UBL profit jumps 52pc
United Bank Ltd said on Wednesday its consolidated profit for October-December remained Rs13.3 billion, up 52 per cent from a year ago. The bank also announced a cash dividend of Rs9 per share, taking the full-year dividend to Rs22 per share. Its annual income increased 5pc in 2022 to Rs32bn. The bank’s net interest income for 2022 clocked in at Rs257.8bn, up 69pc year-on-year. “The increase is mainly attributable to asset re-pricing and balance-sheet expansion,” said Insight Securities. Meanwhile, Oil and Gas Development Company Ltd reported its earnings in the October-December quarter remained Rs41.7bn, down 22pc on a quarterly basis but up 18pc annually. The result was “slightly higher” than the estimate of AKD Securities as net sales dropped 8.3pc to Rs97.2bn on a quarterly basis. The drop was mainly on the back of declining oil prices, which went down 15pc from the preceding quarter. Along with the result, the company also announced an interim cash dividend of Rs2.25 per share, taking the half-yearly dividend to Rs4 per share. Separately, DG Khan Cement Company Ltd said its unconsolidated profit for the second quarter of 2022-23 amounted to Rs543 million, down 57pc from a year ago.