KARACHI, April 15, 2026 — United Bank Limited (UBL) on Wednesday reported a strong 38% year-on-year increase in after-tax profit for the first quarter ended March 31, 2026, supported by robust income growth and gains on securities, according to a filing with the Pakistan Stock Exchange (PSX).
The bank posted a net profit of Rs49 billion for the January–March quarter, compared with Rs35.6 billion in the same period last year. Earnings per share rose to Rs19.56 from Rs14.46 a year earlier, reflecting improved profitability.
UBL’s board of directors, which met on April 15, approved a cash dividend of Rs8 per share for the quarter, underscoring confidence in the bank’s financial performance.
Net markup and interest income increased to Rs99.42 billion during the quarter, up from Rs84.22 billion in the corresponding period of 2025. Non-markup income also surged significantly to Rs42.17 billion, compared with Rs15.6 billion a year earlier.
Within non-markup income, fee and commission earnings rose to Rs7.84 billion from Rs6.47 billion, while foreign exchange income increased to Rs3.94 billion from Rs3.48 billion. The most notable contribution came from gains on securities, which jumped sharply to Rs30.54 billion, compared with Rs5.82 billion in the same quarter last year.
As a result, total income climbed to Rs141.59 billion, up from Rs99.82 billion in the corresponding period.
However, operating expenses also rose to Rs38 billion, compared with Rs24.62 billion a year earlier, reflecting inflationary pressures and business expansion. Meanwhile, write-offs declined sharply to Rs455 million from Rs1.61 billion, indicating improved asset quality.
Despite strong earnings growth, UBL’s tax expense remained elevated, with the bank paying Rs53 billion in income tax during the quarter — exceeding its net profit and up from Rs39.74 billion in the same period last year.
Analysts said the results highlight strong balance sheet performance, though reliance on investment income and rising tax burden remain key areas to watch.