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Karachi: United Bank Limited (UBL) has fulfilled its compliance requirements under Chapter 5B of the Pakistan Stock Exchange (PSX) regulations regarding the payment of profits on debt securities, despite no principal redemptions over the last year.
According to information available from the Pakistan Stock Exchange (PSX), UBL has been adhering to the regulatory mandates set forth by PSX Regulation 513.8.6(I), which demands the payment of markup, profit, interest, or rent, and the semi-annual redemption of the principal amount until the complete redemption of the debt security. The bank’s adherence to these regulations was detailed in a recent correspondence with the PSX, reference number PSX/Gen-1240, dated September 9, 2024.
The statement detailed that there had been no principal redemption during the periods ending July 2023, January 2024, and July 2024. However, the bank has made substantial profit payments during these periods. The profit payments made are as follows:
The 18th coupon payment on July 29, 2023, amounted to 588.38 million.
The 19th coupon payment on October 29, 2023, totaled 621.82 million.
The 20th coupon payment on January 29, 2024, was 591.32 million.
The 21st coupon payment on April 29, 2024, reached 554.23 million.
The 22nd coupon payment on July 29, 2024, was 579.41 million.
In total, UBL paid out 2.94 billion in profits over the noted periods, maintaining compliance with the PSX’s regulatory requirements despite the absence of principal redemptions.
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