United Bank’s profit after tax rises to Rs 10.95 billion

KARACHI: The profit after tax (unconsolidated) of United Bank Limited has increased to Rs 10.952 billion in the nine month period ended September 30, 2011 as compared to Rs 8.060 billion earned in the corresponding period in 2010.

The board of directors of the bank in its meeting held on Tuesday at Abu Dhabi, UAE declared that the earning per share has increased to Rs 8.95 in the period under review against Rs 6.58 in the same period last year.

According to the financial results sent to Karachi Stock Exchange, the bank’s mark-up/return/interest earning increased to Rs 52.532 billion in the nine-month period this year against Rs 43.237 billion in the same period last year while the mark-up/return/interest expenses increased to Rs 22.898 billion against Rs 18.025 billion in the same period last year.

The bank’s total non-mark-up/return/interest income increased to Rs 8.936 billion against Rs 7.293 billion while total non/mark-up/return/interest expenses increased to Rs 15.307 billion against Rs 13.330 billion.

The bank’s profit before taxation increased to Rs 16.751 billion in the nine-month period in 2011 against Rs 12.924 billion in the same period in 2010.

On quarterly basis, the bank’s profit after taxation increased to Rs 4.247 billion translating earning per share of Rs 3.47 in the quarter ended September 30, 2011 as compared to after tax profit of Rs 2.859 billion with earning per share of Rs 2.34 in the same quarter last year.

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