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| UBL results announced The Nation, February 15, 2007 |
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United Bank Limited, one of the largest private banks in Pakistan, on Wednesday announced its results for the financial year ended 2006.
The bank posted a 51 percent increase in profit before tax of Rs.14.3 billion, which is significantly higher than its 2005 all time record of Rs.9.5 billion. Profit after tax has also grown significantly by 59 percent to Rs. 9.5 billion (2005: Rs.5.9 billion) with a 51 percent return on opening shareholders equity at an EPS of Rs.14.62. Fee income grew by 52 percent to Rs.3.9 billion due to higher commissions on the consumer loan portfolio and significant increases in trade volumes and commissions on third party bill collections.
The board of directors recommended a cash dividend of Rs.3.00 per share, that is 30 percent (2005:Rs.2.50, that is 25 percent) and bonus issue of 25 percent, which is in the proportion of one share for every four shares held, for the year ended Dec 31, 2006. During 2006, the deposit base of UBL grew by 16 percent to Rs.335 billion (2005: Rs.289 billion). This was driven partly by a strong increase of 59 percent in the bank’s overseas deposits. |
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