UBL rebounds with 37% growth in profits

Observer Report

UBL continued its growth momentum with Profit Before Tax (PBT) of Rs. 25.9 billion for the half year ended June 30, 2021, recording strong growth of 37% year on year.

This is the highest half year PBT that the bank has achieved in over a decade. Earnings per share (EPS) were measured at Rs. 12.25 for H1’21 (H1’20: Rs. 9.31).

The bank declared dividends of Rs. 4.0 per share for Q2’21, which takes the overall dividend distribution to Rs. 9.8 billion for the half year ended June 30, 2021, with a payout of over 65% of profits.

These results have been achieved as the country gradually recovers from the aftermath of COVID 19.

Economic activity is gradually picking up largely on the back of large scale manufacturing, construction and the services sectors.

The Bank is optimistic that Pakistan will re-emerge as a stronger nation post the pandemic and the pace of recovery will gather momentum in the medium term.

Customer centricity is at the core of UBL’s corporate philosophy and the bank is continuously improving its service proposition to meet the evolving needs of its customers.

The Bank’s priorities are well defined, which aim to invest management time and resources towards:
§Building capacity and enhancing service levels across the branch network. §More proactive balance sheet management.

§Aggressively growing non-fund income. §Developing a wider payment system built around UBL’s market leading digital and technological capabilities.§ Stabilizing the Bank’s business model in international jurisdictions.

Estate Performance – Strengthening the Branch Network, gaining Market Share UBL maintains one of the largest banking networks in Pakistan.

The bank operates 1,348 branches within Pakistan and 1,435 ATMs, well supported by its award winning Digital App and UBL Omni, the Bank’s branchless banking proposition, which together serve an ever growing customer base of over 10 million nationwide.

Branch Banking Group delivered one of the best years in the recent history of the Bank as domestic current deposits witnessed a year on year growth of 22%, the highest in the last 5 years.

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