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UBL declares Rs20.9b as annual after tax profit

UBL declares Rs20.9b as annual after tax profit

KARACHI: United Bank Limited (UBL) announced its financial results for the year ended December 31, 2020. The bank made provisioning and write-offs to the tune of Rs16.77 billion or 104 percent higher which trimmed its annual profit growth to 9.25 percent.

The bank announced an amount of Rs20.9 billion as profit after tax for the year ended December 31, 2020 as compared with Rs19.13 billion profit after tax in the preceding year.

The bank made provisioning and write-offs an amount of Rs16.77 billion for the year under review as compared with Rs8.22 billion in the preceding year.

UBL announced earnings per share at Rs17.07 for the year ended December 31, 2020 as compared with Rs8.22 in the preceding year.

Net interest income of the bank increased by 21.42 percent to Rs75 billion for the year under review as compared with Rs61.77 billion in the preceding year.

Total income of the bank posted 10.24 percent growth to Rs92 billion as against Rs83.45 billion.

Operating expenses of the bank were flat at Rs40.66 billion as compared with Rs40.21 billion.

UBL announced a final cash dividend for the year ended December 31, 2020 at Rs9.50 per share i.e. 95 percent. This is in addition to interim dividend already paid at Rs2.50 per share i.e. 25 percent.