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United Bank Q3 profit drops YOY on surge in provisions

United Bank Ltd.'s net profit for the quarter ended Sept. 30 dropped year over year, as provisions against loans and advances surged.

The Pakistan-based bank said third-quarter net profit attributable to shareholders dropped to 3.55 billion rupees from 6.11 billion rupees in the year-ago period. EPS fell to 2.90 rupees from 4.99 rupees.

Net provisions against loans and advances increased to 2.44 billion rupees from 500 million rupees in the year-ago period.

Net interest income after provisions fell to 11.27 billion rupees from 13.93 billion rupees. Meanwhile, noninterest income dropped to 16.87 billion rupees from 18.64 billion rupees.

For the nine-month period, net profit attributable to the bank's shareholders fell to 9.75 billion rupees from 19.35 billion rupees.

The bank declared an interim dividend of 2 rupees per share, down from 3 rupees per share in the prior-year quarter.

As of Oct. 17, US$1 was equivalent to 133.58 Pakistani rupees.