UBL, PTCL announce results
Net income of United Bank Ltd for April-June amounted to Rs12.7 billion, up 379 per cent from a year ago, the commercial lender told investors on Wednesday. However, earnings on a consolidated basis went down 11pc from the preceding three-month period. Arif Habib Ltd attributed the annual rise in earnings to a jump in the bank’s total income and reversals in provisioning. The bank also announced a cash dividend of Rs11 per share, taking the total pay-out for the first half of 2023 to Rs22 per share. “This marks the highest-ever profit and cash pay-out of the bank in the first half,” the brokerage added. Meanwhile, Pakistan Telecommunication Company Ltd said on Wednesday its net loss on a consolidated basis remained Rs2.8bn in April-June versus a net loss of Rs1.4bn a year ago. On a half-yearly basis, the net loss was Rs8.5bn in the first six months of 2023 as opposed to Rs3bn a year ago.