KARACHI: United Bank Ltd recorded a consolidated profit of Rs2.8 billion in April-June, down 62 per cent from a year ago, a stock filing showed on Wednesday.
The effective tax rate clocked in at 85pc, which was higher than the projection of 75pc, according to Alfalah CLSA Securities.
“On a profit-before-tax level, United Bank’s earnings surpassed our expectations primarily due to higher foreign exchange income (Rs3.4bn),” it said.
The bank also announced a higher-than-expected dividend of Rs4 per share, taking the half-yearly dividend to Rs9 apiece.
Net interest income jumped 10pc from the preceding quarter while provisioning expenses remained “slightly higher than expected” at Rs1bn, it added.
Published in Dawn, August 4th, 2022
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