KARACHI, Nov 15: United Bank Limited earned a pre-tax profit of Rs6.5 billion in the first nine months of 2005, recording an increase of 110 per cent. According to a press release, UBL had earned a profit before tax of Rs3.1 billion last year.
The major contributor towards the hefty profit was the net mark-up or interest income after provisions, which doubled to Rs9 billion (Rs4.5 billion in 2004) mainly due to a volume increase in advances and an acceleration in lending rates. Fee income has increased by 50 per cent to Rs1.8 billion, over the corresponding period last year due to increased focus on trade business.
The bank’s total deposits stood at Rs279 billion. UBL achieved an 18 per cent growth in advances to Rs189 billion in nine months ending September 30, 2005.
