The asset value of United Bank Limited has continued to rise gradually crossing the milestone of Rs. 2 trillion.
UBL has become the third bank in the country to have achieved this mark in the banking industry of Pakistan. Previously Habib Bank Limited and the National Bank of Pakistan had attained this.
Other competing banks are MCB Bank and Allied Bank Limited having assets of more than Rs. 1.5 trillion.
UBL has been designated a Domestic Systemically Important Bank (D-SIB) by the SBP. Its deposits and investments also stood at over Rs. 1.6 trillion and Rs. 1 trillion respectively.
The bank is operating with over 1363 branches across the country and a few branches in other countries.
UBL’s Profit surged to over Rs. 16 Billion in Q3 2020. United Bank Limited continued to grow with the steady profit which saw an increase of 11 percent year-on-year in the nine months of 2020 compared with a similar period of last calendar year.
According to the financial results, the bank’s profit surged to Rs. 16.06 billion in the period of January to September as compared with Rs. 14.4 billion.
The bank, despite its widespread network, did not compete impressively with its market players when it comes to profit growth made by many banks so far in 2020.
UBL’s interest income increased to Rs. 58 billion from January to September as compared to Rs. 45.3 billion. The non-markup income fell from Rs. 17 billion to Rs. 13 billion at the same time. However, the bank contained its expenses despite extra measures taken to prevent staff and customers from Covid-19.
The earnings per share (EPS) of the bank also improved to Rs. 13.12 from Rs. 11.77.
