Stock Analysis Report

Executive Summary

United Bank Limited provides commercial banking and related services in Pakistan, the Middle East, the United States, and Europe.

Snowflake Analysis

Established dividend payer and good value.

Similar Companies

Share Price & News

How has United Bank's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: UBLS has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




GB Banks


GB Market

1 Year Return




GB Banks


GB Market

Return vs Industry: UBLS exceeded the UK Banks industry which returned -35.7% over the past year.

Return vs Market: UBLS exceeded the UK Market which returned -23% over the past year.

Shareholder returns

7 Day0%-18.9%-3.3%
30 Day0%-30.4%-19.5%
90 Day0%-42.8%-28.9%
1 Year4.9%0%-40.1%-44.0%-21.0%-25.0%
3 Year8.5%-8.6%-40.0%-48.2%-14.7%-25.8%
5 Year149.5%82.9%-38.6%-50.9%-1.5%-24.1%

Price Volatility Vs. Market

How volatile is United Bank's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is United Bank undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: UBLS ($6.4) is trading below our estimate of fair value ($10.58)

Significantly Below Fair Value: UBLS is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: UBLS is poor value based on its PE Ratio (6.1x) compared to the Banks industry average (4.5x).

PE vs Market: UBLS is good value based on its PE Ratio (6.1x) compared to the UK market (12.4x).

Price to Earnings Growth Ratio

PEG Ratio: UBLS is good value based on its PEG Ratio (0.3x)

Price to Book Ratio

PB vs Industry: UBLS is overvalued based on its PB Ratio (0.7x) compared to the GB Banks industry average (0.5x).

Next Steps

Future Growth

How is United Bank forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: UBLS's forecast earnings growth (19.4% per year) is above the savings rate (0.5%).

Earnings vs Market: UBLS's earnings (19.4% per year) are forecast to grow faster than the UK market (15.5% per year).

High Growth Earnings: UBLS's earnings are forecast to grow, but not significantly.

Revenue vs Market: UBLS's revenue (12% per year) is forecast to grow faster than the UK market (2.3% per year).

High Growth Revenue: UBLS's revenue (12% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: UBLS's Return on Equity is forecast to be high in 3 years time (21.4%)

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Past Performance

How has United Bank performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: UBLS has high quality earnings.

Growing Profit Margin: UBLS's current net profit margins (25.5%) are higher than last year (21.8%).

Past Earnings Growth Analysis

Earnings Trend: UBLS's earnings have declined by -7.8% per year over the past 5 years.

Accelerating Growth: UBLS's earnings growth over the past year (30.3%) exceeds its 5-year average (-7.8% per year).

Earnings vs Industry: UBLS earnings growth over the past year (30.3%) exceeded the Banks industry 29.6%.

Return on Equity

High ROE: UBLS's Return on Equity (10.6%) is considered low.

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Financial Health

How is United Bank's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: UBLS has a low level of unsold assets or inventory.

Debt Coverage by Assets: UBLS's debt is covered by short term assets (assets are 2.4x debt).

Financial Institutions Analysis

Asset Level: UBLS's level of assets compared to its equity is moderate.

Allowance for Bad Loans: UBLS has a low allowance for bad loans.

Low Risk Liabilities: UBLS's liabilities are made up of primarily low risk sources of funding.

Loan Level: UBLS has an acceptable proportion of non-loan assets held.

Low Risk Deposits: UBLS's loans are broadly funded by customer deposits.

Level of Bad Loans: UBLS has a high level of bad loans (10%)

Next Steps


What is United Bank's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: UBLS's dividend (11.9%) is higher than the bottom 25% of dividend payers in the UK market (2.69%).

High Dividend: UBLS's dividend (11.9%) is in the top 25% of dividend payers in the UK market (7.48%)

Stability and Growth of Payments

Stable Dividend: UBLS's dividend payments have been volatile in the past 10 years.

Growing Dividend: UBLS's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (72.3%), UBLS's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: UBLS's dividends in 3 years are forecast to be well covered by earnings (44.8% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


Sima Kamil (62yo)



Ms. Sima Kamil serves as Non-Executive Director at United National Bank Ltd. and served as its Executive Director since August 2019. Ms. Sima Kamil has been the Chief Executive Officer and President of Uni ...

Board Members

Sima Kamil
President2.67yrsno data0.000040% PKR297.7
Khalid Sherwani
Independent Director5.42yrsPK₨13.62m0.00020% PKR1.5k
Mohammed Pervez
Chairman of the Board6.25yrsPK₨11.71m1.04% PKR7.8m
Zameer Choudrey
Non-Executive Director17.42yrsPK₨11.75m0.20% PKR1.5m
Rizwan Pervez
Non-Executive Director6yrsPK₨11.71m0.011% PKR78.7k
Arshad Mir
Non-Executive Director10.42yrsPK₨9.65m0.00020% PKR1.5k
Haider Choudrey
Non-Executive Director6yrsPK₨11.75m0.16% PKR1.2m
Amar Khan
Independent Director3yrsPK₨12.95m0.00020% PKR1.5k
Tariq Rashid
Independent Director2.83yrsPK₨12.93m0.00020% PKR1.5k
Mufti Muhammad Usmani
Chairman of Shariah Boardno datano datano data


Average Tenure

Experienced Board: UBLS's board of directors are considered experienced (6 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

United Bank Limited's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: United Bank Limited
  • Ticker: UBLS
  • Exchange: LSE
  • Founded: 1959
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: PK₨123.410b
  • Listing Market Cap: PK₨744.328m
  • Shares outstanding: 1.22b
  • Website:

Number of Employees


  • United Bank Limited
  • I.I. Chundrigar Road
  • Karachi
  • 74000
  • Pakistan


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
UBLKASE (Pakistan Stock Exchange Limited)YesOrdinary SharesPKPKRSep 2005
UBLSLSE (London Stock Exchange)GDR EACH REP 4 SHS(REGS)GBUSDJun 2007


United Bank Limited provides commercial banking and related services in Pakistan, the Middle East, the United States, and Europe. The company provides project, trade, and working capital finance services; import and export, factoring, leasing, and lending services; and guarantees. It also offers services related to mergers and acquisitions, underwriting/arrangement of debt and equity instruments through syndications, initial public offerings, and private placements. In addition, the company provides fixed income, equity, foreign exchange, credit, funding, own position securities, lending and borrowing, and derivatives for hedging and market making. Further, it offers deposits, lending, and banking services to private individuals and small businesses, which includes credit cards and branchless banking, as well as operates Islamic bank branches. Additionally, it provides savings and current accounts; consumer loans; life insurances and other insurances; and mutual funds products. As of December 31, 2019, it operated 1,362 branches in Pakistan, including 100 Islamic Banking branches and 2 branches in export processing zone; and 14 branches internationally. The company was founded in 1959 and is headquartered in Karachi, Pakistan. United Bank Limited is a subsidiary of Bestway (Holdings) Limited. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/31 22:22
End of Day Share Price2020/03/31 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.