United Bank Limited (UBL) has sustained its profitability, benefiting from the high-interest regime, showing a yearly growth of 50 percent in the first nine months of 2019.
According to the financial results, the bank’s profit grew to Rs. 14.22 billion between January to September 2019 (9 Months) as compared to Rs. 9.493 billion recorded in the same period last year, showing a growth of 49.7 percent.
The bank’s revenue stream through interest income went up from Rs. 43.4 billion to Rs. 46.4 billion, recording a jump of almost Rs. 3 billion whereas its earnings from non-markup avenues also shot up to Rs. 12 billion which is nearly half a billion higher than the previous year.
The profit before tax from continuing operations reached Rs. 27.8 billion this year for the nine-month period from Rs. 16.7 billion recorded last year.
The earnings per share also improved significantly to Rs. 11.62 from last year’s Rs. 7.69. The board also announced interim dividends of Rs. 3 per share in addition to Rs. 5 per share announced earlier this year.
The rise in profitability was mainly no provision for pension liability this year as the bank paid Rs8.4 billion in the first half of the last year.