UBL, MCB profits up

KARACHI: The United Bank Ltd’s (UBL) consolidated PAT for 2QCY19 soared by 51pc year-on-year to Rs5.13bn.

EPS was noted at Rs4.19 while the board also announced a cash dividend of Rs2.5 per share.

The JS Global report said the bank’s Net Interest Income (NII) was disappointing for the market as the growth amounted to just 6pc while the fee income declined by 7pc. Moreover, provisioning expenses were also higher at Rs2.8bn, up 17pc.

Meanwhile, MCB Bank posted profit after tax of Rs5.44 billion in 2QCY19, jumping by 15 per cent year-on-year, recording earnings per share at Rs4.59.

The board also declared second cash dividend of Rs4 per share which pushed up the first half payout to Rs8 per share. Research reports said the earnings remained in line with expectations of the market. The bank’s NII increased 28pc while the fee income grew by 9pc; it also booked provisioning expenses of Rs1.4bn.

Cherat Cement earned PAT of Rs1.76bn in FY19, down 17pc, from Rs2.13bn last fiscal year. Ernings per share clocked in at Rs9.98, from the previous year’s Rs12.07.

However, in 4QFY19, the company recorded a loss after tax of Rs487 million, as against PAT of Rs337m in same quarter last fiscal year.