Rs6. 41b ubl profit in 1H

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From International Desk - Special Reports

LAHORE - United Bank Limited (UBL) has announced its financial results for the period of 1HCY11 on Friday. The bank reported EPS of Rs5. 24, posting a PAT of Rs6. 41 billion in 1HCY11 as compared to Rs5. 13 billion in the corresponding period last year, depicting a massive growth of 25 percent. As far as a dividend expectation is concerned, it is with expectations as the company announced 15 percent cash dividend.

Net interest income of the bank grew by 17 percent to PKR19. 64 billion in 1HCY11 primarily on account of higher yield on earning assets.

As far as non interest income is concerned, the bank earned Rs6. 05 billion in 1HCY11 which constitutes 31 percent of net interest income, increased by 19 percent YoY. On the other hand, the bank provisioned Rs4. 93 billion in 1HCY11 as against 4. 12 billion in the same period last year, depicting a significant increase of 19 percent YoY. In 2Q alone, the bank reported a 5 percent QoQ jump, with profits of Rs3. 4 billion (EPS Rs2. 80). Along with the result, the bank announced a first interim cash dividend of Rs1. 5/share.

Courtesy: Nation

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