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Sunday, June 2, 2024

UBL profit strikes at 52%

United Bank Limited (UBL) announced a 4.5% increase in its full-year net profit on higher interest revenue and foreign exchange income, which jumped by over 100 %.

In a statement to Pakistan Stock Exchange (PSX), the bank reported a net profit of Rs32.060 billion for October- December 2022, up from Rs30.692 billion recorded last year.

The foreign exchange income of the bank jumped by 107% to Rs8.5 billion, against Rs4.1 billion in the previous year. The bank said its annual interest-earned income rose to Rs257.829 billion, against Rs152.761 billion last year showing an increase of 69% year-on-year.

Moreover, the interest expenses also remained higher at Rs150.086 billion from Rs78.025 billion a year ago.

The bank also anno­unced a cash dividend of Rs9 per share, taking the full-year dividend to Rs22 per share. Likewise, its annual income increased by 5% to Rs32 billion in 2022. 

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The Insight Securities said; 

“The incr­ease is mainly attributable to asset re-pricing and balance-sheet expansion,” 

Furthermore, Oil and Gas Development Company Ltd reported its earnings for October-December at Rs41.7 billion, down 22% on a quarterly basis but showed an annual increase of 18%. The result was slightly higher than the estimate of AKD Securities, as net sales dropped 8.3% to Rs97.2 billion on a quarterly basis. The drop was mainly due to declining oil prices, which went down 15% from the preceding quarter.

Additionally, the company also announced an interim cash dividend of Rs2.25 per share, taking the half-yearly dividend to Rs4 per share.

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On the other hand, DG Khan Cement Company Ltd said its unconsolidated profit for the second quarter of 2022-23 decreased by 57% to Rs543 million a year ago. 

The company’s sales remained flat due to a decrease in cement dispatches. However, on a quarterly basis, its revenue grew 19% owing to higher dispatches from the preceding three-month period, said Insight Securities.

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