United Bank (UBL) Q1 2025 earnings summary

Executive summary

• Standalone Q1’25 PBT was Rs75.3bn, up 147% YoY; PAT reached Rs35.6bn vs Rs15.6bn, with EPS of Rs28.92 vs Rs12.73.

• Consolidated PAT was Rs36.1bn vs Rs16.1bn YoY; consolidated EPS was Rs29.34 vs Rs13.05.

• Gross revenues reached Rs99.8bn, up 112% YoY, supported by current-account deposit growth and stronger fee income.

Financial highlights

• Standalone net mark-up income was Rs84.2bn; non-mark-up income was Rs15.6bn, including Rs6.5bn in fees and commissions, up 23% YoY.

• Consolidated total income was Rs101.0bn vs Rs49.4bn; operating expenses were Rs25.2bn vs Rs19.2bn.

• Standalone operating expenses rose 40% YoY to Rs24.6bn; staff costs increased 30% to Rs9.7bn, property expenses 42% to Rs3.4bn and IT expenses 27% to Rs2.5bn.

• Net credit-loss allowance was a reversal of Rs1.6bn, mainly from recoveries in the international portfolio, compared with a Rs1.7bn reversal in Q1’24.

Outlook and guidance

• Priorities for 2025 include growing low-cost deposits and market share, deepening customer relationships, strengthening conventional and Islamic banking, and enhancing digital platforms.

• Silk Bank integration is expected to extend urban presence, strengthen the branch network and broaden the customer base; focus remains on customer service, innovation and resilience.