UBL posts 48 percent increase in after tax profit

KARACHI: United Bank Limited (UBL) has announced 48 percent increase in after tax profit to Rs14.4 billion in nine-month period ended September 30, 2019.

The net profit of the bank was Rs9.73 billion for the period January – September 2018, according to announcement on Wednesday.

UBL also announced Rs11.77 earning per shares (EPS) for the period as compared with Rs7.95 EPS in the same period of the last year.

Net mark-up / interest income of the bank registered increase to Rs45.34 billion during first three quarters of financial year 2019 as compared with Rs41.88 billion in the corresponding quarters of the last year.

Total mark-up/interest expenses of the bank increased to Rs29.24 billion as against previous year’s Rs28.155 billion.

UBL allowed provisioning and write-offs to the tune of Rs6.82 billion during the period under review as compared with Rs7.44 billion in the same period of the last year.

Profit before taxation of the bank was Rs26.3 billion during January – September 2019 as against Rs16.49 billion.

The bank discharged tax liability to the tune of Rs11.9 billion for nine-month period ended September 2019 as compared with Rs6.76 billion paid in the corresponding period of the last year.

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