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>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

United Bank Ltd

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