Added to YB: 2026-07-28
Pitch date: 2026-07-25
UBLS.L [neutral]
United Bank Limited
Author Info
Saadiyat Capital has been an investment analyst for various hedge funds in the UK, USA, and Germany (currently in London). Sign up for the newsletter.
Company Info
United Bank Limited, togther with its subsidiaries, provides commercial banking and related services in Pakistan and the Middle East.
Market Cap
PKR 1.1T
Pitch Price
N/A
Price Target
N/A
Dividend
7.16%
EV/EBITDA
N/A
P/E
7.40
EV/Sales
N/A
Sector
Banks
Category
dividend
United Bank Limited - $UBLS.L
UBLS.L (overview): Pakistan's most profitable bank, #2 by deposits after doubling base to Rs6.1T. 2025 profit Rs128B (+59%), ~31% ROE. But earnings amplified by leveraged bond carry: 78% of assets in govt securities, borrowings>deposits, leverage ratio 3.04% vs 3.0% floor. April'26 rate hike cut equity Rs83B despite record profit. At 2.7x book (7.6x P/E), prices in franchise strength; ~7% div yield anchors returns. High-quality income play w/ cyclical rate risk, not undervalued growth.
Read full article (16 min)