The United Bank Limited (UBL) has made a hefty profit of over Rs. 21 billion in the past nine months of 2021, making a year-on-year (YoY) growth of 42% in the first quarter of the Fiscal Year 2021-22.

According to financial results, the bank’s profit after tax reached Rs. 21.8 billion during the period of January to September 2021 as compared to Rs. 15.3 billion recorded in the same period of the last year.

The earning per share of UBL, a bank operating with over 13,000 branches including 100 Islamic branches and 13 foreign branches, surged to 18.64 from 12.81 by the end of September 2021. The interest income of the bank stood at Rs. 53. 8 billion during January and September 2021. Besides, the income from non-markup heads stood at Rs. 17.2 billion. On the other hand, the expenses of the bank stood at Rs. 32 billion in the said period.

During the said period, the bank’s income from the interest avenues declined, however, it made handsome margins from non-markup options, mainly the government papers.

The bank recorded a net provision reversal of Rs. 414 million in this period against a net provision charge of Rs. 14.8 billion in the same period last year owing mainly to sustained recovery efforts within both the domestic and international segments. The UBL deposits base surged to nearly Rs. 2 trillion, whereas its assets stood around Rs. 2.5 trillion.

The bank’s board of directors has announced a dividend of Rs 4 per share in addition to Rs. 8 interim dividend announced earlier in 2021.

Source: Pro Pakistani