United Bank Limited (UBL), listed on the PSX as UBL, has posted a remarkable profit after tax of Rs. 42 billion for the nine months ending on September 30, 2023, showing a substantial 126 percent increase compared to the same period the previous year.
Arif Habib Limited has reported that this marks UBL’s highest-ever profit for a nine-month duration, primarily driven by increased net interest income and provisioning reversals. Additionally, UBL announced an interim cash dividend of Rs. 11 per share, in addition to the interim dividend of Rs. 22 per share, solidifying its position as a dividend leader in the banking sector.
During the nine months of 2023, the bank’s interest income surged to Rs. 111.8 billion, while total non-markup income decreased to Rs. 13.1 billion compared to the previous year. Operating expenses increased to Rs. 51 billion, up by 26 percent from the same period in the previous year. The bank also paid Rs. 38.5 billion in taxes, compared to Rs. 32 billion in the same period the previous year.
UBL’s earnings per share (EPS) for profit from continuing operations reached Rs. 34.05, a significant increase from Rs. 15.05 in the same period the previous year. At the time of reporting, the bank’s stock on the exchange was at Rs. 157.9, up 0.06 percent with a turnover of 4,970,819 shares on that day.
