According to a press note of the bank issued on Wednesday, the board approved annual accounts for the year 2003, which was the first full year of business after the bank's privatisation.

The press note says "UBL has declared dividend for the first time in decades", however, it was silent on the nature and details of dividend, announcing only the bank will "pay dividend of 22.5 per cent of issued capital". The bank earned a pre-tax profit of Rs4.5 billion, registering a 63 per cent growth over the previous year. There was "staggering 45 per cent growth in advances" while deposits grew by 17 per cent.