Karachi, April 17, 2024 – United Bank Limited (UBL) announced an 11.54 percent increase in profit after tax for the first quarter ending March 31, 2024, according to consolidated financial results submitted to the Pakistan Stock Exchange (PSX) on Wednesday.
The bank reported a profit after tax of Rs 16.14 billion for the first quarter of 2024, compared to Rs 14.47 billion in the corresponding quarter of the previous year. This growth resulted in an earnings per share (EPS) of Rs 13.05 for the quarter, up from Rs 11.62 in the same period last year.
During the board of directors’ meeting held on April 17, 2024, an interim cash dividend of Rs 11 per share (110 percent) for the quarter ending March 31, 2024, was approved.
While the net mark-up/interest income declined to Rs 28.10 billion for the quarter under review from Rs 35 billion in the previous year, non-mark-up income saw a substantial increase to Rs 21.28 billion in the first quarter of 2024, compared to Rs 9.26 billion in the same period of the previous year.
The bank also recorded an unprecedented increase in securities gain, reaching Rs 13 billion for the quarter, compared to a loss of Rs 637 million in the corresponding quarter of the previous year. This contributed to the total income of the bank, which stood at Rs 49.38 billion for the first quarter of 2024, up from Rs 44.20 billion in the same period last year.
However, operating expenses of the bank rose to Rs 19.19 billion from Rs 15.72 billion, reflecting increased costs incurred during the quarter.
In terms of tax liabilities, the bank paid Rs 15 billion in income tax during the first quarter of 2024, compared to Rs 10.64 billion in the same quarter of the previous year.
The financial results underscore the resilience and profitability of United Bank Limited in navigating the evolving economic landscape. Despite challenges in the banking sector, the bank’s strategic initiatives and robust performance have positioned it for sustained growth and value creation for shareholders.
United Bank’s continued focus on enhancing operational efficiency, diversifying revenue streams, and managing costs prudently has enabled it to capitalize on opportunities while effectively managing risks. The bank’s commitment to delivering value to its stakeholders remains unwavering as it strives to maintain its position as a leading financial institution in Pakistan.
