Author Topic: UBL -- United Bank limited  (Read 86271 times)

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UBL -- United Bank limited
« Reply #-1 on: July 28, 2009, 12:46:55 PM »
UBL is scheduled to announce its first half (Jan-
June) 2009 results later today. We expect UBL to
post earnings of Rs4.4bn (EPS of Rs3.99) in 1H2009
versus Rs5.6bn (EPS Rs5.03) in 1H2008 – a decline
of 21%YoY. Higher provisions for non-performing
loans and lower quantum of fee and other income
are likely to be the major reasons behind the sharp
decline in earnings. Due to tight Capital Adequacy
situation we don’t foresee any payout with the
results.

We expect provisions to continue exerting pressure on
earnings as any quick recovery on the real estate, consumer
and textile portfolio is easily ruled out. Moreover, spreads are
likely to witness a sharp decline particularly in 2H2009 due to
a sharp fall in KIBOR (6M KIBOR down 382bps since Dec
08). As a result, we expect UBL to post an EPS of Rs7.4 in
2009 down 2% from 2008. Trading at a 2009E PE and PBV of
5.9x and 0.9x, respectively, we maintain our ‘Hold’ stance
« Last Edit: January 28, 2012, 11:09:59 AM by M&M »

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UBL -- United Bank limited
« Reply #-1 on: July 28, 2009, 12:46:55 PM »

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Re: UBL -- United Bank limited
« on: July 29, 2009, 11:51:24 AM »
29-JUL-09 UBL United Bank Ltd. FINANCIAL RESULT FOR THE HALF YEAR ENDED 30/06/2OO9
29-JUL-09 UBL United Bank Ltd. (CONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 7,106.744
29-JUL-09 UBL United Bank Ltd. (CONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 4,597.772
29-JUL-09 UBL United Bank Ltd. EPS = 4.13

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Re: UBL -- United Bank limited
« Reply #1 on: July 30, 2009, 08:55:07 AM »
UBL posts Rs4.3bn profit, no entitlements
 
Thursday, July 30, 2009
By our correspondent

KARACHI: United Bank Limited (UBL) has posted net earnings of Rs4.3 billion for the first half of the year ended on June 30. This is 23 per cent lower than the Rs5.6 billion profit it earned in the same period in 2008.

Accordingly, earning per share slighted to Rs3.85 as against Rs4.51 last year, while the bank announced no payout and entitlements for its share holders for the period under review, according to a KSE notification.

“The negative surprise is primarily the result of higher provisions and write-downs at Rs6.4 billion, which is almost 42 per cent higher than our forecast,” said Kamran Rehmani at First Capital Equities.

“According to the bank’s management, downgrading of a few large exposures in real estate and corporate sector resulted in notably higher provisions,” he reported.

For the first half of 2009, the bank has recorded mammoth Rs5.3 billion provisions against NPLs, which is 2.7 times higher than the similar period’s provisions of Rs2.0 billion. Contrary to general market anticipations, a major chunk of provisions came from the bank’s domestic operations rather than from overseas business.

It is important to mention that majority of provisions are not the result of new NPLs, which are now controlled under stringent risk control measures. Instead, this was the result of further downgrading of some real estate corporate and other commercial exposures, Rehmani further emphasised.

As per the bank’s management, corporate and consumer contributed 50 per cent and 24 per cent in the provisions expense while 11 per cent each were contributed by commercial and international segments, he explained.

The bank’s net interest income (NII) grew by 20 per cent to Rs15.8 billion during the period as against Rs13.2 billion in last year’s period, quite in-line with First Capital Securities’ forecast of Rs15.9 billion.

During the period, the bank’s margin (NIM) improved slightly to 5.88 per cent as against 5.78 per cent in the comparable period of 2008. Net advances stood at Rs368 billion, representing an increase of 12 per cent on year-on-year basis.

On the other hand, the bank’s non interest income dropped by four per cent to Rs5.8 billion as compared to Rs6.0 billion in the first half of 2008. However, in the second quarter of 2009, non interest income was recorded at Rs3.8 billion, 20 per cent and 45 per cent higher on yearly basis and quarterly basis, respectively. Decent growth is due to a significant gain of Rs1,370 million on derivatives, as compared to Rs182 million in the preceding quarter, he underlined.

In the second quarter of 2009 alone, the bank’s profitability was recorded at Rs1.75 billion (EPS Rs1.57), 31 per cent and 35 per cent lower on quarterly and yearly basis, respectively.

