UBL Records Highest-Ever Annual Profit

United Bank Limited (PSX: UBL) has reported its highest-ever annual profit after tax of Rs. 56.47 billion for the calendar year that ended on 31 December 2023, up by 76 percent compared to the same period last year.

Along with the result, the bank announced a final cash dividend of Rs. 11 per share, which is in addition to the interim dividend paid at Rs. 33 per share.

The bank’s total income surged to Rs. 172.9 billion during CY23 compared to Rs. 144.7 billion in SPLY.

Interest earned by the bank settled at Rs. 535 billion during CY23, increasing 108 percent YoY while interest expense was up by 157 percent YoY. With this, Net Interest Income of the bank clocked in at Rs. 148.9 billion, up 38 percent YoY.

The total non-markup income decreased to Rs. 23.9 billion during the period as compared to Rs. 37 billion reported in SPLY.

During CY23, the bank recorded a provisioning reversal of Rs. 11.1 billion in contrast to a write-off of Rs. 17.6 billion reported in CY22.

Operating expenses grew to barely offset UBL’s profitability standing at Rs. 70 billion, up by 24 percent from Rs. 56.6 billion in CY22.

The bank paid Rs. 54 billion in taxes in CY23 compared to Rs. 36 billion reported in SPLY.

UBL’s earnings per share (EPS) for profit from continuing operations (attributable to shareholders of the company) clocked in at Rs. 45.05 compared to Rs. 25.74 in CY22.

The bank’s scrip at the bourse closed at Rs. 182.96, up 2.14 percent or Rs. 3.83 with a turnover of 1.96 million shares on Wednesday.

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