United Bank posted a consolidated profit of Rs20.4 billion in the first three quarters of 2015, which is up 19% from the comparable period of the preceding year.
Its profit for the July-Sept quarter alone clocked up at more than Rs7 billion, which is up 29% on a quarter-on-quarter basis and 20% on a yearly basis, financial accounts released on Tuesday on the stock exchange website show.
The bank also announced a third interim dividend of Rs3 per share, which took the cumulative nine-month dividend per share to Rs9.
According to AKD Securities, the sequential (quarter-on-quarter) increase in profitability (29%) was primarily due to the normalisation of the tax rate. It came down to 34% in the third quarter after the imposition of the one-time super tax brought the effective tax rate to 50% in April-June.
Published in The Express Tribune, October 28th, 2015.
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