United Bank declares 46pc growth in net profit during first quarter

United Bank declares 46pc growth in net profit during first quarter

KARACHI: United Bank Limited (UBL) on Thursday declared 46 percent growth in its net profit for the quarter ended March 31, 2021 due to significant decline in provisioning and write-offs.

The bank declared Rs7.4 billion profit after tax for the first quarter (January – March) of calendar year 2021 as compared with Rs5.06 billion in the corresponding period of the last year.

The bank also declared Rs6.05 as earnings per share (EPS) for the quarter ended March 31, 2021 as compared with Rs4.13 in the corresponding quarter of the last year.

According to the financial results submitted to the Pakistan Stock Exchange (PSX) the provisions/write-offs of the banks was at Rs354 million during the first quarter of 2021 as compared with Rs3.7 billion in the corresponding quarter of the last year.

Net Markup / Interest Income of the bank, however, fell to Rs16.85 billion for the quarter under review as compared with Rs17.34 billion in the corresponding quarter of the last year.

Non mark-up/interest income of the bank increased to Rs5.78 billion for the quarter ended March 31, 2021 as compared with Rs4.66 billion in the corresponding quarter of the last year.

The bank also made considerable income through gain on securities to Rs1.86 billion during the first quarter of 2021 as compared with Rs342 million in the same quarter of the last year.

Total income of the bank during the quarter increased nominally to Rs22.64 billion during first quarter of 2021 as compared with Rs22 billion in the corresponding period of the last year.

Operating expenses of the bank remained flat at Rs9.85 billion as compared with Rs9.47 billion. Total expenses of UBL rose to Rs10.12 billion during the first quarter of 2020 as compared with Rs9.87 billion in the corresponding quarter of the last year.

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