KARACHI, Oct 28: The United Bank Limited (UBL) continued to deliver strong financial performance, with consolidated profit before tax of Rs14bn at the end of third quarter 2008, which was higher than the same period last year.

Profit-after-tax closed at Rs9.1 billion, translating into earnings per share (EPS) of Rs8.86, up from Rs7.20 in September 2007. Strong growth in net interest income as well as non-interest income contributed towards this favourable performance, says a press release.

Net income before provisions rose to Rs21.3 billion, exceeding that of last year by 15 per cent whereas non-interest income grew by 40 per cent over a similar period to Rs9.6 billion. Higher corporate finance fee and trade commissions (up 29pc) contributed to this increase. Net provisions at Rs3.9bn are up by 8pc from the corresponding period last year. In comparison to 2Q08, provisions have remained flat.

The banks deposits grew by Rs53bn ie 13pc to Rs465 billion on a consolidated basis over the period under review. Domestic deposits grew by Rs19bn i.e. 6pc to Rs348 billion increasing the banks share of deposits from 9.1pc in Dec 2007 to 9.3pc in September 2008.

Total assets grew by Rs71bn to Rs618 billion. International operations remained vibrant during 2008 raising contribution to the bank’s total profitability to 20pc and total assets to 24pc, it said. Profit before tax increased by 22pc to Rs2.8bn, deposits grew by 51pc to Rs107 billion and advances by 55per cent to Rs100bn.

Pre-provision operating profit increased by 24pc to Rs19bn and operating revenue grew 21pc during the period under review.