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UBL earns Rs27bn profit

UBL earns Rs27bn profit

KARACHI: United Bank Ltd’s post-tax profit rose 12.4 per cent year-on-year to Rs27 billion (earnings per share Rs21.36) for the year ended Dec 31, 2015.

The bank also announced a dividend of Rs4 per share for the fourth quarter of 2015, taking the total dividend for the year at Rs13 per share.

During 4QCY15, the bank managed to keep the cost of deposits in check with interest expense, witnessing a decline of 4pc on a quarter-to-quarter basis.

HUBCO: The company’s after-tax profit fell by 1.07pc to Rs5.57 billion (earnings per share Rs4.60) during July-December FY16 from Rs5.63bn (eps Rs4.67) a year ago. The board also declared an interim cash dividend of Rs4.50 per share. The results were in line with consensus market estimates.

The marginal decline in earnings could be attributed to a 47pc year-on-year decrease in furnace oil prices amid free-fall in global crude.

Finance cost decreased by 33pc year-on-year to Rs2.1bn, due to improved liquidity position; improvement in circular debt position and lower interest rate in the country.

Turnover fell to Rs50.3bn from Rs80.6bn and gross profit to Rs8.8bn from Rs9.2bn. For 2QFY16, HUBCO reported consolidated earnings of Rs2.8bn (eps Rs2.4), a decrease of 10.3pc year-on-year.

Courtesy : Dawn News



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