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3rd Quarter Results

17th Oct 2025 12:36

RNS Number : 8810D

United Bank Limited

17 October 2025

Secretary's Department

UBL/BOD-257/PSX/Results/25

15 October 2025

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building,

Stock Exchange Road,

Karachi.

Dear Sir,

Financial Results for the 3rd Quarter Ended 30 September 2025

We have to inform you that the Board of Directors of United Bank Limited ("UBL") in their 257th meeting held on Wednesday, 15 October 2025 at Islamabad at 10:00 a.m. inter-alia recommended the following:

(i) CASH DIVIDEND

An Interim Cash Dividend for the year Quarter ended 30 September 2025 at Rs.8/- per share i.e.160%. This is addition to interim Dividend already paid at Rs.13.5/- per share i.e.270%

(ii) BONUS SHARES

--- NIL ---

(iii) RIGHT SHARES

--- NIL ---

(iv) ANY OTHER ENTITLEMENT / CORPORATE ACTION

--- NIL ---

(v) ANY OTHER PRICE-SENSITIVE INFORMATION

--- NIL ---

The above entitlement of Dividend will be paid to the shareholders whose names will appear in the Register of Members (with their IBAN details) on 24 October 2025.

The Share Transfer Books of UBL will remain closed from Monday, 27 October 2025 to Wednesday, 29 October 2025 (both days inclusive). Transfers received at the office of our Share Registrar. M/s. THK Associates (Pvt) Limited. Plot No.32-C, Jami Commercial Street-2 D.H.A., Phase-VII, Karachi-75400 at the close of business on Friday, 24 October 2025 will be treated in time for the purpose of payment of interim cash dividend.

Following Statements are attached:

Annexure-A (Unconsolidated)

1. Standalone Statements of Financial Position

2. Standalone Statements of Profit and Loss

3. Standalone Statement of Changes in Equity

4. Standalone Statement of Cash Flows

Annexure-B (Consolidated)

1. Consolidated Statements of Financial Position

2. Consolidated Statements of Profit and Loss

3. Consolidated Statement of Changes in Equity

4. Consolidated Statement of Cash Flows

The Quarterly financial statements (Quarterly Report) of the Bank for the 3rd Quarter ended 30 September 2025 will be transmitted through PUCARS separately, within stipulated time.

Yours faithfully,

Sd/-

Aqeel Ahmed Nasir

Company Secretary & Chief Legal Counsel

C.C. to:

1) London Stock Exchange.

2) The Commissioner, Enforcement & Monitoring Division, Securities and Exchange Commission of Pakistan, NIC Building, Jinnah Avenue, Islamabad

Annexure A-1
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2025

	(Un-audited)	(Audited)
	September 30, 2025	December 31, 2024
	-------------- (Rupees in '000) -----------
ASSETS
Cash and balances with treasury banks	531,013,804	309,745,911
Balances with other banks	70,735,449	59,968,246
Lendings to financial institutions	139,355,737	18,492,483
Investments	8,818,515,414	5,886,894,503
Advances	1,103,393,866	1,443,481,944
Property and equipment	110,871,377	85,246,731
Right-of-use assets	29,703,543	9,896,084
Intangible assets	63,889,434	2,481,475
Deferred tax assets	-	-
Other assets	406,662,008	246,924,757
	11,274,140,632	8,063,132,134


LIABILITIES
Bills payable	32,655,154	44,221,818
Borrowings	5,724,114,144	4,855,373,516
Deposits and other accounts	4,768,789,701	2,640,211,489
Lease liabilities	32,450,739	12,008,797
Subordinated debt	10,000,000	10,000,000
Deferred tax liabilities	79,656,081	38,959,061
Other liabilities	182,165,257	146,135,202
	10,829,831,076	7,746,909,883

NET ASSETS	444,309,556	316,222,251

REPRESENTED BY:
Share capital	12,521,239	12,241,797
Reserves	136,117,024	114,734,831
Surplus on revaluation of assets	139,664,851	77,289,805
Unappropriated profit	156,006,442	111,955,818
	444,309,556	316,222,251


