Pakistan United Bank's Quarterly Profit Rises After Lower Loan Provisions
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.
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