KARACHI, Aug 20: Union Bank Limited profit before tax rose to Rs354 million for the half year ended June 30, 2003, as against Rs46 million for the same period last year.

The profit after tax amounted to Rs238 million as compared to Rs1 million, over the corresponding period last year. The gross revenue for the period at Rs2.5 billion has recorded a handsome increase of over 59 per cent, says a press release.

When compared to December 31, 2002, deposits grew by 13 per cent, whereas advances recorded a growth of nine per cent. The overall balance sheet stands at Rs61 billion ($1.06 billion), reflecting a 10 per cent growth from December 31, 2002.

The JCR-VIS has declared Union Bank’s credit rating at A+/A1 representing stable outlook. The Pakistan Credit Rating Agency (Pacra) has also recently upgraded the bank’s long-term rating from A- to A, while the short-term rating has also improved from A2 to A1.