UBL declares 42% growth in net profit in nine months

UBL declares 42% growth in net profit in nine months

KARACHI: United Bank Limited (UBL) has posted 42 per cent growth in its profit after tax for nine-month period ended September 30, 2021.

The board of directors of the bank on Wednesday approved the financial results for the period January – September 2021.

The bank declared net profit of Rs21.87 billion for the period under review as compared with Rs15.38 billion in the same period of the last year.

The growth in the net profit can be attributed to reversal of Rs865 million during the period January – September 2021 as compared with write-off provision of Rs15.45 billion in the same period of the last year.

Total income of the bank fell to Rs73.14 billion for the nine-month period ended September 30, 2021 as compared with Rs73.94 billion in the same period of the last year.

Net Interest Income recorded a decline to Rs55.72 billion as compared with Rs59.72 billion. Non-Interest Income of the bank increased to Rs17.42 billion as compared with Rs14.22 billion.

Operating expenses of the bank recorded an increase of Rs33.66 billion as compared with Rs31.76 billion. Whereas the total expenses increased to Rs34.53 billion as compared with Rs32.63 billion.

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