Karachi September 13 2023: The Board of Directors of UBL given approval of “Indicative Offer” received from Bestway Group (BG) to acquire entire shareholding of the bank in UNBL UK.
Currently, UBL owns 55% shares in United National Bank Limited, United Kingdom (UNBL UK).
UNBL UK contributed an Earnings Per Share (EPS) of PKR 0.57 to the Consolidated EPS of UBL for the Half Year ended June 30, 2023. For full year 2022 the EPS contribution of UNBL UK to the Consolidated EPS of UBL stood at PKR 0.48 per share.
The Risk Weighted Assets of UNBL UK stood at PKR 339.2 Billion as at June 30th 2023 with a downward impact of 200 basis points to the Consolidated Capital Adequacy Ratio of UBL.
The above approval of the Board of Directors of UBL is subject to the approval/clearance by the State Bank of Pakistan and all other regulatory compliances required in this regard in both Pakistan and UK.
“This divestment in UNBL UK is expected to have a positive impact on UBL’s Captial Adequacy Ratio” states Sana Tawfik analyst at Arif Habib Limited.
She added, “This improvement in CAR provides UBL with the capacity to maintain its recent payouts”.
The banks has declared cash dividend of PKR 22 per share during the H1’23 with consolidated PAT of PKR 27.5 billion (H1’22: PKR 12.2 billion). The consolidated EPS was measured at PKR 22.01 for H1’23 (H1’22: PKR 9.77).
