Equity Analysis /

United Bank: Better asset quality and strong payout

  • We maintain our CY22-25f EPS estimates for UBL and our Dec’22 target price remains PKR165/sh

  • Domestic asset quality is strong and is being joined by significant improvement from overseas

  • Capital buffers are strong, (CAR: 19.5%), enabling a 70% cash payout ratio, which is sustainable over the medium term

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
18 March 2022


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