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Pakistan's United Bank posts YOY decline in FY'17 profit on higher provisions

Pakistan's United Bank Ltd. posted a year-over-year decline in net profit for full-year 2017, as provisions jumped.

The bank said consolidated net profit attributable to equity shareholders for the year ended Dec. 31, 2017, dropped to 26.19 billion rupees, or 21.39 rupees per share, from 27.78 billion rupees, or 22.70 rupees per share, in the year-ago period.

Net interest income for the year slipped to 58.09 billion rupees from 58.82 billion rupees, while net provisions against loans and advances jumped to 1.88 billion rupees from 624.6 million rupees a year ago.

Net interest income after provisions decreased to 55.32 billion rupees from 57.22 billion rupees. The bank's fee, commission and brokerage income edged up to 14.83 billion rupees from 14.38 billion rupees at the end of 2016.

Meanwhile, the bank's board approved a plan to raise up to 10 billion rupees of capital through issue of Additional Tier 1 instruments via a private placement or through a public offer. The issuance is subject to necessary approvals. The issue size includes a green shoe option, the bank said.

As of Feb. 16, US$1 was equivalent to 110.56 Pakistani rupees.