United Bank Limited (UBL) commenced the year 2021 on a good note as the profitability of the bank showed a staggering growth of 54.4 percent on a year-on-year basis in the first quarter of 2021.
According to the financial reports, the bank made a profit of Rs.7.58 billion from January to March 2021 compared to the profit of Rs. 4.91, which was registered by the bank in the corresponding period of 2020.
The bank generated handsome revenue streams from interest and non-markup avenues during the period.
UBL’s profit growth of the first quarter of 2021 has set a dominating position in banking in terms of profitability, mainly over its competitors. The bank bounced back with handsome profitability in the first quarter, which has given the bank an edge over many of its competitors.
After Habib Bank Limited (HBL) announced a profit of Rs. 8.6 billion, UBL maintained its position with a profit of Rs. 7.5 billion. Among the competing bank, National Bank of Pakistan (NBP) is the only which could give tough time to these two banks.
Besides, two other banks MCB Bank and Meezan Bank, also stood strong with their profitability at Rs. 6.8 billion and Rs. 6.1 billion in the first quarter of 2021.
Shahzad Dada, President and CEO of UBL, took charge of the bank last year. His performance at his former organization was outstanding, while it is expected that the UBL is likely to be transformed to be a more profitable bank in the future.
The share value of the bank increased to Rs. 6.21 from Rs. 3.98. The board of directors also announced a handsome dividend of Rs. 4 per share.