KARACHI, Oct 14: Union Bank Limited has announced that its profit before tax during the nine months period ending Septr 30, 2005 stood at Rs2,007 million, an increase of 99 per cent over the same period last year.

The profit after tax amounted to Rs1,250 million as compared to Rs597 million, registering a growth of 109 per cent, the bank’s financial results show.

The 95 per cent of total income of the bank is derived from its core banking operations. As a result, gross revenue has increased by 74 per cent, with Rs7,376 million as compared to Rs4,236 million in the same period last year. When compared to September 30, 2004, deposits grew by 24pc whereas advances recorded a growth of 30 per cent.

Equity has registered an increase of 49 per cent, crossing Rs4,641 million, as against Rs3,122 million last year. Total assets stand at Rs100,520 million as compared to Rs78,970 million last year, registering a healthy growth of 27 per cent.

Annualized earnings per share for nine months are Rs6.85 as against Rs3.32, with a growth rate of 106 per cent.