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Pakistan’s United Bank Profit Rises 24% on Higher Loan Income

United Bank Ltd., Pakistan’s third- biggest lender by assets, said first-quarter profit rose 24 percent because of higher income from loans.

Net income on a consolidated basis rose to 3.4 billion rupees ($40 million), or 2.78 rupees a share, in the three months ended March 31, from 2.7 billion rupees, or 2.25 rupees, a year earlier, the Karachi-based bank said in a statement to the stock exchange today. Revenue climbed to 10.1 billion rupees from 8.7 billion rupees.

United Bank rose 0.6 percent to 64.55 rupees at 1:57 p.m. local time on the Karachi Stock Exchange. The share has fallen 5.4 percent this year.

To contact the reporter on this story: Khurrum Anis in Karachi, Pakistan, at kkhan14@bloomberg.net.

To contact the editor responsible for this story: Chitra Somayaji at at csomayaji@bloomberg.net

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