United Bank Limited (UBL) reported standalone profit after tax of Rs 48.98 billion for the three months ended March 31, 2026, up from Rs 35.60 billion a year earlier. At the same time, operating expenses rose 54% year on year to Rs 37.97 billion, while standalone equity fell by about Rs 82.56 billion from December 31, 2025. The equity decline reflects a large investment-revaluation loss recorded in other comprehensive income—not a decline in reported quarterly profit.
What UBL reported for Q1 2026
UBL’s interim financial statements are standalone (unconsolidated) and unaudited. For the quarter ended March 31, the bank reported profit after tax of Rs 48,977,858 thousand, or about Rs 48.98 billion. Its directors’ report rounds this to Rs 49.0 billion. In Q1 2025, standalone profit after tax was Rs 35,595,618 thousand, or Rs 35.60 billion.
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Standalone earnings per share increased to Rs 19.56 from Rs 14.46 in the comparative quarter. UBL also reported consolidated profit after tax of Rs 48.4 billion and consolidated EPS of Rs 19.33; those figures use a different reporting basis and should not be mixed with the standalone figures.
Why profit rose while expenses also increased
UBL reported gross revenue of Rs 141.6 billion, up 42% year on year. It comprised Rs 99.4 billion in net mark-up income and Rs 42.2 billion in non-mark-up income. Operating expenses rose faster, increasing 54% to Rs 37,969,998 thousand, or about Rs 37.97 billion, from Rs 24,619,103 thousand in Q1 2025.
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UBL’s directors’ report states: “Operating expenses increased by 54% year-on-year, standing at Rs. 38.0 billion in Q1’26.” It identifies staff, property and IT costs among the drivers.
| Expense category | Q1 2026 amount | Year-on-year change |
|---|---|---|
| Staff costs | Rs 13.7 billion | Up 41% |
| Property expenses | Rs 5.1 billion | Up 50% |
| IT expenses | Rs 3.2 billion | Up 31% |
These figures show expense growth outpaced gross-revenue growth, but that comparison alone is not a cost-to-income ratio. A ratio requires a defined denominator and a consistent calculation from the statements.
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Credit-loss allowances provided less positive support than in the year-earlier quarter. UBL recorded a net reversal of Rs 0.455 billion in Q1 2026, compared with a reversal of Rs 1.609 billion in Q1 2025. Because a reversal is not an expense, the smaller reversal means it contributed less positively to the comparison.
Why standalone equity fell despite quarterly profit
Standalone equity was Rs 498,731,566 thousand at December 31, 2025, and Rs 416,175,372 thousand at March 31, 2026—a decrease of about Rs 82.56 billion. Equity is a balance-sheet amount measured at a date; profit after tax is an income flow over the quarter. They can move in different directions.
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Rank #3
The key difference is total comprehensive income. Although UBL earned standalone profit after tax of Rs 48.98 billion, it recorded a total comprehensive loss of Rs 62.84 billion for Q1 2026. The statement of changes in equity starts from approximately Rs 499.05 billion after a Rs 316 million transition adjustment, then reflects quarterly profit and an other comprehensive loss of Rs 111.82 billion. The latter included a Rs 113.35 billion, net-of-tax loss on revaluation of debt investments measured at fair value through other comprehensive income (FVOCI), partly offset by other items.
A Rs 20.03 billion final dividend for 2025 was also recorded as an owner transaction after year-end. Taken together, these reported movements reconcile to March 31 standalone equity of Rs 416.18 billion. The revaluation loss affected equity through other comprehensive income; it did not erase the quarter’s reported net profit, and the reported accounting movement by itself does not establish a cash loss.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Dividend and reporting period
UBL announced an interim dividend of Rs 8 per share for Q1 2026. The quarter covered January 1 through March 31, 2026, and the results were issued on April 15. They are not UBL’s latest 2026 results: the Pakistan Stock Exchange records Q2 results announced July 22, 2026, and UBL’s investor-relations index lists its June half-year 2026 report.
Sources: UBL Q1 2026 quarterly report; Pakistan Stock Exchange UBL profile; UBL investor-relations report index; Pakistan Stock Exchange financial-results announcement.
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