UBL announces 52 percent increase in net profit in first half

KARACHI: United Bank Limited (UBL) has recorded 52 percent growth in its net profit for first half ended June 30, 2019.

According to financial results for the period January – June 2019 shared with Pakistan Stock Exchange (PSX), the bank announced Rs9.54 billion profit after tax for the first half ended June 30, 2019 as compared with Rs6.27 billion in the same half of the last year.

The bank announced earnings per share at Rs7.8 as compared with Rs5.12.

The profit before tax of the bank also grew to Rs18 billion during the period under review as compared with Rs10.6 billion in the same period of the last year.

Total income of the bank for the period was stood at Rs42 billion for the first half ended June 30, 2019. Net mark-up income / interest income of the bank was recorded at Rs29.9 billion. Non-mark-up income of the bank was recorded at Rs12.14 billion.

The expenses of the bank were recorded at Rs19.568 billion as compared with Rs18.8 billion. The provision for write-offs was at Rs4.49 billion.

The rise in profitability was mainly no provision for pension liability this year as the bank paid Rs8.4 billion in the first half of the last year.

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