United Bank Limited (UBL) has had a remarkable financial performance in the nine months ending on September 30, 2023. They reported a profit after tax of Rs. 42 billion, a massive increase of 126% compared to the same period the previous year. This marks the highest-ever nine-month profit for the bank.
The surge in profits can be attributed to higher net interest income and provisioning reversals. UBL also surprised its shareholders by announcing an interim cash dividend of Rs. 11 per share, in addition to the Rs. 22 per share already paid, solidifying its position as a leader in dividend payments in the banking sector.
Despite these outstanding results, the bank’s operating expenses grew, standing at Rs. 51 billion, up by 26% from the previous year. They also paid a significant amount in taxes, Rs. 38.5 billion, in the same period.
UBL’s earnings per share (EPS) for profit from continuing operations doubled to Rs. 34.05, a substantial increase from the Rs. 15.05 reported in the previous year. Their stock price closed at Rs. 157.9, with a slight increase of 0.06% on the day of the report. Overall, UBL’s financial report underscores their strong performance and growth in the banking industry.