KARACHI, Feb 18: United Bank Limited earned Rs4.5 billion pre-tax profit in 2003, registering 63 per cent rise over the previous year. The bank will pay a dividend of 22.5 per cent of issued capital - the first such payout to its government and private share holders in decades, says a press release.

The decision was taken at a recent meeting of its board of directors to approve the annual accounts of the bank for the year ended December 2003. "This represents the first full year operations since the handover of the bank's management to private shareholders in October 2002."

"Over the year the bank has achieved 45pc growth in performing advances. Deposits have grown by 17pc and remittances by 18pc," says the release without giving figures.