Ubank Posts Net Profit of Rs. 1 Billion in 2022

U Microfinance Bank Limited has generated a net profit after taxation of Rs. 1 billion during the year ended 31 December 2022.

According to Ubank’s financial statement for the year ended 31 December 2022, the bank generated a profit before taxation of Rs. 1.5 billion during the year ended 31 December 2022. This represents an increase of Rs. 0.3 billion or 25 percent compared to the previous year.

The bank’s total income for the year was Rs. 8.9 billion, which is an increase of Rs. 1.4 billion or 19 percent compared to the previous year. The increase in income was primarily due to higher interest income from advances and investments.

On the expense side, Ubank incurred total expenses of Rs. 7.4 billion, which is an increase of Rs. 1.1 billion or 17 percent compared to the previous year. The increase in expenses was primarily due to higher administrative expenses related to expansion activities.

Ubank’s annual earnings for the year were Rs. 1 billion, which is an increase of Rs. 0.2 billion or 25 percent compared to the previous year. The increase in earnings was primarily due to higher interest income from advances and investments.

The bank generated net cash inflows from operating activities of Rs. 3.4 billion during the year. This represents an increase of Rs. 1.3 billion or 62 percent compared to the previous year. The increase in cash inflows from operating activities was primarily due to higher interest income and lower tax payments.

The bank also invested Rs. 4.5 billion in advances and investments during the year, which is an increase of Rs. 1 billion or 29 percent compared to the previous year. The bank’s cash outflows from financing activities were Rs. 0.9 billion, which is an increase of Rs. 0.3 billion or 50 percent compared to the previous year.