CONTINGENCIES AND COMMITMENTS

ANNEXURE - A-2

UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	July - September 2025	July - September 2024	January - September 2025	January - September 2024
	July - September 2025	July - September 2024	January - September 2025	January - September 2024
	----------------------------- (Rupees in '000) ----------------------------------
Mark-up / return / interest earned	297,224,588	310,741,852	861,218,417	825,895,798
Mark-up / return / interest expensed	205,250,937	259,148,402	593,822,518	720,664,403
Net mark-up / interest income	91,973,651	51,593,450	267,395,899	105,231,395

Non mark-up / interest income
Fee and commission income	6,754,687	5,844,125	21,259,706	15,893,508
Dividend income	298,810	266,556	1,732,330	1,189,692
Foreign exchange income	4,836,577	3,294,805	12,280,199	9,662,474
Loss from derivatives	(1,313)	(16,176)	(1,255,891)	(41,021)
Gain on securities - net	902,623	5,930,797	9,049,933	24,074,130
Capital gain on derecognition of financial assets measured at amortised cost	-	-	-	2,894,427
Other income	252,267	7,260,557	740,231	7,618,066
Total non mark-up / interest income	13,043,651	22,580,664	43,806,508	61,291,276
Total Income	105,017,302	74,174,114	311,202,407	166,522,671

Non mark-up / Interest expenses
Operating expenses	30,372,033	22,201,169	88,858,478	57,961,029
Workers' Welfare Fund	1,450,463	982,752	4,365,567	2,215,724
Other charges	43,321	155	45,815	32,966
Total non mark-up / interest expenses	31,865,817	23,184,076	93,269,860	60,209,719

Profit before credit loss allowance	73,151,485	50,990,038	217,932,547	106,312,952
Credit loss allowance and write-offs - net	(822,101)	893,529	(4,711,348)	(1,473,236)

Profit before taxation	73,973,586	50,096,509	222,643,895	107,786,188

Taxation	39,270,818	24,556,195	124,150,535	52,800,301

Profit after taxation	34,702,768	25,540,314	98,493,360	54,985,887

	------------------------------------- (Rupees) ---------------------------------------

Earnings per share - basic and diluted - Restated	13.86	10.43	39.55	22.46

ANNEXURE A-3 (1 of 2)

UNCONSOLIDATED CONDENSED INTERIM STATEMENET OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	Share capital	Share Premium	Capital Reserve - Exchange Translation	Statutory reserve	Surplus / (Deficit) on revaluation			Unappropriated Profit	Total
	Share capital	Share Premium	Capital Reserve - Exchange Translation	Statutory reserve	Investments	Property and Equipment	Non-banking Assets	Unappropriated Profit	Total
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Balance as at January 01, 2024 - as restated	12,241,797	-	60,922,855	46,878,123	780,037	38,211,793	-	89,138,112	248,172,717
Total comprehensive income for the nine months ended September 30, 2024
Profit after taxation for the nine months ended September 30, 2024	-	-	-	-	-	-	-	54,985,887	54,985,887
Other comprehensive income - net of tax	-	-	(1,441,633)	-	51,676,969	5,457	-	-	50,240,793
Total comprehensive income for the nine months ended September 30, 2024	-	-	(1,441,633)	-	51,676,969	5,457	-	54,985,887	105,226,680
Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax	-	-	-	-	-	-	-	-	-
Transfer of incremental depreciation from surplus on revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(43,869)	-	43,869	-
Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	64,182	-	-	(64,182)	-
Transfer to statutory reserve	-	-	-	5,498,589	-	-	-	(5,498,589)	-
Transactions with owners, recorded directly in equity
Final cash dividend - December 31, 2023 declared subsequent to the year end at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)
Interim cash dividend - March 31, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)
Interim cash dividend - June 30, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)
								(40,397,931)	(40,397,931)
Balance as at September 30, 2024 (Un-audited)	12,241,797	-	59,481,222	52,376,712	52,521,188	38,173,381	-	98,207,166	313,001,466
Total comprehensive income for three months ended December 31, 2024
Profit after taxation for the three months ended December 31, 2024	-	-	-	-	-	-	-	25,541,647	25,541,647
Other comprehensive income - net of tax	-	-	322,732	-	(13,670,045)	313,782	1,146	4,177,500	(8,854,885)
Total comprehensive income for the three months ended December 31, 2024	-	-	322,732	-	(13,670,045)	313,782	1,146	29,719,147	16,686,762
Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax	-	-	-	-	-	-	-	-	-
Transfer of incremental depreciation from surplus on revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(33,714)	-	33,714	-
Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	(15,933)	-	-	15,933	-
Transfer to statutory reserve	-	-	-	2,554,165	-	-	-	(2,554,165)	-

