UBL Dividend History: Yearly and Quarterly Payouts Explained

United Bank Limited (UBL) paid a cash dividend in every year from 2015 to 2025, normally four times a year. For 2025 it paid Rs 29.50 per current share, or 590% of face value, and for 2026 it has declared three interims of Rs 8.00 each so far. Comparing years takes care, because in June 2025 each Rs 10 share became two Rs 5 shares. This guide sets out the UBL dividend history from the bank's own filings, on a like-for-like basis, and explains how each dividend is announced and paid.

Key takeaways

• On today's Rs 5 shares, UBL's yearly dividend was Rs 6.50 in 2015, Rs 11.00 in 2022, Rs 22.00 in both 2023 and 2024, and Rs 29.50 in 2025. The three 2026 interims declared to 14 November 2026 add up to Rs 24.00.
• On 20 June 2025 each Rs 10 share was subdivided into two Rs 5 shares. Rupee amounts declared before that date need halving to compare with later ones.
• A dividend quoted in percent is the rupee amount divided by the face value, which is now Rs 5: the latest Rs 8.00 interim is 160%. The percentage is unaffected by the subdivision, and it is not a yield.
• UBL paid out 57.5% of 2025 earnings per share (EPS) of Rs 51.33, and 101.3% of EPS in 2023.
• Net profit rose 59% in 2025 to Rs 128.0 billion, and deposits nearly doubled to Rs 5.17 trillion in a year that included the merger with Silkbank. Profit rose another 17% in the first nine months of 2026, although third-quarter profit fell as costs climbed.

What UBL does and how it makes money

UBL is one of Pakistan's largest commercial banks. It takes deposits and lends to companies, small businesses and individuals, offers cards, trade finance and Islamic banking, and has overseas branches. At the end of 2025 it had 2,017 branches, 2,009 of them in Pakistan, and its directors put its share of Pakistan's home remittances business at 20%. The bank is controlled by the UK-based Bestway Group, which held 64.00% of the shares at 31 December 2025; the PSX lists the free float at 35%. UBL is classified as a domestic systemically important bank.

Most of a bank's income is net mark-up (interest) income: what it earns on loans and securities minus what it pays on deposits and borrowings. In 2025 that was Rs 361.6 billion, or 86% of UBL's gross income of Rs 419.6 billion, with fees, foreign exchange and capital gains making up the rest. UBL's balance sheet leans heavily on securities rather than loans: at the end of 2025 gross investments were Rs 9.95 trillion against gross advances of Rs 1.49 trillion. The directors put the 2025 jump in net mark-up income down to a 71% rise in current accounts and a strong portfolio of treasury bills and long-term bonds. Our financials sector guide explains how bank earnings work.

The bank reports by segment. In 2025 its treasury segment earned Rs 181.7 billion of the Rs 288.3 billion pre-tax profit, international branches Rs 35.1 billion, branch banking Rs 33.8 billion, corporate and commercial banking Rs 22.8 billion and Islamic banking Rs 17.4 billion. These figures depend on the internal rates UBL uses to charge funds between segments, so they show broad weight rather than exact earning power.

UBL also grew by acquisition. Silkbank was merged into UBL with effect from 11 March 2025, and UBL issued 27,944,188 new Rs 10 shares to Silkbank's shareholders, one for every 325 Silkbank shares.

Rs 10 shares, Rs 5 shares and what it means for dividends

On 16 April 2025 UBL's board proposed subdividing each Rs 10 share into two Rs 5 shares; shareholders approved it at an extraordinary general meeting on 15 May 2025, and it took effect on 20 June 2025. The share count doubled from 1,252,123,875 to 2,504,247,750, with no change to the rights attached to the shares and no money changing hands. Our guide to how share subdivisions work covers the general mechanics.

For dividends this creates a trap. The first 2025 interim, Rs 11.00, was paid on Rs 10 shares; the later ones, Rs 8.00 each, on Rs 5 shares. UBL's own documents add the four payments in two different ways. The note on events after the year in its 2025 annual report gives a total of Rs 35 per share, a simple sum that mixes the two share sizes. Its six-year summary and directors' report give Rs 29.50 per share, with earlier years halved to match. This article uses the restated figures throughout.

Worked example: one share held through 2025

An investor who held one Rs 10 share at the start of 2025 received Rs 11.00 for the March quarter. From 20 June 2025 that holding was two Rs 5 shares, each paid Rs 8.00 for the June quarter, the September quarter and the final: Rs 16.00 a time for the holding. The total was Rs 59.00 for the original share, which equals Rs 29.50 for each current share. In percentage terms it is 110% + 160% + 160% + 160% = 590% either way.

