Staff Reporter
Karachi
UBL posted Profit Before Tax of Rs. 26.4 billion for the nine months ended September 30, 2020. The Profit after tax stood at Rs. 16 billion with 12% growth over last year. The Bank maintained its momentum across core businesses as gross revenues were recorded at Rs. 71 billion, up 14%. Earnings Per Share (EPS) stood at Rs. 13.13 for the nine months ended Sep 30th 2020.
The Bank’s capital ratios remained strong with the overall Capital Adequacy Ratio (CAR) at 22.8% as at September 30, 2020, well above the minimum regulatory requirement of 12.5%.
The Bank has a large and growing customer base of over 10 million, led by branch banking which remains the cornerstone of the franchise. The Domestic business recorded Profits Before Tax of over Rs. 36 billion in the current period, up 36% from last year.
The depth and coverage of the UBL branch network across Pakistan continues to pay strong returns as the deposit base stood at Rs. 1.35 trillion, growing by 11% over Dec’19. Financial inclusion across all segments of society is one of the core pillars of UBL’s strategy as it acquired close to 400,000 new current accounts.
The current quarter has already witnessed a rebound to pre-Covid levels across core segments with the resumption of business activity across the country. All core fee lines – ATMs commissions, commercial trade, bancassurance, consumer, etc. are up by an aggregate of 22% vs the last quarter. This is a very positive sign as transaction flows are now heading back to pre-Covid levels. With 1,361 branches and 1,455 ATMs nationwide, UBL is one of the largest private sector banks operating in Pakistan. The Bank maintains a strong presence in the SME space, as a reliable partner with its operations extending across all the major trade hubs of the country.
