United Bank Limited’s (UBL) profit surged to an all-time high level of Rs. 32 billion in the calendar year 2022 (CY22).
The jump in overall earnings was mainly due to higher net interest income and non-funded income, according to a report by Arif Habib Limited.
According to the consolidated financial results, the bank reported a growth of 4.51 percent as compared to Rs. 30.62 billion last in 2o21.
The foreign exchange income of the bank soared by 107 percent to Rs. 8.5 billion, against Rs. 4.1 billion in the previous year. The bank’s interest-earned income for the year rose to Rs. 257.829 billion, compared with Rs. 152.761 billion a year earlier. The interest expenses also remained higher at Rs. 150.086 billion from Rs. 78.025 billion a year ago.
The expense of the bank also touched the highest level of Rs. 53 billion in 2022 as compared to Rs. 43 billion reported in CY21.
The board of directors of the bank announced a cash dividend of Rs. 9 per share for the shareholders in addition to Rs. 13 paid already to the bank’s shareholders.
UBL paid higher taxes of Rs. 36.374 billion during the period under view, against Rs. 21.474 billion in the previous year.
Earnings per share (EPS) of the bank was reported at Rs. 25.76 as compared with Rs. 24.84 a share last year.