KARACHI: Net income of United Bank Ltd for April-June amounted to Rs12.7 billion, up 379 per cent from a year ago, the commercial lender told investors on Wednesday.

However, earnings on a consolidated basis went down 11pc from the preceding three-month period. Arif Habib Ltd attributed the annual rise in earnings to a jump in the bank’s total income and reversals in provisioning.

The bank also announced a cash dividend of Rs11 per share, taking the total pay-out for the first half of 2023 to Rs22 per share. “This marks the highest-ever profit and cash pay-out of the bank in the first half,” the brokerage added.

Meanwhile, Pakistan Telecommunication Com­pany Ltd said on Wed­nesday its net loss on a consolidated basis rema­ined Rs2.8bn in April-June versus a net loss of Rs1.4bn a year ago.

On a half-yearly basis, the net loss was Rs8.5bn in the first six months of 2023 as opposed to Rs3bn a year ago.

The company didn’t announce any pay-out.

Published in Dawn, July 20th, 2023