KARACHI: The United Bank Limited has announced 1.8 percent fall in its net profits during the first quarter of ongoing fiscal year amid an increase in the provision.
In its consolidated condensed interim profit and loss statement for the quarter ended March 31, 2016, issued to the Pakistan Stock Exchange, the company reported a net profit of Rs7.56 billion as compared to Rs7.70 billion during the same period last year.
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The company also announced interim cash dividend of Rs3 a share. Earnings per share (EPS) came in at Rs6.14 as compared to Rs6.17 last year. The net profit figures are higher than the market expectations.
The company said its total interest earned revenue remained higher to Rs24.26 billion as compared to Rs23.64 billion. However, interest expensed also remained higher to Rs10.18 billion as compared to Rs10.06 billion. Thus, net interest income (NII) was recorded at Rs14.07 billion as against Rs13.58 billion.
However, provisions and written off loans increased by 123 percent to Rs1.79 billion against Rs804.66 million, which reduced the profit margins. Total non-markup income of the bank also increased to Rs9 billion as compared to Rs6.86 billion in the same quarter last year.
