Friday, June 14, 2024

UBL Reports Record Rs. 32 Billion Profit in 2022

On Wednesday, United Bank Limited (UBL) announced a 4.5 percent increase in its full-year net profit, driven by greater interest income and over 100%-plus growth in foreign currency earnings.

The bank declared a net profit of Rs32.060 billion for the year ended December 31, 2022, up from Rs30.692 billion in the prior year, in a statement to Pakistan Stock Exchange (PSX).

The bank’s foreign exchange earnings increased 107 percent to Rs8.5 billion from Rs4.1 billion the year before.

The bank said that its interest-earned income increased to Rs257.829 billion for the year from Rs152.761 billion the previous year. Moreover, the interest costs increased from Rs78.025 billion to Rs150.086 billion from the previous year.

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