UBL posts impressive financial results for half year
United Bank Limited (UBL) has achieved impressive financial
results for the half-year ended June 30th, 2023. The bank declared a
Consolidated Profit Before Tax (PBT) of Rs. 52.0 billion, demonstrating an
outstanding growth rate of 50% compared to the previous year. The Profit After Tax
(PAT) reached Rs. 27.5 billion, showcasing a remarkable two-fold increase. This
translated to an impressive Earnings per Share (EPS) of Rs. 22.01 (H1’22: Rs.
9.77). The Return on Equity (ROE) for the current period was reported at 26%
(H1’22: 13%).
UBL's strong performance is reflected in its asset base, which
has now surpassed Rs. 3.4 trillion, with deposits reaching Rs. 2.4 trillion and
advances recorded at Rs. 916 billion as of June 2023. The Bank's gross revenues
also grew significantly, reaching Rs. 85.5 billion, driven by the expansion of
the deposit base and a well-positioned investment portfolio.
The Net Markup Income (NII) experienced robust growth,
increasing by 54% to Rs. 72.3 billion for H1’23. Additionally, the Bank's
Non-Fund Income (NFI) reached Rs. 13.1 billion during the same period.
UBL's domestic CASA (Current Account and Savings Account)
deposits averaged Rs. 1.5 trillion for H1’23, reflecting a year-on-year growth
of 13% and a portfolio increase of Rs. 167 billion. The Bank's average CASA to
total deposits ratio strengthened, measuring at 90% in H1’23 (H1’22: 87%).
Furthermore, UBL continues to prioritize Islamic banking, with over 150
branches and 500 Islamic Banking Windows (IBWs) across Pakistan under the brand
UBL Ameen, recognizing the tremendous growth opportunity in this segment.
In the digital realm, UBL has embraced the opportunities of the
digital age and offers a comprehensive range of digital banking services. Their
digital banking platform revolutionizes financial services by providing
convenient, secure, and user-friendly solutions to customers.
Source: Pak Observer