UBL declares 21% decline in half year net profit

UBL declares 21% decline in half year net profit

KARACHI: United Bank Limited (UBL), the leading bank of Pakistan, on Wednesday declared 21 per cent fall in it after tax profit for the hear year ended June 30, 2022.

According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX), the bank declared Rs11.86 billion profit after tax for the half year ended June 30, 2022 as compared with Rs15.00 billion in the same half of the last year.

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UBL announced Earnings Per Share (EPS) at Rs9.69 for the half year ended June 30, 2022 as compared with EPS Rs12.25 in the same half of the last year.

The board of directors of UBL in a meeting held on Wednesday August 3, 2022 in Islamabad recommended an interim cash dividend for the half year ended June 30, 2022 at Rs4 per share i.e. 40 per cent. This is addition to interim dividend already paid at Rs5 per share i.e. 50 per cent.

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Net mark-up income / interest income of the bank increased to Rs45.11 billion for the half year under review as compared with Rs35.09 billion in the same half of the last year.

The non mark-up income of the bank sharply increased to Rs14.70 billion during January – June 2022 as compared with Rs11.43 billion in the same period last year.

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Total income for the half year under review surged to Rs59.81 billion as against Rs46.52 billion.

Operating expenses of the bank increased to Rs24.09 billion for the half year ended June 30, 2022 as compared with Rs20.20 billion in the same period last year.

The bank paid tax to the tune of Rs22.37 billion for the half year ended June 30, 2022 as compared with Rs10.85 billion.

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