Asset Value of UBL Crosses Rs.2 Trillion Mark – RS News

Asset Value of UBL Crosses Rs.2 Trillion Mark

UBL

On Monday, the asset value of United Bank Limited crossed the milestone of Rs.2 trillion.

According to the details, UBL has become the 3rd bank in the country to have achieved this mark in the banking industry of Pakistan. Earlier, Habib Bank Limited and the National Bank of Pakistan had accomplished this milestone.

Other competing banks are MCB Bank and Allied Bank Limited having assets of more than Rs.1.5 trillion.

UBL has been chosen as a Domestic Systemically Important Bank (D-SIB) by the SBP. Its deposits and investments also stood at over Rs.1.6 trillion and Rs.1 trillion correspondingly.

The bank is operating with over 1363 branches across the country and a few branches in other countries.

UBL’s Profit surged to over Rs.16 Billion in Q3 2020. United Bank Limited continued to grow with a steady profit which saw an increase of 11% year-on-year in the 9 months of 2020 compared with a similar period of last calendar year.

As per the financial results, the bank’s profit surged to Rs.16.06 billion in the period of January to September as compared with Rs.14.4 billion.

UBL despite its widespread network, did not compete impressively with its market players when it comes to profit growth made by many banks so far in 2020.

The bank’s interest income increased to Rs.58 billion from January to September as compared to Rs.45.3 billion. The non-markup income fell from Rs.17 billion to Rs.13 billion at the same time. Still, the bank contained its expenses despite extra measures taken to avoid staff and customers from Covid-19.

Moreover, the Earnings per Share (EPS) of the bank also enhanced to Rs.13.12 from Rs.11.77.

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