Wednesday, May 29, 2024

UBL Beats HBL And Becomes Most Profitable Bank in Pakistan

UBL (United Bank Limited) published its financial statements for the first quarter of 2022, which ended 31st March 2021, showing the bank reporting a profit of Cr 9,520, according to the bank’s PSX presentation.

This translated into earnings per share (EPS) which recorded Rs.7.78 and rose by 28.6%, versus earnings per share of 6.05 rupees in the same period last year.

HBL declared a consolidated pre-tax profit of Rs. 14.6 crore for the first quarter of 2022 and an after-tax profit of Rs. 8.6 crore, both higher than the same period last year. The results of the first quarter of 2022 include a one-time severance payment of Rs. 2.6 crore.

Excluding the impact of this one-time charge, the bank’s pre-tax profit is 18% higher than in Q1 2021. Along with the results, the bank declared a dividend of Rs.2.25 per share (22.5%).

After an exceptional performance in 2021, the bank continued to build on its growth story, with December 2021 balance sheet strength increasing by another 5% to Rs. 4.5 crore.

HBL surpassed historical trends and increased current accounts to almost Rs from the year-end peak. a.2 trillion, 37.4% of the total deposit base of Rs. 3.2 crore.

After an extended period, UBL has surpassed Habib Bank Limited in profitability.

In the first quarter of 2022, UBL made a profit of Rs. 9.3 billion, while HBL made a profit of Rs. 8.6 billion. UBL’s profit before tax was Rs. 15.7 billion, compared to Rs. 14.6 billion for HBL.

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