Equity Analysis /
Pakistan

United Bank: Becoming comfortably predictable

  • We have broadly maintained our CY22-25f EPS estimates for UBL

  • Accelerated balance sheet growth and higher interest rates are moderated by higher expected provisions under IFRS-9.

  • A higher risk free rate moderates impact of TP roll over to PKR165, maintain Buy

United Bank: Becoming comfortably predictable
Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
17 November 2021