Karachi, August 03, 2022 (PPI-OT): Commercial Banks – United Bank Limited

Earnings: United Bank Limited (UBL) announced its financial result for the second quarter of the year 2022. As per the financial result, the bank reported earnings of PKR 2.3bn (PKR 1.9/share) that sharply fell when compared to last year of PKR 7.6bn (PKR 6.2/share), a decrease of 69%y.

Dividends/Payouts: The bank announced an interim cash dividend of PKR 4/share this quarter compared to last year of PKR 4/share, no change compared to last year.

Operating performance: During the period under review, the bank reported net-interest income of PKR 23.6bn (up by 30%y) and non-interest income of PKR 7.9bn (up by 40%y). As a result, total revenue of the bank stood at PKR 31.6bn (up by 32%y). Moreover, the bank recorded operating expenses of PKR 12.7bn (up by 20%y) that improved bank’s cost/income ratio to 40.4% (last year: 44.5%). The bank booked a provision charge of PKR 0.4bn.