UBL Q1 net profit up 11.5pc

KARACHI: United Bank Limited (UBL), one of the country's largest commercial banks, reported an 11.5 percent increase in its first-quarter net profit on Wednesday, driven by a surge in interest earned income.

In a statement to the Pakistan Stock Exchange, UBL reported a net profit of Rs16.138 billion for the quarter ending March 31, up from Rs14.470 billion during the same period the previous year.

The bank’s Board of Directors also announced an interim cash dividend of Rs11 per share, or 110 percent.“UBL hit a new profitability peak at Rs13.1/share, mainly propelled by higher gains on securities,” said Arif Habib Limited (AHL) in a note.

Earnings per share came in at Rs13.05, compared with Rs11.62 last year.The bank said its interest earned income for the quarter rose to Rs243.023 billion, compared with Rs92.568 billion during the same quarter a year earlier. Interest expensed income also remained higher at Rs214.922 billion from Rs57.620 billion a year ago.The bank paid Rs15.040 billion in taxes, higher than Rs10.637 billion paid last year.