External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul>
<li>We have revised our earnings estimates for United Bank Limited (UBL) upward by 55% for both 2025 and 2026 to Rs96/share and Rs85/share, respectively following the incorporation of 1Q2025 results.</li>
<li>UBL’s 1Q2025 results came above industry expectations, primarily driven by higher-than-expected Net Interest Income (NII).</li>
<li>We maintain our BUY stance on UBL, however, we have revised up our target price from Rs450/share to Rs560/share for Dec-2025, implying a total upside of 19% (including a dividend yield of 10%).</li>
</ul>


We have revised our earnings estimates for United Bank Limited (UBL) upward by 55% for both 2025 and 2026 to Rs96/share and Rs85/share, respectively following the incorporation of 1Q2025 results.
UBL’s 1Q2025 results came above industry expectations, primarily driven by higher-than-expected Net Interest Income (NII).
We maintain our BUY stance on UBL, however, we have revised up our target price from Rs450/share to Rs560/share for Dec-2025, implying a total upside of 19% (including a dividend yield of 10%).


United Bank Limited (UBL) - Earnings Revised Up; Buy Stance Maintained

<ul><li>United Bank (UBL) announced its 1Q2025 result with the highest ever quarterly earnings of Rs36bn, up 126% YoY and 39% QoQ.</li><li>UBL's earnings exceeded industry expectations, driven by a significant increase in Net Interest Income (NII) and a provision reversal of Rs1.6bn.</li><li>The bank announced a dividend of Rs11/share and a stock split, maintaining a BUY stance with a 2025E PE ratio of 7.7x and dividend yield of 9%.</li></ul>

United Bank (UBL) announced its 1Q2025 result with the highest ever quarterly earnings of Rs36bn, up 126% YoY and 39% QoQ.UBL's earnings exceeded industry expectations, driven by a significant increase in Net Interest Income (NII) and a provision reversal of Rs1.6bn.The bank announced a dividend of Rs11/share and a stock split, maintaining a BUY stance with a 2025E PE ratio of 7.7x and dividend yield of 9%.

United Bank (UBL): recorded highest ever quarterly earnings in 1Q2025

<ul><li>United Bank (UBL) announced its 4Q2024 result today, where the bank recorded highest ever quarterly earnings of Rs21.27 per share, up 93% YoY and 42% QoQ.</li><li>This takes 2024 earnings to record at all time high of Rs61.4 per share, up 36% YoY.</li><li>Earnings were significantly higher than our expectations of Rs13.9/share, owing to lower effective tax rate of 46% in 2024 vs. expected 54% and higher than expected non interest income.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Bank (UBL) announced its 4Q2024 result today, where the bank recorded highest ever quarterly earnings of Rs21.27 per share, up 93% YoY and 42% QoQ.This takes 2024 earnings to record at all time high of Rs61.4 per share, up 36% YoY.Earnings were significantly higher than our expectations of Rs13.9/share, owing to lower effective tax rate of 46% in 2024 vs. expected 54% and higher than expected non interest income.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Bank (UBL): Recorded highest ever quarterly earnings in 4Q2024

<ul><li>United Bank (UBL) announced its 3Q2024 result today, where the bank recorded highest ever quarterly earnings of Rs18.3bn (EPS of Rs14.96), which is up 24% YoY and QoQ. The result came in line with industry expectations.</li><li>This takes 9M2024 earnings to Rs40.12/share, up 18% YoY.</li><li>Alongside result, bank also announced a third interim cash dividend of Rs11/share, taking 9M2024 dividend to Rs33/share.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Bank (UBL) announced its 3Q2024 result today, where the bank recorded highest ever quarterly earnings of Rs18.3bn (EPS of Rs14.96), which is up 24% YoY and QoQ. The result came in line with industry expectations.This takes 9M2024 earnings to Rs40.12/share, up 18% YoY.Alongside result, bank also announced a third interim cash dividend of Rs11/share, taking 9M2024 dividend to Rs33/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Bank (UBL): Recorded highest ever quarterly earnings in 3Q2024

<ul><li>United Bank (UBL) posted 2Q2024 consolidated earnings of Rs12.1/share, up 17% YoY while down 7% QoQ. The result came in line with our expectations.</li><li>This takes 1H2024 earnings to Rs25.15/share, up 14% YoY.</li><li>Alongside result, bank also announced a second interim cash dividend of Rs11/share, taking 1H2024 dividend to Rs22/share.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Bank (UBL) posted 2Q2024 consolidated earnings of Rs12.1/share, up 17% YoY while down 7% QoQ. The result came in line with our expectations.This takes 1H2024 earnings to Rs25.15/share, up 14% YoY.Alongside result, bank also announced a second interim cash dividend of Rs11/share, taking 1H2024 dividend to Rs22/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Bank (UBL); 2Q2024 EPS at Rs12, up 17% YoY (Earnings in line with expectations)

Pakistan

United Bank Ltd. provides commercial banking and related services. The Bank offers a wide range of banking and financial services, including brokerage services.

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United Bank Ltd (UBL PA)

United Bank Limited (UBL) - Earnings Revised Up; Buy Stance Maintained

We have revised our earnings estimates for United Bank Limited (UBL) upward by 55% for both 2025 and 2026 to Rs96/share and Rs85/share,...

Topline Securities

United Bank (UBL): recorded highest ever quarterly earnings in 1Q2025

United Bank (UBL) announced its 1Q2025 result with the highest ever quarterly earnings of Rs36bn, up 126% YoY and 39% QoQ. UBL's earnings exceeded...

Topline Securities

United Bank (UBL): Recorded highest ever quarterly earnings in 4Q2024

United Bank (UBL) announced its 4Q2024 result today, where the bank recorded highest ever quarterly earnings of Rs21.27 per share, up 93%...

Topline Securities

United Bank (UBL): Recorded highest ever quarterly earnings in 3Q2024

United Bank (UBL) announced its 3Q2024 result today, where the bank recorded highest ever quarterly earnings of Rs18.3bn (EPS of Rs14.96),...

Topline Securities

United Bank (UBL); 2Q2024 EPS at Rs12, up 17% YoY (Earnings in line with expectations)

United Bank (UBL) posted 2Q2024 consolidated earnings of Rs12.1/share, up 17% YoY while down 7% QoQ. The result came in line with...

Topline Securities

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