Earnings Report /

United Bank: 2QCY22 Result Review: CAR buffers lead to payout surprise

  • High effective tax rate leads to earnings miss, but DPS of PKR4.0/sh is a beat

  • The payout is driven by a strong capital profile (1QCY22 T1: 14.5%, CAR: 19.2%)

  • We maintain our Buy stance on UBL with a TP of PKR160/sh

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
3 August 2022


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