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Re: UBL -- United Bank limited
« Reply #2 on: July 30, 2009, 04:32:21 PM »
to buy or not to buy IGI walay tou 53 ka target rakhay huain hain

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Re: UBL -- United Bank limited
« Reply #3 on: July 30, 2009, 04:39:25 PM »
kehnay ki dair thi

UBL Result Review - 1H CY09 earnings dips 23% on high provisioning



United Bank Limited (UBL) announced its 1H CY09 result yesterday. The bank posted an EPS of PKR 3.85 in 1H CY09 compared to an EPS of PKR 5.03 in 1H CY08, a decline of 23% and largely inline our forecast of PKR 4.08. Meanwhile, during the 2Q CY09 bank posted an EPS of PKR 1.57 as compared to PKR 2.08 last year, a decline of 25% YoY. The key reason behind the weak performance was higher credit costs and decline in non-interest income.

Recommendation
At current price of PKR 41, the stock quotes at attractive valuations with CY09E PE and PB of 5.3x and 0.82x respectively.  We have revised our earnings estimates after incorporating the recent result with 9% decline in CY09E EPS to PKR 7.3 per share. At current levels, we recommend a neutral stance in the scrip. 

buy with trgt from 53 say neutral

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Re: UBL -- United Bank limited
« Reply #4 on: July 31, 2009, 12:09:28 AM »
akd fair value 58

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Re: UBL -- United Bank limited
« Reply #5 on: August 28, 2009, 02:05:39 PM »
AKD Quotidian

UBL: Price performance lags macroeconomic improvement   

Following the announcement of 1HCY09 results we downward revise our target price for UBL by 5% to PkR55/share but retain our Buy stance. Persistent high provisions compel us to reduce our EPS estimates by 6%-14% across CY09F-CY13F although target price revision is limited following cut in discount rate. Recent positives for UBL include improvement in fee income, improvement in CASA, continued cost control and an increase in CAR. Regarding asset quality, as per UBL management, time-based provisioning criterion would not materially impact foreign loan provisioning. Within this backdrop, we believe the scrip should now look to decouple from foreign asset quality concerns and track improvement in local economy as well as own fundamentals. Based on revised estimates, UBL trades at a CY09F Tier-I P/B multiple of 0.98x and a CY09F PER of 5.85x. The scrip offers an upside of 20% to our revised target price of PkR55/share (implied CY09F Tier-I P/B multiple: 1.2x). Buy!

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Re: UBL -- United Bank limited
« Reply #6 on: September 02, 2009, 12:58:23 PM »
kya bhaga hai sala

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Re: UBL -- United Bank limited
« Reply #7 on: September 29, 2009, 01:10:56 PM »
UBL: Target Price Revision          Accumulate@PkR56.92

We roll forward our financial model for UBL to CY10F and raise our target price to PkR67/share from PkR55/share previously. We believe prevalent valuations are not reflective of a forecasted average ROE of 19% over CY10F-CY13F. As such, we believe the market has yet to fully reward UBL for broad improvement in the domestic economy as well as improvement in own fundamentals such as CAR, CASA, fee income growth and expense curtailment. As a result, the scrip is at a considerable discount relative to several private sector peers. UBL is currently trading at a CY10F Tier-I P/B multiple of 1.05x and a CY10F PER of 6.4x. We have an Accumulate stance on UBL based on our target price of PkR67/share where we believe a potential choppy near-term market presents an ideal opportunity to build fresh positions in the stock.

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Re: UBL -- United Bank limited
« Reply #8 on: October 03, 2009, 11:37:47 AM »
ubl broke above resistance at 61
hold

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Re: UBL -- United Bank limited
« Reply #9 on: October 23, 2009, 12:19:52 PM »
UBL: 9M2009 EPS expected at Rs5.77
We expect the bank to post earnings of Rs6.4bn (EPS
Rs5.77) in 9M2009 against earnings of Rs8.8bn (EPS
Rs8.73) in the corresponding period last year, down 27%
YoY. While Net Interest Income (NII) is expected to be higher
by 14%YoY on account of higher lending rates; rising
provision on NPLs will continue to hurt the bottom line.
Moreover, we expect non interest income to decline by 1%
amid decline in forex income. In 3Q2009 alone, we expect the
bank to post earnings of Rs2.1bn (EPS Rs1.92) compared to
earnings of Rs3.2bn (EPS Rs3.2), down 34%YoY. UBL like
most of its peers would benefit from the recent relaxation in
FSV, which would boost earnings in 4Q2009.
We currently have a ‘Hold’ stance on the scrip which is
trading at a 2009E PE of 7.1x and PBV of 1.3x. We expect no
payout with results.

