<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">United Bank Limited (UBL) reported earnings of Rs3.94/share
in 1Q2019, +73% YoY, better than our expectations primarily due to lower than
anticipated operating expenses and provisioning. UBL announced a dividend of
Rs2.5/share for 1Q2019. To note, during similar period last year, the bank
booked a higher provisioning charge against loans and advances.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Net Interest Income (NII) of UBL in 1Q2019 grew by 5% YoY
but remained flat QoQ. This could likely be due to high proportion of fixed
rate PIBs in UBLs book, we believe.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Non-markup income during the outgoing quarter...
