UBL profit jumps 46 percent to Rs14.22 billion

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KARACHI: United Bank Limited’s (UBL) profit increased 46 percent to Rs14.220 billion for the nine months period ended September 30, 2019, translating into earnings per share (EPS) of Rs11.62, a bourse filing said on Wednesday.

The bank also declared a dividend of Rs3 per share for the quarter taking total payout to Rs8 per share for 9MCY19.

On a year-on-year basis, the bank’s profit-before-tax after excluding pension liability from last year increased by 11 percent. The bank’s net interest income settled at Rs46.5bn during 9MCY19, rising 7pc YoY.

Net interest income (NII) of the bank settled at Rs46.5 billion during the nine month period in 2019, rising 7.0 percent YoY. A stellar domestic current accounts base helped protect the bank from NII deterioration during the quarter (+2 percent QoQ) despite the 100bps hike in July.

Net foreign investment (NFI) depicted a decline of 8.0 percent YoY during January-September owing to low capital gains (-84 percent YoY) and lower dividend income (-25 percent YoY), as per expectations. Income from foreign operations and derivatives showed a staggering jump of 25 percent YoY

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