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Re: UBL -- United Bank limited
« Reply #10 on: October 24, 2009, 12:55:42 PM »
UBL EPS likely at PRs6.02
UBL is expected to announce net earnings of PRs6.7bn (EPS PRs6.02) in its
9M2009 financial announcement, a drop of 24% from the corresponding
period last year. The earnings decline will mainly be on the back of higher
provisions expense at PRs7.4bn versus PRs3.0bn in the last year’s comparable
period. However, we expect PRs2.1bn provisions in 3Q2009, which is higher
by 92% on yearly comparison, but 43% lower than PRs3.6bn that is booked in
the previous quarter. Interestingly, alone in 3Q2009, UBL’s net earnings is
likely at PRs2.4bn (EPS PRs2.17) which reflects a decline of 26% on yearly
basis while it indicate a growth of 38% on QoQ basis. On brighter side, net
interest income of the bank is anticipated to grow by 14% to PRs23.7bn,
largely due to expected growth in its advances. While non interest income is
also expected to decline by 5% to PRs8.4bn. However, we do not expect any
payout to accompany the financial results. At current trading levels, we
suggest ‘Hold’ on UBL.

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Re: UBL -- United Bank limited
« Reply #11 on: October 26, 2009, 03:24:07 PM »
eps 6.22

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Re: UBL -- United Bank limited
« Reply #12 on: October 26, 2009, 04:28:34 PM »
26-OCT-09 UBL United Bank Ltd. FINANCIAL RESULT FOR THE NINE MONTHS ENDED 30/09/2009
26-OCT-09 UBL United Bank Ltd. (CONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 10,577.218
26-OCT-09 UBL United Bank Ltd. (CONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 6,938.025
26-OCT-09 UBL United Bank Ltd. EPS = 6.22
26-OCT-09 UBL United Bank Ltd. FINANCIAL RESULT FOR THE NINE MONTHS ENDED 30/09/2009
26-OCT-09 UBL United Bank Ltd. (UNCONSOLIDATED) PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 9,951.598
26-OCT-09 UBL United Bank Ltd. (UNCONSOLIDATED) PROFIT/LOSS AFTER TAXATION RS. IN MILLION 6,367.241
26-OCT-09 UBL United Bank Ltd. EPS = 5.72

Offline Farzooq

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Re: UBL -- United Bank limited
« Reply #13 on: October 27, 2009, 10:24:27 AM »
United Bank Limited (UBL) has announced its 9MCY09 result. On a consolidated basis, UBL has posted NPAT of PkR6.94bn (EPS: PkR6.23) in 9MCY09 against NPAT of PkR9.05bn (EPS: PkR8.13) in 9MCY08, a decline of 23%YoY. This was inline with our forecasted 9MCY09 NPAT of PkR6.79bn (EPS: PkR6.10).

In 3QCY09, NPAT has registered at PkR2.34bn (EPS: PkR2.10), up by 28%QoQ. Sequential increase in earnings is due to: 1) 7%QoQ increase in net interest income, 2) 36%QoQ decline in total provisions and 3) 1%QoQ contraction in administrative expenses. This has countered the impact of a 39%QoQ decline in non-interest income (loss on FX trading).

As per the result announcement, remaining impairment backlog is just PkR86mn (EPS impact: PkR0.04). 9MCY09 results represent 80% of our CY09F NPAT. UBL trades at a CY10F Tier-I P/B multiple of 1.3x. At current levels, the scrip offers an upside of 7.4% to our target price of PkR67/share.
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Re: UBL -- United Bank limited
« Reply #14 on: November 05, 2009, 11:39:22 AM »
United Bank Limited (UBL) - Result Review 9M CY09

UBL announced 9M CY09 result with a consolidated profit of PKR 6.94bn (EPS: PKR 6.22) as compared to a PAT of PKR 8.96bn (EPS: PKR 8.06) last year; a decline of 23% YoY. Meanwhile during 3Q CY09, UBL posted an EPS of PKR 2.10 which is 26% lower than PKR 2.85 the corresponding quarter last year. The Jan-Sep09 earnings were inline with our estimate of PKR 6.17 per share mentioned in our result preview coverage on the scrip.

 Outlook

At current levels, the stock quotes at forward PE and PB multiples of 7.1x and 1.16x respectively. The scrip trades at 9% discount to our target price of PKR 65 per share and we maintain an outperform rating on the stock.

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Re: UBL -- United Bank limited
« Reply #15 on: November 12, 2009, 01:35:24 PM »
Outlook: ‘Hold’ maintained
As the 9M2009 results were inline with our expectation, we
maintain our ‘Hold’ stance on the scrip which currently trades
at 2009E PE and PBV of 7.3x and 1.2x, respectively. We
expect full year earnings to arrive at Rs7.8, up 3%YoY.

js

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Re: UBL -- United Bank limited
« Reply #16 on: December 01, 2009, 09:35:07 AM »
ubl lower locked
the bank with most exposure in dubai

Toshi

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Re: UBL -- United Bank limited
« Reply #17 on: December 01, 2009, 10:07:53 AM »
Lower Lock pe sara maal uth gaya,CS ki report ka impact hai.

Toshi

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Re: UBL -- United Bank limited
« Reply #18 on: December 01, 2009, 02:44:18 PM »

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