United Bank Limited (UBL) has achieved its highest-ever profit after tax (PAT), reaching Rs. 75.78 billion for the year 2024. This represents a significant 34% increase from the Rs. 56 billion it earned in 2023. With this record-breaking profit, UBL now holds the second-highest PAT in Pakistan’s banking sector.
The bank’s strong financial performance was driven by impressive growth in both interest and non-interest income. Its Net Interest Income grew by 17% year-over-year, reaching Rs. 173.5 billion. Meanwhile, Non-Interest Income saw an extraordinary surge of 132%, climbing to Rs. 83.7 billion. A major factor behind this jump was the Rs. 42.6 billion gain from the sale of securities, a massive increase compared to just Rs. 532 million last year.
In addition to its remarkable earnings, UBL has announced a generous cash dividend for its shareholders. The bank declared a final cash dividend of Rs. 11 per share (110%), which comes on top of the Rs. 33 per share (330%) it had already paid earlier.
Other aspects of UBL’s performance showed mixed results. While the bank saw an increase in fee and commission income, which reached Rs. 21.5 billion, its foreign exchange income declined to Rs. 12.5 billion. Despite this, the bank’s overall financial health remains strong, and its latest results highlight its continued growth and success in Pakistan’s banking industry.
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