AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: United Bank Limited (UBL) has reported a significant growth in its financial performance for the first half of the year ended June 30, 2024.
According to information available from the Pakistan Stock Exchange (PSX), UBL’s unconsolidated Profit Before Tax (PBT) for H1’24 reached Rs. 57.7 billion, marking a 14% increase from the previous year. The Profit After Tax (PAT) rose to Rs. 29.4 billion, up from Rs. 26.3 billion in H1’23, with Earnings per Share (EPS) climbing to Rs. 24.05 from Rs. 21.50 in the corresponding period last year.
On a consolidated basis, UBL’s PAT stood at Rs. 31.4 billion with an EPS of Rs. 25.15, compared to Rs. 27.5 billion and Rs. 22.01 respectively in H1’23. The Board of Directors declared an interim cash dividend of Rs. 11.0 per share during their meeting on July 31, 2024.
The bank experienced a 9% increase in overall gross revenues, totaling Rs. 92.3 billion for the first half of 2024. Fee-based revenues saw a significant increase of 15% over the same period last year. UBL’s net mark-up income was reported at Rs. 53.6 billion, while non-mark-up income stood at Rs. 38.7 billion.
Operating expenses for the bank escalated to Rs. 35.8 billion, a 20% increase due to high inflation levels, with staff costs alone rising 23% to Rs. 14.5 billion. The bank also recorded a net provision reversal of Rs. 2.4 billion in H1’24, compared to a net provision charge of Rs. 3.0 billion last year.
Capital ratios remain strong; the consolidated Capital Adequacy Ratio (CAR) was at 15.0%, and the Common Equity Tier 1 (CET-1) ratio stood at 10.8%. Following the disposal of the bank’s shareholding in United National Bank Limited (UNBL UK), the CAR is expected to increase by approximately 200 basis points.
The bank’s credit rating was reaffirmed by VIS Credit Rating Company Limited (VIS) at ‘AAA / A-1+’ with a stable outlook, and its Additional Tier-1 (ADT-1) TFC at ‘AA+’.
Looking ahead, UBL plans to continue expanding its market presence, particularly through branch banking in both conventional and Islamic segments. The bank is focused on enhancing customer experience with its digital platforms and investing in its transformation agenda.
UBL extends its gratitude to its shareholders, customers, and staff, as well as to governmental and regulatory bodies for their continued support.
The post United Bank Limited Announces Robust First-Half Results and Interim Dividend appeared first on .