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Pakistan's United Bank posts 50.6% YOY increase in Q2 profit, cuts dividend

Pakistan's United Bank Ltd. reported a 50.6% year-over-year increase in profit for the quarter ended June 30.

The lender said in an Aug. 7 report that second-quarter consolidated profit attributable to shareholders jumped to 5.13 billion rupees from 3.41 billion rupees in the year-ago period. EPS rose to 4.19 rupees from 2.78 rupees.

Net interest income grew to 15.62 billion rupees from 14.76 billion rupees, while fee and commission income slipped to 3.97 billion rupees from 4.25 billion rupees. Total income for the quarter rose to 23.26 billion rupees from 21.92 billion rupees.

The bank also booked foreign exchange income of 1.33 billion rupees for the quarter, up from 950.7 million rupees a year earlier. Net provisions and write-offs nudged down to 2.79 billion rupees from 2.81 billion rupees.

As of June 30, United Bank's total capital adequacy ratio stood at 17.26%, up from 16.98% as of Dec. 31, 2018. Its Tier 1 and common equity Tier 1 ratio for the period came to 13.49% and 12.46%, respectively, up from 12.80% and 11.94% at end-2018.

The lender's board also declared an interim cash dividend of 2.5 rupees per share, down from 3 rupees per share in the prior-year period.

As of Aug. 7, US$1 was equivalent to 158.75 Pakistani rupees.