UBL reported a strong performance so far in 2019 with 21 billion profit in first nine months

ByShehryar Makhdoom | Published date:
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During the first three months of the Fiscal Year 2021-22, United Bank Limited (UBL) achieved a healthy profit of over Rs. 21 billion, growing at a year-on-year (YoY) rate of 42%.

The bank's earnings after tax increased to Rs. 21.8 billion from Rs. 15.3 billion from January to September 2021, according to financial results.

Bank UBL, which has over 13,000 branches, including 100 Islamic ones and 13 overseas ones, saw its earnings per share increase to 18.64 from 12.81 by the end of September 2021 from 12.81 in 2018. As of January and September of 2021, the bank's interest income totaled Rs 53.8 billion.

Additionally, the company made Rs. 17.2 billion in revenue from sources other than markup. In contrast, the bank incurred expenses of Rs 32 billion over this period.

Over time, the bank's interest income decreased, while non-markup choices generated healthy profit margins, such as government papers.

An Rs. 414 million net provision reversal was reported in this period, compared to Rs. 14.8 billion in net provision charges in the same period last year, primarily due to continued recovery efforts in local and overseas divisions. UBL's deposit base grew to approximately Rs. 2 trillion, while its assets were around Rs. 2.5 trillion.

In addition to the Rs 8 interim dividend declared earlier in 2021, the bank's board of directors has announced a payout of Rs 4 per share.

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