Continued on next page

ANNEXURE A-3 (2 of 2)

UNCONSOLIDATED CONDENSED INTERIM STATEMENET OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	Share capital	Share Premium	Capital Reserve - Exchange Translation	Statutory reserve	Surplus / (Deficit) on revaluation			Unappropriated Profit	Total
	Share capital	Share Premium	Capital Reserve - Exchange Translation	Statutory reserve	Investments	Property and Equipment	Non-banking Assets	Unappropriated Profit	Total
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Transactions with owners, recorded directly in equity
Interim cash dividend - September 30, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)

Balance as at December 31, 2024 (Audited)	12,241,797	-	59,803,954	54,930,877	38,835,210	38,453,449	1,146	111,955,818	316,222,251
Effect of reclassification on adoption of IFRS 9 (net of tax)	-	-	-	-	1,355,745	-	-	-	1,355,745
Balance as at January 01, 2025 - as restated	12,241,797	-	59,803,954	54,930,877	40,190,955	38,453,449	1,146	111,955,818	317,577,996
Total comprehensive income for the nine months ended September 30, 2025
Profit after taxation for the nine months ended September 30, 2025	-	-	-	-	-	-	-	98,493,360	98,493,360
Other comprehensive income - net of tax	-	-	1,059,096	-	63,699,225	-	-	-	64,758,321
Total comprehensive income for the nine months ended September 30, 2025	-	-	1,059,096	-	63,699,225	-	-	98,493,360	163,251,681
Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax	-	-	-	-	-	-	-	-	-
Transfer of incremental depreciation from surplus on revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(52,082)	-	52,082	-
Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	(2,627,840)	-	-	2,627,840	-
Transfer to statutory reserve	-	-	-	9,849,336	-	-	-	(9,849,336)	-
Shares issued under amalgamation	279,442	10,473,761	-	-	-	-	-	-	10,753,203
Transactions with owners, recorded directly in equity
Final cash dividend - December 31, 2024 declared subsequent to the year end at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)
Interim cash dividend - March 31, 2025 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,773,363)	(13,773,363)
Interim cash dividend - June 30, 2025 declared at Rs. 8.0 per share	-	-	-	-	-	-	-	(20,033,982)	(20,033,982)
	-	-	-	-	-	-	-	(47,273,322)	(47,273,322)
Balance as at September 30, 2025 (Un-audited)	12,521,239	10,473,761	60,863,050	64,780,213	101,262,340	38,401,365	1,146	156,006,442	444,309,556

ANNEXURE A-4 (1 of 2)
UNCONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
	January - September 2025	January - September 2024
	-------------- (Rupees in '000) --------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation	222,643,895	107,786,188
Less: Dividend income	1,732,330	1,189,692
	220,911,565	106,596,496

Adjustments:
Depreciation on property and equipment	6,528,435	4,053,854
Depreciation on Islamic financing against leased assets (Ijarah)	102,050	58,652
Depreciation on right-of-use assets	3,014,991	1,782,454
Depreciation on non-banking assets acquired in satisfaction of claims	29,853	2,420
Amortisation	833,959	716,175
Workers' Welfare Fund - charge	4,365,567	2,215,724
Provision for retirement benefits	1,364,137	1,145,073
Provision for compensated absences	109,575	119,882
Credit loss allowance against loans and advances - net	(4,534,504)	(1,142,648)
Credit loss allowance against off - balance sheet obligations - net	198,026	46,676
Credit loss allowance for diminution in value of investments - net	65,525	(250,046)
Interest expense on lease liability against right-of-use assets	2,452,502	1,077,013
Loss / (gain) on sale of Ijarah assets - net	234	(533)
Gain on sale of property and equipment - net	(88,897)	(148,042)
Gain on sale of subsidiary	-	(7,083,501)
Bad debts written-off directly	58,036	36,211
Unrealised gain on revaluation of investments classified as FVTPL	(42,667)	(261,073)
Credit loss allowance against other assets	45,220	(11,149)
Other credit loss allowance / write-offs	183,670	161,798
	14,685,712	2,518,940
	235,597,277	109,115,436
(Increase) / Decrease in operating assets
Lendings to financial institutions	(120,863,254)	33,371,115
Securities classified as FVTPL	(208,564,550)	2,936,771
Advances	345,360,053	(5,957,740)
Other assets (excluding advance taxation)	(219,007,360)	(34,308,513)
	(203,075,111)	(3,958,367)
Increase / (decrease) in operating liabilities
Bills payable	(11,566,664)	2,187,803
Borrowings	868,740,628	1,488,484,808
Deposits and other accounts	2,128,578,212	487,455,205
Other liabilities	18,429,781	38,602,636
	3,004,181,957	2,016,730,452
	3,036,704,123	2,121,887,521
Receipts on account of staff retirement benefits	628,616	2,808,765
Income taxes paid	(83,447,204)	(43,115,580)
Net cash flow generated from operating activities	2,953,885,535	2,081,580,706


