KARACHI, Feb 23: United Bank Limited on Thursday announced a record after tax profit of Rs5.9 billion for the financial year ended December 31, 2005 compared to Rs3.7 billion a year ago, showing an increase of 59 per cent.

The bank earned a pre-tax profit of Rs9.5 billion during the year under review as against Rs4.9 billion of the last year. The earning per share (EPS) rose to Rs11.5 from Rs7.2 last year. Interest income increased by 11 per cent to Rs5 billion as compared to Rs4.5 billion in 2004, mainly due to increased focus on trade business during the year.

The board of directors also recommended a cash dividend of Rs2.50 per share and bonus shares in the proportion of one share for every four shares held i.e. 25 per cent for the year 2005.

The net markup/interest income after provisions increased by 76 per cent to Rs12.7 billion mainly due to a 42-per cent growth in advances and acceleration in lending rates. Deposits grew by 26 per cent to Rs289 billion during the year.