UBL’s profit after tax increases to Rs9.317bn

RECORDER REPORT

KARACHI: The profit after tax of United Bank Limited has increased to Rs9.317 billion in the half year period ended June 30, 2012 as compared to Rs6.704 billion earned in the corresponding period in 2011.

The bank’s earning per share surged to Rs7.61 in the period under review against Rs5.48 in the same period last year.

The Board of Directors of the bank in its meeting held on Wednesday in Paris, France, declared second interim cash dividend for the year 2012 at Rs2 per share i.e 20 percent.

According to the financial results sent to Karachi Stock Exchange on Wednesday, the bank’s mark-up/return/interest earnings increased to Rs36.258 billion in the first half of 2012 against Rs34.077 billion in the same period in 2011. The mark-up/return/interest expenses increased to Rs17.045 billion against Rs14.746 billion.

The bank’s total non-mark-up/interest income increased to Rs7.079 billion in this period against Rs5.898 billion in the same period last year while total non-mark-up/interest expenses increased to Rs11.782 billion against Rs10.058 billion.

The bank’s profit before taxation increased to Rs13.808 billion in the first half of 2012 against Rs10.229 billion in the same period in 2011.

On quarterly basis, the bank’s profit after tax has increased to Rs4.452 billion translating into earning per share of Rs3.64 in the quarter ended June 30, 2012 as compared to after tax profit of Rs3.431 billion with per share earning of Rs2.80 in the same quarter last year.