	Continued on next page






	January - September 2025	January - September 2024
	-------------- (Rupees in '000) --------------

CASH FLOW FROM INVESTING ACTIVITIES
Net investments in securities classified as FVOCI	(2,377,825,293)	(1,991,646,143)
Net investments in amortized cost securities	(213,820,407)	38,842,561
Net investments in subsidiaries	-	1,855,222
Net investments in associates	9,910	-
Net cash inflow on amalgamation	15,198,229	-
Dividend income received	1,715,365	1,156,617
Proceeds realised on sale of subsidiary	-	9,053,275
Investment in property and equipments and intangible assets	(94,585,879)	(17,988,176)
Sale proceeds from disposal of property and equipments	279,777	168,370
Sale proceeds from disposal of ijarah assets	10,360	27,645
Effect of translation of net investment in overseas branches	1,059,096	(1,441,633)
Net cash flow used in investing activities	(2,667,958,842)	(1,959,972,262)

CASH FLOW FROM FINANCING ACTIVITIES

Payment of lease liability against right-of-use assets	(4,870,019)	(2,693,923)
Payment of sub ordinated debt	(1,998,400)	-
Dividend paid	(47,023,178)	(40,399,075)
Net cash flow used in financing activities	(53,891,597)	(43,092,998)

Increase / (decrease) in cash and cash equivalents	232,035,096	78,515,446
Cash and cash equivalents at the beginning of the period	367,534,705	309,638,228
Effect of exchange rate changes on cash and cash equivalents	2,179,452	(1,607,260)
	369,714,157	308,030,968
Cash and cash equivalents at the end of the period	601,749,253	386,546,414

ANNEXURE B-1

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2025

	(Un-audited)	(Audited)
	September 30, 2025	December 31, 2024
	----------------- (Rupees in '000) -----------------
ASSETS
Cash and balances with treasury banks	531,920,576	310,836,376
Balances with other banks	70,760,528	59,968,246
Lendings to financial institutions	139,355,737	18,492,483
Investments	8,823,130,334	5,889,765,841
Advances	1,103,393,866	1,443,481,944
Property and equipment	111,180,606	85,591,999
Right-of-use assets	30,058,715	10,231,121
Intangible assets	64,199,450	2,792,016
Deferred tax assets	-	-
Other assets	407,407,805	247,937,251
	11,281,407,617	8,069,097,277

LIABILITIES
Bills payable	32,655,154	44,221,818
Borrowings	5,724,114,144	4,855,373,516
Deposits and other accounts	4,768,330,238	2,639,875,985
Lease liabilities	32,819,151	12,381,018
Subordinated debt	10,000,000	10,000,000
Deferred tax liabilities	79,926,990	39,311,263
Other liabilities	183,093,736	147,125,664
	10,830,939,413	7,748,289,264

NET ASSETS	450,468,204	320,808,013

REPRESENTED BY:
Share capital	12,521,239	12,241,797
Reserves	136,117,024	114,734,831
Surplus on revaluation of assets	139,656,101	77,309,424
Unappropriated profit	162,107,278	116,472,051
Total equity attributable to the equity holders of the Bank	450,401,642	320,758,103

Non-controlling interest	66,562	49,910
	450,468,204	320,808,013

CONTINGENCIES AND COMMITMENTS

ANNEXURE B-2

CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	July - September 2025	July - September 2024	January - September 2025	January - September 2024
	----------------------------- (Rupees in '000) -----------------------------

Mark-up / return / interest earned	297,235,579	310,757,603	861,251,119	825,931,552
Mark-up / return / interest expensed	205,251,701	259,143,899	593,838,387	720,569,733
Net mark-up / interest income	91,983,878	51,613,704	267,412,732	105,361,819

