United Bank Limited (UBL) has posted handsome profit growth of 47 percent on a year-on-year basis, which is the highest growth number reported by any bank so far for 2021.
According to the financial results, UBL’s profit grew to Rs. 30.6 billion in 2021 as compared with Rs.20.7 billion reported in the previous year.
This is the highest ever profit made by UBL in its history. Previously, the bank touched the mark of Rs. 27 billion in 2016.
The bank has consolidated its local and foreign operations, reducing loss-making branches mainly in foreign countries while it improved the business at the domestic level through enhancing its investment in government papers.
The bank significantly improved its earnings through non-markup income mainly through investment in government bonds and security papers.
The bank’s interest income declined to Rs. 74 billion in 2021 as compared to Rs. 77 billion reported in 2020. The bank’s income through non-markup avenues surged to Rs.24.3 billion in 2021 as against Rs. 18.8 billion recorded in 2020.
The bank’s expenses stood at Rs. 48 billion whereas it paid taxes of Rs. 21 billion in the said period.
The board of directors announced a dividend of Rs. 6 per share in addition to a dividend of Rs. 12 announced already. The earnings per share of the bank were reported at Rs. 24.90 as compared to Rs. 17.17.
Source: Pro Pakistani