United Bank posts 24.5% profit growth

United Bank Limited (UBL) has announced 24.5% increase in net profit for the quarter ended September 30, 2024 primarily due to higher than estimated net interest income.

The bank announced a net profit of PKR 18.32 billion ($65.4 million) translating into EPS of PKR 15.3 compared with the profit of PKR 15.04 billion and EPS of PKR 12.04.

Bank’s interest earnings clocked in at PKR 51.6 billion, up 30.3% from 39.6 billion last year.

UBL also announced a cash dividend of PKR 11/share for the quarter along with the result taking total payout for nine months to PKR 33/share.

For the nine month ended September 30, 2024, the bank posted a net profit of PKR 48.78 billion (EPS:39.85) compared with the profit of PKR 42.567 billion in the same period last year.