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United BankKASE:UBL Stock Report

Last Price


Market Cap







23 Jan, 2022


Company Financials +
UBL fundamental analysis
Snowflake Score
Future Growth3/6
Past Performance4/6
Financial Health4/6

UBL Stock Overview

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

United Bank Competitors

MCB Bank



Habib Bank



Allied Bank



Bank AL Habib



Price History & Performance

Summary of all time highs, changes and price drops for United Bank
Historical stock prices
Current Share PricePK₨141.02
52 Week HighPK₨146.90
52 Week LowPK₨113.05
1 Month Change4.45%
3 Month Change-0.73%
1 Year Change1.25%
3 Year Change-8.01%
5 Year Change-41.30%
Change since IPO405.72%

Recent News & Updates

Shareholder Returns

UBLPK BanksPK Market

Return vs Industry: UBL exceeded the PK Banks industry which returned -1% over the past year.

Return vs Market: UBL exceeded the PK Market which returned -9.8% over the past year.

Price Volatility

Is UBL's price volatile compared to industry and market?
UBL volatility
UBL Average Weekly Movement2.7%
Banks Industry Average Movement3.4%
Market Average Movement5.9%
10% most volatile stocks in PK Market9.1%
10% least volatile stocks in PK Market3.0%

Stable Share Price: UBL is less volatile than 75% of PK stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: UBL's weekly volatility (3%) has been stable over the past year.

About the Company

195911,556Shazad Dada

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

United Bank Fundamentals Summary

How do United Bank's earnings and revenue compare to its market cap?
UBL fundamental statistics
Market CapPK₨172.63b
Earnings (TTM)PK₨28.09b
Revenue (TTM)PK₨94.17b


P/E Ratio


P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
UBL income statement (TTM)
Cost of RevenuePK₨1.69b
Gross ProfitPK₨92.48b

Last Reported Earnings

Sep 30, 2021

Next Earnings Date


Earnings per share (EPS)22.95
Gross Margin98.20%
Net Profit Margin29.83%
Debt/Equity Ratio205.4%

How did UBL perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio


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


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: UBL (PKR141.02) is trading above our estimate of fair value (PKR95.38)

Significantly Below Fair Value: UBL is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: UBL is poor value based on its PE Ratio (6.1x) compared to the PK Banks industry average (5.5x).

PE vs Market: UBL is good value based on its PE Ratio (6.1x) compared to the PK market (6.6x).

Price to Earnings Growth Ratio

PEG Ratio: UBL is good value based on its PEG Ratio (0.5x)

Price to Book Ratio

PB vs Industry: UBL's PB Ratio (0.9x) is in line with the PK Banks industry average.

Future Growth

How is United Bank forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: UBL's forecast earnings growth (12.8% per year) is above the savings rate (10%).

Earnings vs Market: UBL's earnings (12.8% per year) are forecast to grow faster than the PK market (7.4% per year).

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

Revenue vs Market: UBL's revenue (12% per year) is forecast to grow faster than the PK market (8.9% per year).

High Growth Revenue: UBL'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: UBL's Return on Equity is forecast to be low in 3 years time (18.6%).

Past Performance

How has United Bank performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: UBL has high quality earnings.

Growing Profit Margin: UBL's current net profit margins (29.8%) are higher than last year (25.9%).

Past Earnings Growth Analysis

Earnings Trend: UBL's earnings have declined by 3.2% per year over the past 5 years.

Accelerating Growth: UBL's earnings growth over the past year (38.4%) exceeds its 5-year average (-3.2% per year).

Earnings vs Industry: UBL earnings growth over the past year (38.4%) exceeded the Banks industry 3.4%.

Return on Equity

High ROE: UBL's Return on Equity (13.5%) is considered low.

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

Financial Institutions Analysis

Asset Level: UBL's Assets to Equity ratio (12.8x) is moderate.

Allowance for Bad Loans: UBL has a low allowance for bad loans (92%).

Low Risk Liabilities: 79% of UBL's liabilities are made up of primarily low risk sources of funding.

Loan Level: UBL has an appropriate level of Loans to Assets ratio (26%).

Low Risk Deposits: UBL's Loans to Deposits ratio (35%) is appropriate.

Level of Bad Loans: UBL has a high level of bad loans (11.7%).


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


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: UBL's dividend (11.35%) is higher than the bottom 25% of dividend payers in the PK market (3.21%).

High Dividend: UBL's dividend (11.35%) is in the top 25% of dividend payers in the PK market (10.05%)

Stability and Growth of Payments

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

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

Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (93.7%), UBL's dividend payments are not well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: UBL's dividends in 3 years are forecast to be covered by earnings (65.3% payout ratio).

Next Steps


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


Average management tenure


Shazad Dada (55 yo)



Mr. Shazad G. Dada serves as Non-Executive Director at United National Bank Ltd. since November 02, 2020. He has been President, Chief Executive Officer and Director at United Bank Ltd.since July 16, 2020...

Leadership Team

Experienced Management: UBL's management team is seasoned and experienced (6 years average tenure).

Board Members

Experienced Board: UBL's board of directors are considered experienced (7.8 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 employee growth, exchange listings and data sources

Key Information

  • Name: United Bank Limited
  • Ticker: UBL
  • Exchange: KASE
  • Founded: 1959
  • Industry: Diversified Banks
  • Sector: Banks
  • Implied Market Cap: PK₨172.634b
  • Shares outstanding: 1.22b
  • Website:

Number of Employees


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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/23 13:31
End of Day Share Price2022/01/21 00:00
Annual Earnings2020/12/31

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.