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Pakistan's United Bank Q3 profit up 42.2% YOY

Pakistan's United Bank Ltd. reported a 42.2% year-on-year rise in profit for the quarter ended Sept. 30, due partly to lower provisions and a higher gain on securities.

The bank said in a report released Oct. 16 that profit after tax attributable to equity holders went up to 5.05 billion rupees, from 3.55 billion rupees in the year-ago period. EPS rose to 4.13 rupees from 2.90 rupees.

The S&P Global Market Intelligence consensus normalized EPS estimate for the third quarter was 4.30 rupees.

Net interest income for the period grew to 15.87 billion rupees from 14.38 billion rupees, while fee and commission income increased to 3.95 billion rupees from 3.75 billion rupees. Operating expenses rose to 10.91 billion rupees from 10.47 billion rupees.

The bank booked net provisions and write-offs worth 2.03 billion rupees, down from 3.24 billion rupees a year earlier. Net gain on securities surged year on year to 462.4 million rupees from 59.1 million rupees.

It also declared an interim dividend of 3 rupees per share, up from 2 rupees in the prior-year period.

As of Oct. 16, US$1 was equivalent to 155.98 Pakistani rupees.