Karachi Pakistan – United Bank Limited (UBL) declared a Consolidated Profit Before Tax (PBT) of Rs. 52.0 billion for the half year ended June 30th 2023, with an impressive growth of 50% over last year. Profit After Tax (PAT) was reported at Rs. 27.5 billion, with a two-fold increase. Earnings per Share (EPS) was measured at Rs. 22.01 (H1’22: Rs. 9.77). The ROE for the current period was reported at 26% (HI’22: 13%).
The asset base has crossed Rs. 3.4 trillion, deposits have reached Rs. 2.4 trillion and advances were recorded at Rs. 916 billion as at Jun’23. The Bank’s gross revenues stood at Rs. 85.5 billion, growing by 36%, driven by the buildup in the deposit base and well positioned investment portfolio. Net-markup income (NII) increased by a robust growth of 54% to Rs. 72.3 billion for H1’23. The Bank’s Non-Fund Income (NFI) was reported at Rs. 13.1 billion for H1’23.
Domestic CASA deposits averaged Rs. 1.5 trillion for H1’23, with a growth of 13% year on year and a portfolio increase of Rs. 167 billion. The average CASA to total deposits ratio continued to strengthen and was measured at 90% in H1’23 (H1’22: 87%). Islamic banking remains a key priority and UBL continues to expand within this fast-growing segment. UBL Ameen’s branch network stands at over 150 branches with 500 Islamic Banking Windows (IBWs) all across Pakistan. The bank sees the Islamic segment as a tremendous growth opportunity and will continue to build on the UBL Ameen footprint.
UBL has embraced the digital age by offering a comprehensive range of digital banking services. UBL’s digital banking platform has revolutionized financial services, providing convenient, secure, and user-friendly solutions. In 2023, the number of registered accounts reached 3.7 million increasing by 27%. The number of financial transactions has increased by 69%, while the payment value of financial transactions has grown by 84% to over Rs. 2.1 trillion YTD Jun’23. The Bank is redefining the financial landscape with a futuristic mindset, innovative ideas and well directed capital allocation towards technology investments.
Branch banking remains the foundation of our business, and we are investing in our footprint while improving service and staff levels across the country. UBL is committed to actively contribute to the development of the economy as Pakistan’s leading financial institution, with a major presence across all sectors. We will continue to build on financial inclusion in the country and provide banking services throughout Pakistan across all our touch points.
UBL’s most valuable asset is our people, and the bank is committed to investing in their growth and development. We remain extremely focused on our customer service levels, growth in digital banking, as we build our franchise in coming years. We remain fully committed to delivering a strong return on equity, with an efficient capital base as we drive the organization towards a larger ambition.
