Report
EUR 8.63 For Business Accounts Only

UBL_CY19 Result Review, (AKD, Off the Analyst's Desk, Feb 19, 2020)

UBL: CY19 Results Review                                                                           (Inline)

 

·         In its CY19 results announcement, United Bank Limited (UBL) reported an earnings of PkR19.1bn (EPS: PkR15.6), +26.6%YoY. The earnings were lower than our estimates.

·         Major deviation occurred under NFI base of the bank where, i) below expected fee income (down 9.5%QoQ) – divergence from historical trend, and ii) UBL recorded a capital loss on securities against expectation of gains, were partly offset by better performance from associates.

·         Dividend declaration surprised on the upside – final dividend stood at PkR4/sh taking cumulative dividend for CY19 to PkR12/sh.

·         On a quarterly basis, 4QCY19 earnings stood at PkR4.8bn (EPS: PkR3.97), down 4.5/13.1% QoQ/YoY. Provisions stood at PkR1.8bn, +25.1%QoQ.

Provider
AKD Securities Limited
AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

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