{"id":3437,"date":"2025-02-19T14:41:43","date_gmt":"2025-02-19T09:41:43","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=3437"},"modified":"2025-02-19T14:41:43","modified_gmt":"2025-02-19T09:41:43","slug":"ubl-posts-record-profit-of-rs75-78-billion-in-2024-up-34-yoy","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=3437","title":{"rendered":"UBL Posts Record Profit of Rs75.78 Billion in 2024, Up 34% YoY"},"content":{"rendered":"

Karachi<\/strong>\u00a0\u2013 United Bank Limited (UBL)<\/a>, one of Pakistan\u2019s largest commercial banks, has announced record-breaking consolidated earnings of Rs75.78 billion for the year ending December 31, 2024, marking a significant 34% increase from its profit-after-tax of Rs56.47 billion in 2023.<\/p>\n

The profit includes Rs74.84 billion from continued operations and Rs938.61 million from discontinued operations during 2024. According to a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday, the bank\u2019s earnings per share (EPS) surged to Rs61.39 in 2024, compared to Rs45.05 in the previous year.<\/p>\n

Dividend Announcement<\/strong><\/h2>\n

UBL\u2019s Board of Directors has announced a final cash dividend of Rs11 per share (110%) for the year ending December 31, 2024. This is in addition to the interim dividend of Rs33 per share (330%) already paid earlier.<\/p>\n

Strong Financial Performance in 2QCY24<\/strong><\/h2>\n

UBL\u2019s stellar performance was driven by a surge in net interest income and substantial gains on securities. The bank posted a profit of Rs15.3 billion<\/a> in the second quarter of the calendar year 2024 (2QCY24).<\/p>\n

During the year, UBL\u2019s mark-up\/return earned skyrocketed to Rs1.084 trillion in 2024, up by a massive 102% from Rs535.21 billion in 2023. Consequently, net mark-up\/return earned rose to Rs173.55 billion, reflecting a 16% increase from Rs148.98 billion in 2023. However, markup expenses also surged by 136% year-on-year (YoY) to Rs911.09 billion.<\/p>\n

Non-Interest Income Sees a Remarkable Jump<\/strong><\/h2>\n

UBL’s fee and commission income reached Rs21.5 billion in 2024, up 9% from Rs19.8 billion in 2023. A key contributor to the bank\u2019s exceptional performance was massive gains on securities, totaling Rs42.59 billion, a remarkable increase compared to a modest Rs532.7 million in 2023 \u2013 an extraordinary 79x surge.<\/p>\n

As a result, the bank\u2019s non-interest income soared by 132% YoY to Rs83.7 billion, significantly boosting total income, which stood at Rs257.24 billion in 2024, up from Rs185.04 billion in 2023.<\/p>\n

Operating Expenses and Profitability<\/strong><\/h2>\n

UBL\u2019s operating<\/a> expenses increased by 39% to Rs97.1 billion in 2024, compared to Rs70.1 billion in 2023. Despite higher expenses, the bank\u2019s profit-before-tax (PBT) grew by 31%, reaching Rs145.04 billion in 2024, up from Rs110.6 billion in 2023.<\/p>\n

UBL\u2019s robust financial performance highlights its strong position in Pakistan\u2019s banking sector<\/a>, driven by strategic investments, effective risk management, and a diversified revenue base.<\/p>\n","protected":false},"excerpt":{"rendered":"

Karachi – United Bank Limited (UBL), one of Pakistan’s largest commercial banks, has announced record-breaking consolidated earnings of Rs75.78 billion for the year ending December 31, 2024, marking a significant 34% increase from its profit-after-tax of Rs56.47 billion in 2023. The profit includes Rs74.84 billion from continued operations and Rs938.61 million from discontinued operations during 2024. […]<\/p>\n","protected":false},"author":1,"featured_media":3438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t