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UBL terms year 2004 tremendous and profitable
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Buisness Recorder, March 22 2005 |
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Deputy Chairman United Bank Limited (UBL),
Sir Mohammed Anwar Pervez said the year 2004 had been a tremendous
and profitable year for the UBL, statement said. He was addressing
the 46th annual general meeting of the bank held at a local
hotel in Karachi on March 19. He said, "we are proud to
announce that UBL is now officially the second largest private
sector bank in Pakistan with its 25 percent growth in deposits
to Rs 237 billion in 2004. |
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The bank achieved growth of 51 percent in advances
to Rs 150 billion, which is one of the highest growth rates
among the large network banks. This all has been possible due
to the continued commitment, hard work and immense dedication
by our CEO Atif Bokhari and his team, he added. |
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He also thanked his fellow board members and
the Chairman, Shaikh Nahayan Mabarak Al Nahayan for his vision
and support. |
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Commenting on the results, he informed the shareholders that
the profit of Rs 5 billion indicates solid growth for 2004,
and with continued focus on revenues in 2005 we are confident
of achieving steady annual growth. |
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Cash dividend of Rs 1.50 per share has been declared for the
year ended December 31, 2004. In context of corporate governance,
Sir Anwar Pervez impressed upon all stakeholders, including
staff members to aim for success but within the confines of
credibility, honesty and integrity with the spirit of Cupertino. |
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The Bank launched a variety of consumer banking products and
services - UBL Drive, UBL Cashline, UBL Address, UBL Business
Line, UBL Wallet ATM card and UBL Business Partner. |
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These have been a huge success with consumers; UBL Address
and UBL Drive have captured a sizeable market share within the
first few months of their launch and are now market leaders
in their segments, the statement added. |
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The Bank recently launched its Visa credit card, which is
the first FMV-chip enabled credit card in South Asia. |
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In addition, the bank introduced e-banking services for its
customers through the launch of netbanking and Click N Remit. |
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The year 2004 proved to be a dynamic and productive year for
the traditional bank as well. Many corporate finance transactions
were concluded in this year, adding several high quality corporate
names to its customer base. |
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The Investment banking Unit was awarded the largest Corporate
Finance House by Member Society of CFA institute for the second
consecutive year running. The award is conferred on the basis
of number and quantum of transactions executed. |
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The Corporate Banking Group continued to be a vital business
area, providing beneficial services to both corporate and financial
Institution customers. |
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The Commercial Banking Group continued to tackle shrinking
spreads by doubling the portfolio and despite stiff competition,
was the key driving force in the 25 percent growth in deposits. |
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The deposit products were re-branded and the refocus helped
improve profitability through change in the deposit mix of transactional
and savings accounts. |
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During the year a number of branches were renovated on a fast
track basis, and 360 branches are now automated to provide online
banking services between branches. |
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The Treasury & Capital Markets further strengthened its
core businesses and simultaneously benefited from the market
opportunities to boost its product range and client coverage. |
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During the year a comprehensive and far-reaching review was
undertaken to develop a strategic plan and vision for the bank.
This has laid the foundation for a strong financial institution
with best practices, fully geared to participate in the country's
economic growth, while enhancing shareholder value. |
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With a diversified customer portfolio and a commitment to
provide best in class services, the UBL aims to exceed customer
satisfaction. |
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The statement said with a vision of becoming a World Class
Bank together with its 'you come first' philosophy, the UBL
has come a long way in the journey to accomplish its vision.-PR |
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Copyright Business Recorder, 2005 |
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