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Pakistan United Bank’s Profit Rises After Lower Loan Provisions

Oct. 28 (Bloomberg) -- United Bank Ltd., Pakistan’s third-biggest by assets, said third quarter profit rose 19 percent after it reduced the amount of funds set aside for loan delinquencies.

Net income rose to 2.78 billion rupees ($32.4 million), or 2.28 rupees a share in the three months ended Sept. 30, from 2.34 billion rupees or 1.91 rupees a year earlier, the Karachi-based company said in a filing to the stock exchange today. Total income rose to 9.16 billion rupees from 7.99 billion.

Loan provisions fell to 1.86 billion rupees from 2.32 billion, according to the statement.

Link to Company News:{UBL PA <Equity> CN <GO>}

To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net

To contact the editor responsible for this story: Naween Mangi at nmangi1@bloomberg.net

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