KARACHI: United Bank Limited (UBL) unveiled its 1QCY19 ended March 31, 2019 standalone net earnings at PKR 4.16 billion translating into earning per share (EPS) of PKR 3.40 versus profit of PKR 2.65 billion and EPS of PKR 2.16 recorded during the same quarter last year, exhibiting a significant rise of 57%YoY owing to low-base effect as UBL booked hefty one-off pension charge (PKR6.40bn) in 1QCY18.[the_ad id=”32940″]Earnings arrived above market expectation due to lower than estimated operating expenses.
With regards to payout, the bank declared an interim cash dividend of PKR 2.5/share for 1QCY19.
Interest income of the bank rose 12% YoY to PKR 31.40 billion whereas interest expense of the bank also increased 17% YoY, thereby resulting in 6% YoY expansion in net interest income (NII) during the quarter.
Non-core income of the bank declined 32% YoY owing to absence of significant capital gains during 1QCY19. However, operating expenses remained contained (+3%YoY) which eased pressure on bottom-line.