UBL dividend history by year

The table shows the total cash dividend for each financial year, which for UBL runs from January to December: three interims declared during the year plus the final declared the following February. Figures for 2015 to 2019 come from the six-year summary in UBL's 2020 annual report and later years from the 2025 report. Share capital was unchanged from 2015 to 2024, with no bonus or rights issues, so the only per-share adjustment needed is for the 2025 subdivision; the Silkbank shares were issued in exchange for a business, not as a free issue.

From 2015 to 2020 the yearly dividend stayed between Rs 5.50 and Rs 6.50 per current share. It rose to Rs 9.00 in 2021 and Rs 11.00 in 2022, doubled to Rs 22.00 in 2023 and rose again in 2025 as profit grew much faster. The low point in this run, 2020, had a specific cause. On 22 April 2020 the State Bank of Pakistan (SBP), the banking regulator, told banks that had already approved a March-quarter dividend to suspend dividends for the June and September quarters, because of uncertainty from the COVID-19 pandemic. UBL paid Rs 2.50 for the March quarter of 2020, nothing for the next two quarters, and a final of Rs 9.50.

Every UBL dividend since 2023, quarter by quarter

UBL normally declares an interim with its March, June and September quarter results and a final with its annual results. The table shows the amounts as declared, with the percentage of face value in brackets.

The pattern is unusually steady: nine payments in a row of Rs 11.00 on the old shares, from the first quarter of 2023 to the first quarter of 2025, then six in a row of Rs 8.00 on the new ones. In percentage terms the quarterly payout rose from 110% to 160% of face value after the subdivision, which per current share is a move from Rs 5.50 to Rs 8.00.

Recent announcements with dates

For finals, UBL's notices give the last day on which transfers received by its registrar count, rather than naming a record date; finals are approved at the annual general meeting (AGM), held on 19 March 2025 and 26 March 2026.

How to read a UBL dividend announcement

UBL announces each dividend in a "Financial Results" letter to the Pakistan Stock Exchange (PSX), copied to the London Stock Exchange, on the day its board approves the accounts. On 16 October 2026, for example, the board declared an interim cash dividend for the third quarter at Rs 8 per share, "i.e. 160%", in addition to Rs 16 (320%) already paid that year.

The percentage is of the face value, or par value, now Rs 5. So 160% is Rs 8.00. Because the shares trade far above Rs 5, the percentage says nothing about the return on the price you pay; for that you need the dividend yield, explained in our guide to dividend yield.

The same letter sets the dates that decide who is paid. For the October 2026 interim, shareholders on the register, with their bank account details, on 22 October 2026 were entitled, and the share transfer books were closed on 23 October. Because trades take time to settle, a buyer has to purchase before the stock goes ex-dividend to be on the register in time; the PSX quote page shows an "XD" tag while a stock trades ex-dividend. Our explainer on ex-dividend and record dates covers the mechanics.

Worked example: 1,000 shares and withholding tax

UBL's notice of its 67th AGM, dated 5 March 2026, set withholding tax on dividends at 15% for filers on the Federal Board of Revenue's active taxpayers list (ATL) and 30% for non-filers. For 1,000 shares on the register on 22 October 2026:

• Gross dividend: 1,000 x Rs 8.00 = Rs 8,000.
• On the ATL: Rs 1,200 withheld, Rs 6,800 credited.
• Not on the ATL: Rs 2,400 withheld, Rs 5,600 credited.

Cash dividends from listed companies are paid only into the shareholder's designated bank account, and UBL's AGM notice says it will hold the payment where the required details are missing.

The results behind the dividend

All figures are on UBL's standalone (unconsolidated) accounts, the basis on which it reports EPS and pays dividends. EPS is restated per current Rs 5 share.

Profit before tax rose 92% in 2025. Besides the jump in net mark-up income, fee and commission income grew 48% to Rs 28.0 billion, and UBL recorded a net reversal of Rs 4.7 billion of credit provisions against a charge of Rs 12.8 billion in 2024. Operating expenses rose 37% to Rs 130.2 billion, led by a 32% rise in staff costs. Tax took a large share: UBL's tax reconciliation shows income tax at 43% plus a 10% super tax, and the 2025 charge of Rs 160.3 billion was about 56% of pre-tax profit.

The fourth quarter of 2025 is the full year minus the first nine months. For the nine months to 30 September 2026, profit before tax rose 8% to Rs 240.5 billion and profit after tax to Rs 115.2 billion, or EPS of Rs 46.00 against Rs 39.55 a year earlier. Capital gains of Rs 47.9 billion helped. Operating expenses, though, rose 53% to Rs 136.1 billion, led by a 49% increase in staff costs, and in the third quarter alone profit after tax was 13% lower than a year earlier.

