KARACHI: The United Bank Ltd (UBL) posted consolidated earnings of Rs6.82 billion for July-September, up by 46.5 per cent from a year ago.

A filing on the Pakistan Stock Exchange (PSX) said the bank also announced a cash dividend of Rs4 per share, which is in addition to the interim cash dividend of Rs8 per share.

According to a research note by Topline Securities, the result was in line with market expectations. “Provision reversal continued to support the bottom line of the bank as it clocked in at Rs708 million in the third quarter versus a provision charge of Rs5.5bn in the same period of 2020,” it said.

The bank’s earnings in the first nine months of 2021 amounted to Rs21.86bn, up by 42.1pc from a year ago.

In the nine-month period, the provision reversal stood at Rs866m against a provisioning charge of Rs15bn last year. “This shows declining non-performing loans pressures on both domestic and international fronts,” it added.

Net interest income of the bank in the third quarter went down 1pc year-on-year largely in line with the estimates. Non-interest income was up 29pc year-on-year to Rs5.8bn led by higher fee and commission income, dividend income and foreign exchange income.

The UBL’s share price went up on Wednesday by 2.58pc to Rs133.37 apiece.

Published in Dawn, October 21st, 2021

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