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UBL Profits Grow By 9.2% to Rs. 20.8 Billion In 2020

United Bank Limited (UBL) posted modest growth of 9.2% in 2020 compared to the profit of 2019.

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According to the financial results, the bank made a profit of Rs. 20.8 billion in 2020 as against the profit of 2019 which stood at Rs. 19.13 billion.

The bank drove handsome revenue from interest income which stood at Rs.74 billion. Its non-markup income fell to Rs. 17 billion which is less than Rs. 4.5 billion from the previous year.

The bank’s overall expenses surged to over Rs. 41 billion in 2020.

UBL however reported lower profitability in 2020 and lost its position against the competitive banks which made huge growth in profits.

Unlike various banks which hit the all-time high bottom line on the balance sheet, UBL stood far behind to make a record. The bank previously made its all-time high profit in 2015, which is over Rs. 25 billion.

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UBL is one of the banks offering Roshan Digital Account services. It is one of the leading banks receiving inflows of remittances from overseas Pakistanis through banking channels.

The earning per share of the bank increased to 17.07 from 15.63. The bank announced the dividend of Rs. 9.50 i.e. 95% per share which is in addition to the interim dividend already paid at Rs. 2.50 per share.

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