Non-mark-up / interest income
Fee and commission income	7,793,913	6,478,039	24,282,106	17,594,243
Dividend income	287,126	266,556	1,651,515	1,135,079
Foreign exchange income	5,027,596	3,438,925	12,875,535	9,866,476
Loss from derivatives	(1,313)	(16,176)	(1,255,891)	(41,021)
Gain on securities - net	902,623	5,930,797	9,049,933	24,074,130
Capital gain on derecognition of financial assets measured at amortised cost	-	-	-	2,894,427
Other income	238,025	251,270	693,482	864,077
Total non-markup / interest income	14,247,970	16,349,411	47,296,680	56,387,411
Total income	106,231,848	67,963,115	314,709,412	161,749,230

Non-mark-up / interest expenses
Operating expenses	31,034,398	23,024,463	90,688,043	59,576,656
Workers' Welfare Fund	1,468,158	993,613	4,411,327	2,246,109
Other charges	45,124	155	47,618	32,966
Total non-mark-up / interest expenses	32,547,680	24,018,231	95,146,988	61,855,731
Share of profit / (loss) of associates	161,065	426,286	766,500	672,233
Profit before credit loss allowance from continuing operations	73,845,233	44,371,170	220,328,924	100,565,732
Credit loss allowance and write-offs - net	(822,101)	893,528	(4,711,348)	(1,473,236)
Profit before taxation from continuing operations	74,667,334	43,477,642	225,040,272	102,038,968
Taxation	39,304,932	24,747,107	124,945,657	53,249,350
Profit after taxation from continuing operations	35,362,402	18,730,535	100,094,615	48,789,618

Discontinued operation
(Loss) / gain from discontinued operation - net of tax	-	(409,151)	-	938,610
	35,362,402	18,321,384	100,094,615	49,728,228

Attributable to:
Equity holders of the Bank
from continuing operations	35,355,263	18,728,087	100,077,963	48,780,590
from discontinued operation	-	(409,151)	-	332,118
	35,355,263	18,318,936	100,077,963	49,112,708
Non-controlling interest
from continuing operations	7,139	2,448	16,652	9,028
from discontinued operation	-	-	-	606,492
	7,139	2,448	16,652	615,520
	35,362,402	18,321,384	100,094,615	49,728,228

	--------------------------------------- (Rupees) ---------------------------------------
Earnings per share for profit from continuing operations
attributable to the equity holders of the Bank
Basic and diluted	14.12	7.65	40.19	19.92

Earnings per share for profit attributable to the equity
holders of the Bank
Basic and diluted	14.12	7.48	40.19	20.06

ANNEXURE B-3 (1 of 2)

CONSOLIDATED CONDENSED INTERIM STATEMENET OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Surplus / (Deficit) on revaluation			Unappropriated Profit	Sub total	Non-controlling interest	Total
	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Investments	Property and Equipment	Non-banking Assets	Unappropriated Profit	Sub total	Non-controlling interest	Total
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Balance as at January 01, 2024 - as restated	12,241,797	-	46,878,123	69,893,293	(192,993)	41,795,310	-	96,024,872	266,640,402	14,904,379	281,544,781
Total comprehensive income for the nine months ended September 30, 2024
Profit after taxation for the nine months ended September 30, 2024	-	-	-	-	-	-	-	49,112,708	49,112,708	615,520	49,728,228
Other comprehensive income - net of tax	-	-	-	(10,412,070)	52,129,808	(61,237)	-	-	41,656,501	112,491	41,768,992
Total comprehensive income for the nine months ended September 30, 2024	-	-	-	(10,412,070)	52,129,808	(61,237)	-	49,112,708	90,769,209	728,011	91,497,220
Transfer from surplus on revaluation upon disposal to unappropriated profit - net of tax	-	-	-	-	-	(22,930)	-	22,930	-	-	-
Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(63,841)	-	63,841	-	-	-
Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	61,377	-	-	(61,377)	-	-	-
Transfer to statutory reserve	-	-	5,498,589	-	-	-	-	(5,498,589)	-	-	-
Derecognition of subsidiary	-	-	-	-	535,734	(3,492,963)	-	2,957,229	-	(15,590,116)	(15,590,116)
Transactions with owners for the nine months ended September 30, 2024, recorded directly in equity
Final cash dividend - December 31, 2023 declared subsequent to the year end at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
Interim cash dividend - March 31, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
Interim cash dividend - June 30, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
	-	-	-	-	-	-	-	(40,397,931)	(40,397,931)	-	(40,397,931)
Balance as at September 30, 2024 (Un-audited)	12,241,797	-	52,376,712	59,481,223	52,533,926	38,154,339	-	102,223,683	317,011,680	42,274	317,053,954
Total comprehensive income for the three months ended December 31, 2024
Profit after taxation for the three months ended December 31, 2024	-	-	-	-	-	-	-	26,043,145	26,043,145	6,071	26,049,216
Other comprehensive income - net of tax	-	-	-	322,731	(13,665,969)	313,782	1,146	4,197,565	(8,830,745)	1,565	(8,829,180)
Total comprehensive income for the three months ended December 31, 2024	-	-	-	322,731	(13,665,969)	313,782	1,146	30,240,710	17,212,400	7,636	17,220,036
Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(14,672)	-	14,672	-	-	-
Transfer of net gain on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	(13,128)	-	-	13,128	-	-	-
Transfer to statutory reserve	-	-	2,554,165	-	-	-	-	(2,554,165)	-	-	-
						Continued on next page

