United Bank registers 39 percent decline in annual profit

KARACHI: United Bank Limited (UBL) has announced sharp decline of 39.53 percent in annual profit for the year ended December 31, 2018 due significant provisioning, write offs and pension liabilities.

According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank declared Rs15.22 billion as profit after tax for the year 2018 as compared with the Rs25.18 billion in preceding year.

The bank declared earning per share (basic and diluted) at Rs12.44 for the year as against Rs20.57 a year ago.

The net provisioning and write-offs of the banks sharply increased by 427 percent to Rs12.91 billion for the year ended December 31, 2018 as compared with Rs2.45 billion by the end of preceding year.

Similarly, the bank also incurred expenses in the shape of pension liability which was at Rs6.65 billion for the year.

Net mark-up / interest income was flat at Rs56.23 billion in 2018 as compared with Rs56.42 billion in the preceding year.

While, non mark-up/interest income increase to Rs25 billion as compared with Rs22.16 billion a year ago.

The bank announced a final cash dividend for the year ended December 31, 2018 at Rs3 per share i.e. 30 percent. This is in addition to interim dividends already paid at Rs8 per share i.e. 80 percent.

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