KARACHI: High provisioning and write-offs of Rs5.45 billion has resulted in decline of after tax profit declared by United Bank Limited (UBL)
UBL submitted its financial results to Pakistan Stock Exchange (PSX) on Monday and declared 4.11 percent decline in after tax profit to Rs4.66 billion for the quarter ended September 30, 2020 as compared with the profit of Rs4.86 billion in the corresponding quarter of the last year.
Major reason in decline of profit may be attributed to higher amount of provisioning and write-offs.
The provisioning and write-offs were at Rs5.45 billion for the quarter ended September 30, 2020 as compared with Rs1.99 billion in the corresponding quarter of the last year.
Net mark up / interest income of the bank increased to Rs19.09 billion for the quarter under review as compared with Rs15.42 billion in the same quarter of the last year.
Total income of the bank surged to Rs23.19 billion for the quarter ended September 30, 2020 as compared with Rs20.5 billion in the same period of the last year.
Expenses of the bank were flat at Rs10.09 billion as compared with Rs10.2 billion in the same period of the last year.
The bank paid tax to the tune of Rs2.97 billion for the quarter ended September 30, 2020 as compared with Rs3.44 billion in the same period of the last year.
