UBL posts half-year profit higher by 14pc

KARACHI: United Bank Limited (UBL), on Wednesday, reported a 14 per cent increase in its half-year net profit due to increased interest earned income.

In a statement to the Pakistan Stock Exchange, the bank reported a net profit of Rs31 billion for the six-month period that ended June 30, up from Rs27 billion during the same period the previous year.

The bank also announced an interim cash dividend of Rs11 a share, which is in addition to the interim dividend already paid at Rs11 per share.Earnings per share came in at Rs25.15, compared with Rs22.01 last year.

The bank said its interest earned income for the six months rose to Rs524.574 billion, compared with Rs195.820 billion during the same period a year earlier. Interest expense also remained higher at Rs467.298 billion from Rs123.485 billion a year ago.

For the quarter that ended June 30, the bank announced a net profit of Rs15 billion, up from Rs13 billion a year ago.EPS for the quarter was recorded at Rs12.10 against Rs10.39 during the same quarter last year.