHI: United Bank Limited (UBL) has recorded 52 percent growth in its net profit for first half ended June 30, 2019.
According to financial results for the period January – June 2019 shared with Pakistan Stock Exchange (PSX), the bank announced Rs9.54 billion profit after tax for the first half ended June 30, 2019 as compared with Rs6.27 billion in the same half of the last year.
The bank announced earnings per share at Rs7.8 as compared with Rs5.12.
The profit before tax of the bank also grew to Rs18 billion during the period under review as compared with Rs10.6 billion in the same period of the last year.
Total income of the bank for the period was stood at Rs42 billion for the first half ended June 30, 2019. Net mark-up income / interest income of the bank was recorded at Rs29.9 billion. Non-mark-up income of the bank was recorded at Rs12.14 billion.
The expenses of the bank were recorded at Rs19.568 billion as compared with Rs18.8 billion. The provision for write-offs was at Rs4.49 billion.
The rise in profitability was mainly no provision for pension liability this year as the bank paid Rs8.4 billion in the first half of the last year.
-
UBL decides sale of its Tanzania operation for $3.96 million
KARACHI: United Bank Limited (UBL) has decided to sale of its Tanzania operation at the sale price of $3.96 million to Exim Bank Tanzania Limited.
It was decided at the the Annual General Meeting of UBL, which has approved winding up UBL Bank (Tanzania) Limited after accepting letter of intent from Exim Bank Tanzania Limited at sale price of $3.96 million, a notification said on Tuesday.
A special resolution for the approval of the transaction of asset and liability sale of UBL (Tanzania) Limited was discussed at the AGM.
It was resolved that the binding letter of intent received from Exim Bank Tanzania Limited for an asset and liability sale of UBL Bank (Tanzania) Limited for TZs 9.1 billion (equal to $3.96 million) be and is hereby accepted. The said price is subject to adjustment on the closing date of the transaction, the notification said.
The board of directors of UBL has been authorized to complete all the related regulatory, legal and other formalities of the transactions and to further authorize persons to deal and negotiate, execute and implement the transaction with the parties involved.
The AGM further resolved that the board of directors be authorized to initiate and complete the process for the winding up of UBL Bank (Tanzania) Limited subsequent to the consummation of this transaction.
-
United Bank registers 39 percent decline in annual profit
United Bank Limited (UBL) has revealed a substantial decline of 39.53 percent in its annual profit for the year ended December 31, 2018, attributing the decrease to significant provisioning, write-offs, and pension liabilities.
(more…) -
UBL surrenders New York Branch license
KARACHI: United Bank Limited (UBL) officially communicated to the Pakistan Stock Exchange (PSX) on Tuesday that it has surrendered its New York branch license to the New York State Department of Financial Services (NYDFS) on January 28, 2019.
(more…)