ANNEXURE B-3 (2 of 2)

CONSOLIDATED CONDENSED INTERIM STATEMENET OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Surplus / (Deficit) on revaluation			Unappropriated Profit	Sub total	Non-controlling interest	Total
	Share capital	Share Premium	Statutory Reserve	Capital Reserve - Exchange Translation	Investments	Property and Equipment	Non-banking Assets	Unappropriated Profit	Sub total	Non-controlling interest	Total
	---------------------------------------------------------------- (Rupees in '000) ----------------------------------------------------------------
Transactions with owners for the three months ended December 31, 2024, recorded directly in equity
Interim cash dividend - September 30, 2024 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
Balance as at January 01, 2025 (Audited)	12,241,797	-	54,930,877	59,803,954	38,854,829	38,453,449	1,146	116,472,051	320,758,103	49,910	320,808,013
Effect of remeasurement on adoption of IFRS 9 (net of tax)	-	-	-	-	1,355,745	-	-	-	1,355,745	-	1,355,745
Balance as at January 01, 2025 - as restated	12,241,797	-	54,930,877	59,803,954	40,210,574	38,453,449	1,146	116,472,051	322,133,848	49,910	322,163,758
Total comprehensive income for the nine months ended September 30, 2025
Profit after taxation for the nine months ended September 30, 2025	-	-	-	-	-	-	-	100,077,963	100,077,963	16,652	100,094,615
Other comprehensive income - net of tax	-	-	-	1,059,096	63,670,854	-	-	-	64,729,950	-	64,729,950
Total comprehensive income for the nine months ended September 30, 2025	-	-	-	1,059,096	63,670,854	-	-	100,077,963	164,807,913	16,652	164,824,565
Transfer of incremental depreciation from revaluation of property and equipment to unappropriated profit - net of tax	-	-	-	-	-	(52,082)	-	52,082	-	-	-
Transfer of net loss on disposal of FVOCI equity investments from surplus to unappropriated profit - net of tax	-	-	-	-	(2,627,840)	-	-	2,627,840	-	-	-
Transfer to statutory reserve	-	-	9,849,336	-	-	-	-	(9,849,336)	-	-	-
Shares issued under amalgamation	279,442	10,473,761	-	-	-	-	-	-	10,753,203	-	10,753,203
Transactions with owners, recorded directly in equity
Final cash dividend - December 31, 2024 declared subsequent to the year end at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,465,977)	(13,465,977)	-	(13,465,977)
Interim cash dividend - March 31, 2025 declared at Rs. 11.0 per share	-	-	-	-	-	-	-	(13,773,363)	(13,773,363)	-	(13,773,363)
Interim cash dividend - June 30, 2025 declared at Rs. 8.0 per share	-	-	-	-	-	-	-	(20,033,982)	(20,033,982)	-	(20,033,982)
	-	-	-	-	-	-	-	(47,273,322)	(47,273,322)	-	(47,273,322)
Balance as at September 30, 2025 (Un-audited)	12,521,239	10,473,761	64,780,213	60,863,050	101,253,588	38,401,367	1,146	162,107,278	450,401,642	66,562	450,468,204

