UBL’s nine-month profit rises to Rs16bn

The Board of Directors of United Bank Limited on Monday announced the bank’s financial results for the nine-month period ended September 30, 2020.

As per the results, UBL posted a profit before tax of Rs26.4 billion for the period under review. The profit after tax stood at Rs16 billion with 12pc growth over last year.

The bank maintained its momentum across core businesses as gross revenues were recorded at Rs71 billion, up 14pc YoY. Earnings per share (EPS) stood at Rs13.13. The bank’s capital ratios remained strong with the overall Capital Adequacy Ratio (CAR) at 22.8pc as at September 30, 2020, well above the minimum regulatory requirement of 12.5pc.

The bank has a large and growing customer base of over 10 million, led by branch banking which remains the cornerstone of the franchise. The domestic business recorded profits before tax of over Rs36 billion in the current period, up 36pc from last year.

The depth and coverage of the UBL branch network across Pakistan continues to pay strong returns as the deposit base stood at Rs1.35 trillion, growing by 11pc over Dec’19.

Financial inclusion across all segments of society is one of the core pillars of UBL’s strategy as it acquired close to 400,000 new current accounts.

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