Karachi: United Bank Ltd. (UBL) has reported its second quarter financial results for the calendar year 2026, revealing a net profit after tax of PKR 37.5 billion, which translates to an earnings per share of PKR 15.0. This marks a 31% increase compared to the same period last year, although it represents a 23% decline from the previous quarter. The results exceeded expectations, primarily driven by higher than anticipated gains on securities. In line with market projections, the bank declared a cash payout of PKR 8.0 per share.

According to AKD Securities Limited, the bank's net interest income for the quarter amounted to PKR 90.3 billion, reflecting a 1% decrease compared to the previous year and a 9% decline from the prior quarter. This was largely due to the growth in mark-up expenses outpacing the increase in mark-up earned, following an early repricing of funding costs in response to a 100 basis point policy rate hike in April 2026 and increased borrowings.

Noteworthy is the substantial growth in UBL's deposits, which surged by 43% year-on-year and 13% quarter-on-quarter to reach a record PKR 6.1 trillion as of June 2026. This deposit growth has supported a 35% year-on-year and 9% quarter-on-quarter increase in the average asset book, illustrating the bank's strong financial position and asset management strategy.