Payout ratio and dividend policy

The payout ratio is the share of earnings paid out as dividends; our payout ratio guide explains how to read it. UBL's has been high: between 57% and 88% in every year from 2015 to 2025 except 2023, when the Rs 22.00 per current share slightly exceeded EPS of Rs 21.72. As profit climbed in 2024 and 2025 the ratio fell to 66.9% and then 57.5%, because the dividend rose more slowly than earnings.

For the first nine months of 2026, the three interims of Rs 8.00 equal 52% of EPS of Rs 46.00. In the third quarter alone, the Rs 8.00 interim was 66% of EPS of Rs 12.07.

We did not find a stated target payout ratio in UBL's 2025 annual report. For a bank, the dividend also depends on capital: the SBP sets minimum capital adequacy ratios (CAR), the share of risk-weighted assets that must be covered by capital. UBL's consolidated CAR was 20.97% at the end of 2025, when the minimum was 13.0%, and 18.71% at 30 September 2026 against a minimum of 14.0%.

Capital, deposits and cash in plain words

Banks are funded mostly by other people's money, so "debt" means something different from an industrial company. UBL's deposits more than doubled in 2025, from Rs 2.64 trillion to Rs 5.17 trillion, and reached Rs 6.50 trillion at 30 September 2026. Total assets were Rs 12.92 trillion at that date, against equity of Rs 521.0 billion. Its book value per share at the end of 2025 was Rs 199.15 including revaluation surpluses and Rs 130.06 without them; our guide to the price-to-book ratio explains why that matters for banks.

Asset quality improved. Non-performing loans were Rs 112.0 billion at the end of 2025 against Rs 116.0 billion a year earlier, or 7.5% of gross advances, down from 14.7% at the end of 2023.

The dividend is paid in cash from retained profit. In 2025 UBL paid Rs 67.1 billion of dividends against profit after tax of Rs 128.0 billion, and in the first nine months of 2026 it paid Rs 60.0 billion. In 2026 the board also approved new calls on capital: up to Rs 22 billion of further equity in Khushhali Microfinance Bank, an associate with negative equity of Rs 16.15 billion at the end of 2025, which shareholders approved on 24 August 2026; a majority-owned agricultural advisory company with Rs 8 billion of investment; and Rs 10 billion over three to five years towards a not-for-profit university. Each is subject to regulatory approvals.

When UBL announces dividends

UBL's board meets in April, July and October for the quarterly results, and in late February for the full year: the full-year meetings were held on 21 February 2024, 19 February 2025 and 25 February 2026. The AGM that approves the final follows in March.

As of 14 November 2026 UBL had not announced the date of the board meeting for its 2026 annual results, at which any final dividend for 2026 would be declared. It usually notifies the PSX one to two weeks ahead, as it did on 7 October 2026 for the meeting of 16 October. The dividends section of the UBL stock page showed no next ex-dividend date on 14 November 2026.

How StocksXray scores UBL

UBL closed at Rs 433.72 on 13 November 2026. The current price is on the UBL stock page and the long-run history on the interactive UBL chart, which is adjusted for the 2025 subdivision.

On that date our Market X-Ray scored UBL 67 out of 100, ranking it 102nd of 568 PSX stocks with high confidence. For Pakistan the X-Ray is price-based: it describes how the stock has traded, not how healthy the bank is. The parts scored trend 62, momentum 60, stability 59, liquidity 96 and income 72. How the X-Ray Score works explains each part, and the UBL research report shows the numbers behind them.

The stock page also shows a rough fair-value estimate built from PSX income-statement data only. On 14 November 2026 it was Rs 415.61, the average of three models ranging from Rs 410.83 to Rs 421.01, labelled "Fair" with high model uncertainty. It is a model output, not a view on where the shares are heading.

Turning the history into a yield

A yield divides a year of dividends by the share price. The four UBL dividends with record dates in the 12 months to 13 November 2026 were four payments of Rs 8.00, a total of Rs 32.00. Against the Rs 433.72 close that is a trailing yield of 7.4%; the 2025 total of Rs 29.50 gives 6.8%. Both look backward and change with every price move and declaration. Overseas readers can convert rupee amounts with our USD to PKR converter, and the KSE-100 index page, Pakistan economy page and Pakistan market page give the market context.

Risks UBL itself lists

UBL's 2025 directors' report and its quarterly reports describe these main risks:

• Credit risk. Borrowers in its corporate, SME, financial institution, consumer and international portfolios may not repay; non-performing loans were Rs 112.0 billion at the end of 2025.
• Market and treasury risk. Changes in interest rates, exchange rates and securities prices affect the value of its large investment book and its income. The directors noted that the SBP's policy rate was 10.5% in February 2026, down from 12% in January 2025.
• Liquidity risk. The bank must be able to meet withdrawals and payments at all times; it runs a contingency funding plan for stress.
• Capital requirements. As a domestic systemically important bank it must hold extra capital, and the gap between its CAR and the minimum narrowed in 2026.
• Operational and cyber risk. Failed systems or processes, fraud such as phishing and social engineering, and cyberattacks can cause losses as more banking moves to digital channels.
• Environmental, social and climate risks. UBL lists these as risks that can feed into its credit, market, liquidity and operational risks.

