EPS of PKR 4.69 Likely in 1QCY18
United Bank Limited (UBL) is scheduled to announce its 1QCY18 results on April 18, 2018. We expect the Bank to post EPS of PKR 4.69 in the quarter, 20.8% lower than its EPS in the corresponding period last year. Reasons for the expected dip in earnings are higher provisions charge and lower capital gains. If UBL takes the impact of its pension case in 1Q, then we expect it to post EPS of PKR 1.62 only. In our base case we are expecting the bank to pay PKR 3.0/share in dividend with the first quarter results, but there are chances that UBL will skip a dividend to make the one-time pension payment.
United Bank is engaged in commercial banking and related services. Co. operates five business segments: Corporate Finance, Trading and Sales, Retail Banking, Commercial Banking and Asset Management. As of Dec 31 2016, Co. operates 1,341 branches inside Pakistan including 47 Islamic Banking branches and 2 branches in Export Processing Zones, and 18 branches outside Pakistan.
Ismail Iqbal Securities (Private) Limited (IISPL) is a TREC holder of the Pakistan Stock Exchange, as well as an SECP registered Underwriter and Book Runner. IISPL provides comprehensive financial services including Equity Sales, Research on Equities and the Macro-Economy, Investment Advisory, Portfolio Management, Corporate Finance, and extensive services for Private Equity investors. IISPL services a diversified client base, from Institutional to Retail Investors including High Net worth Individuals.
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