United Bank Limited recorded a profit growth of 57 percent in the first quarter of 2019 as compared to the profit reported in the corresponding period of last year.
The profit of the bank increased to Rs. 4.05 billion in the period from January to March, up from a profit of Rs. 2.75 billion reported by the bank in the same period last year.
The bank improved its earnings from interest income which increased to Rs. 14.9 billion in the first quarter of 2019, up from Rs. 14.3 billion in the same period last year. It made an amount of Rs. 4.9 billion from non-interest income which dropped compared to last year. Its expenses also grew to Rs. 9.1 billion, higher than the previous year.
The bank posted a profit before tax of Rs. 9.89 billion, however, it also contributed a huge amount of Rs. 5.05 billion to the national exchequer on the account of Super Tax.
The bank’s earning per share increased from Rs. 2.28 to Rs. 3.30 in one year. It announced an interim cash dividend of Rs. 2.5 per share in the first quarter.
UBL made the third-highest profit in 2018 but its profits were lower compared to 2017.
This year, it seems that the bank will recover its standing in the market against its competitors.
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