KARACHI, April 16: The Union Bank said on Saturday it has posted a pre-tax profit of Rs647 million in the first quarter of 2005 up 242 per cent from Rs189 million profit it had earned in a year-ago period. According to a press release issued by the bank the after-tax profit stood at Rs397 million in January-March 2005 up 223 per cent from Rs123 million in January-March 2004. Earning per share during the first quarter of this year improved to Rs7 from Rs2.16 on an annualized basis.

The release said these and other highlights of the bank’s performance were reviewed by the board of directors of the bank that met the other day. Chairman of Union Bank Mueen Azfal presided over the meeting.