External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>UBL announced its 2Q2025 results with earnings of Rs29bn, showing a 93% YoY increase but a 21% QoQ decrease, falling below industry expectations due to higher non-interest expenses and tax expenses.</li><li>Non-interest expenses increased by 76% YoY due to branch expansions and marketing efforts, while the effective tax rate was higher at 61% due to prior year tax charges.</li><li>Despite a decline in non-interest income, UBL experienced strong fee and commission income growth, and the bank declared a dividend of Rs8/share, aligning with expectations.</li></ul>

UBL announced its 2Q2025 results with earnings of Rs29bn, showing a 93% YoY increase but a 21% QoQ decrease, falling below industry expectations due to higher non-interest expenses and tax expenses.Non-interest expenses increased by 76% YoY due to branch expansions and marketing efforts, while the effective tax rate was higher at 61% due to prior year tax charges.Despite a decline in non-interest income, UBL experienced strong fee and commission income growth, and the bank declared a dividend of Rs8/share, aligning with expectations.

United Bank (UBL) - 2Q2024 EPS at Rs11.4, up 93% YoY (Earnings lower than industry expectations)

United Bank Ltd

United Bank (UBL) - 2Q2024 EPS at Rs11.4, up 93% YoY (Earnings lower than industry expectations)