ANNEXURE B-4 (1 of 2)

CONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	January - September 2025	January - September 2024
	----------------- (Rupees in '000) -----------------

CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation including discontinued operations	225,040,272	103,711,492
Less: Dividend income	1,651,515	1,135,079
Less: Share of profit of associates	766,500	672,233
	222,622,257	101,904,180
Adjustments:
Depreciation on property and equipment	6,602,878	4,097,614
Depreciation on Islamic financing against leased assets (ijarah)	102,050	58,652
Depreciation on right-of-use assets	3,074,120	1,820,179
Depreciation on non-banking assets acquired in satisfaction of claims	29,853	2,420
Amortisation	844,119	727,292
Workers' Welfare Fund - charge	4,411,327	2,246,109
Provision for retirement benefits	1,378,476	1,305,473
Provision for compensated absences	109,575	128,055
Credit loss allowance against loans and advances - net	(4,534,504)	(1,142,648)
Credit loss allowance against off - balance sheet obligations - net	198,026	46,676
Credit loss allowance for diminution in value of investments - net	65,525	(250,046)
Interest expense on lease liability against right-of-use assets	2,481,903	1,088,176
Loss / (gain) on sale of Ijarah assets - net	234	(533)
Gain on sale of property and equipments - net	(89,048)	(148,042)
Transfer of exchange translation reserve to profit and loss on derecognition of subsidiary	-	(8,706,711)
Bad debts written-off directly	58,036	36,211
Unrealised gain on revaluation of investments classified as FVTPL	(42,667)	(261,073)
Credit loss allowance against other assets	45,220	(11,149)
Other credit loss allowance / write-offs	183,670	161,798
	14,918,793	1,198,453
	237,541,050	103,102,633
(Increase) / decrease in operating assets
Lendings to financial institutions	(120,863,254)	37,356,267
Securities classified as FVTPL	(208,564,550)	3,202,339
Advances	345,360,053	(55,502,873)
Other assets (excluding advance taxation)	(215,587,050)	(34,917,450)
	(199,654,801)	(49,861,717)
Increase / (decrease) in operating liabilities
Bills payable	(11,566,664)	2,116,644
Borrowings	868,740,628	1,482,063,705
Deposits and other accounts	2,128,454,253	532,711,096
Other liabilities	18,115,688	38,459,758
	3,003,743,905	2,055,351,203
	3,041,630,154	2,108,592,119
(Payments) / receipts on account of staff retirement benefits	628,529	2,742,669
Income taxes paid	(83,919,249)	(43,778,709)
Net cash flow generated from operating activities	2,958,339,434	2,067,556,079

Continued on next page

ANNEXURE B-4 (2 of 2)

CONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	January - September 2025	January - September 2024
	----------------- (Rupees in '000) -----------------

CASH FLOW FROM INVESTING ACTIVITIES
Net investments in securities classified as FVOCI	(2,380,475,512)	(1,977,409,691)
Net investments in amortized cost securities	(213,820,407)	38,842,560
Net investments in associates	(1,752,858)	(1,454,863)
Net cash inflow on amalgamation	15,198,229	-
Dividend income received	1,668,480	1,102,004
Proceeds realised on sale of subsidiary	-	9,053,275
Investment in property and equipments and intangible assets	(94,637,486)	(18,154,200)
Sale proceeds from disposal of property and equipments	283,496	168,370
Sale proceeds from disposal of ijarah assets	27,645	27,645
Effect of translation of net investment in overseas branches	1,059,096	(1,924,494)
Net cash flow used in investing activities	(2,672,449,317)	(1,949,749,394)

CASH FLOW FROM FINANCING ACTIVITIES
Payment of lease liability against right-of-use assets	(4,992,057)	(2,755,882)
Payment of subordinated debt	(1,998,400)	-
Dividend paid	(47,023,178)	(40,399,075)
Net cash flow used in financing activities	(54,013,635)	(43,154,957)
Increase in cash and cash equivalents	231,876,482	74,651,728
Cash and cash equivalents at the beginning of the period	368,625,170	312,294,647
Effect of exchange rate changes on cash and cash equivalents	2,179,452	(1,508,516)
	370,804,622	310,786,131
Cash and cash equivalents of subsidiary at disposal date	-	1,796,950
Cash and cash equivalents at the end of the period	602,681,104	387,234,809

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