UBL profits rise 1.8 percent

United Bank Limited on Wednesday reported 1.8 percent increase in its third quarter net profits, amid a reversal against loans.In its consolidated condensed interim profit and loss statement issued to the Pakistan Stock Exchange, the UBL recorded net profits of Rs7.15 for the quarter ended September 30, up against Rs7.02 billion during the same period of the last year.

The company also announced interim cash dividend of Rs3/share, which is in addition to the already paid cash dividend of Rs6/share. Earnings per share (EPS) came in at Rs5.77 as compared to Rs5.58 last year. The net profit figures are higher than the market expectations.

The company said its total interest earned revenue remained almost flat at Rs24.54 billion as compared to Rs24.57 billion. However, interest expensed remained higher to Rs10.48 billion as compared to Rs10.20 billion.

Thus, the net interest income (NII) was recorded at Rs14.05 billion as against Rs14.36 billion. Total non-mark-up income of the bank remained at the lower side, as it was recorded at Rs4.58 billion as compared to Rs5.22 billion in the same quarter of the last year. For the nine-month period ended September 30, the bank recorded net profits of Rs21.75 billion as compared to Rs20.44 billion in the corresponding period of the last year.