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United Bank posts slight drop in Q1 net profit

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United Bank posts slight drop in Q1 net profit

United Bank Ltd.reported a 0.6% year-over-year drop in net profit for the first quarter ended March31.

The bank said April 26 that its net profit attributable to shareholdersfell to 7.51 billion rupees, or 6.14 rupees per share, from 7.56 billion rupees,or 6.17 rupees per share, in the first quarter of 2015.

Net interest income for the quarter rose to 14.08 billion rupeesfrom 13.58 billion rupees in the prior-year period. Net interest income after provisionscame in at 12.28 billion rupees, down from 12.78 billion rupees in the prior-yearperiod.

The bank's fee, commission and brokerage income clocked in at3.65 billion rupees, compared to 3.37 billion rupees.

The bank's net provision against loans and advances increasedto 1.63 billion rupees from 745.6 million rupees in the prior-year period.

The bank said its Tier 1 capital ratio stood at 10.4% and itsoverall capital adequacy clocked in at 14.6% as of March 31, compared to 10.4% and14.6%, respectively, as of Dec. 31, 2015.

As of April 26, US$1 wasequivalent to 104.79 Pakistani rupees.