Common mistakes when reading UBL dividend data

• Adding 2025's dividends to Rs 35. That mixes Rs 10 and Rs 5 shares; the like-for-like figure is Rs 29.50 per current share.
• Comparing old and new rupee amounts directly. Rs 11.00 in 2024 equals Rs 5.50 on today's shares, so Rs 8.00 is a rise, not a cut.
• Using the wrong face value. Since June 2025 the face value is Rs 5, so 160% means Rs 8.00, not Rs 16.00.
• Treating the percentage as a yield. 160% of face value is about 1.8% of a share price above Rs 400.
• Forgetting withholding tax. The amount credited is 15% or 30% lower than the gross figure.

Frequently asked questions

What is UBL's dividend history? On today's Rs 5 shares, UBL paid Rs 6.50 a year from 2015 to 2017, Rs 5.50 in 2018, Rs 6.00 in 2019 and 2020, Rs 9.00 in 2021, Rs 11.00 in 2022, Rs 22.00 in 2023 and 2024, and Rs 29.50 in 2025. Before June 2025 the declared amounts were twice these figures because each share then had a Rs 10 face value. UBL's financial year runs from January to December.

How much dividend did UBL pay for 2025? UBL paid Rs 11.00 for the first quarter on its old Rs 10 shares, then Rs 8.00 each for the second quarter, third quarter and final on its new Rs 5 shares. That is Rs 29.50 per current share, or 590% of face value, and 57.5% of 2025 EPS of Rs 51.33. The final was declared on 25 February 2026 and approved at the AGM on 26 March 2026.

What is the latest UBL dividend? On 16 October 2026 UBL's board declared an interim cash dividend of Rs 8.00 per share (160%) for the quarter ended 30 September 2026. Shareholders on the register on 22 October 2026 were entitled, and the share transfer books were closed on 23 October 2026. It brought the 2026 interims to Rs 24.00 per share.

Why did UBL's dividend per share fall from Rs 11 to Rs 8 in 2025? It did not fall. On 20 June 2025 each Rs 10 share became two Rs 5 shares, so the earlier Rs 11.00 equals Rs 5.50 per current share. The Rs 8.00 paid since then is 160% of the Rs 5 face value, against 110% before.

When does UBL pay dividends? UBL declares interims with its March, June and September quarter results, usually in April, July and October, and a final with its annual results in late February, approved at the AGM in March. As of 14 November 2026 the date of the board meeting for the 2026 annual results had not been announced.

How is the UBL dividend percentage calculated? It is the dividend in rupees divided by the face value of one share, which has been Rs 5 since June 2025. Rs 8.00 is therefore 160%. It does not tell you the dividend yield, which compares the dividend with the market price.

How much tax is deducted from UBL dividends? According to UBL's notice of its 67th AGM, dated 5 March 2026, tax is withheld at 15% for filers on the active taxpayers list and 30% for non-filers. The rates come from section 150 of the Income Tax Ordinance 2001 and can change.

Sources and data notes

• UBL Annual Report 2025 (six-year summary, directors' report, share capital note on the subdivision, segment information, taxation, notice of 67th AGM): https://financials.psx.com.pk/lib/DownloadPDF.php?id=271999
• UBL Annual Report 2020 (six-year summary 2015 to 2020; 2019 and 2020 dividends): https://financials.psx.com.pk/lib/DownloadPDF.php?id=163217
• UBL results notices to PSX, 22 July 2026 and 16 October 2026, and nine-month report 2026: https://dps.psx.com.pk/download/document/280213.pdf, https://dps.psx.com.pk/download/document/285852.pdf and https://dps.psx.com.pk/download/document/287948.pdf
• UBL results and corporate announcements 2023 to 2026, including the Silkbank merger and the subdivision, as filed with the London Stock Exchange: https://www.investegate.co.uk/company/UBLS
• UBL EOGM notice and resolutions, July and August 2026: https://dps.psx.com.pk/download/document/280637.pdf and https://dps.psx.com.pk/download/document/281642.pdf
• State Bank of Pakistan press release on suspension of bank dividends, 22 April 2020: https://www.sbp.org.pk/assets/documents/press-release/Pr1-22-Apr-20.pdf
• PSX company page for UBL: https://dps.psx.com.pk/company/UBL
• Per-share figures are on UBL's standalone accounts and, unless stated, per current Rs 5 share. Prices and X-Ray scores are dated and will change; this article does not cover dividends declared after 14 November 2026.

Educational information, not financial advice.