UBL posts Rs75.8bn profit in 2024, up 34% YoY

United Bank Limited (UBL), one of Pakistan’s largest commercial banks, posted consolidated earnings of a massive Rs75.78 billion during the year ending December 31, 2024, up over 34% from the profit-after-tax of Rs56.47 billion in 2023.

The profit includes Rs74.84 billion from continued operations and Rs938.61 million from discontinued operations in 2024.

According to a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday, earnings per share clocked in at Rs61.39 in 2024, an increase from Rs45.05 in 2023.

The Board of Directors also announced a final cash dividend for the year ending 31 December 2024 at Rs11 per share i.e. 110%. This is in addition to the interim dividend already paid at Rs33 per share i.e. 330%

UBL’s profit clocks in at massive Rs15.3bn in 2QCY24

The profit comes on the back of a higher net interest income and massive gains on securities.

During the period, UBL mark-up/return earned increased from Rs535.21 billion in 2023 to Rs1.084 trillion in 2024, a massive increase of over 102%.

As a result, the bank’s net mark-up/return earned increased to Rs173.55 billion in 2024, as compared to Rs148.98 billion in 2023, up by 16%. The bank’s markup expenses increased to Rs911.09 billion in 2024, a jump of 136% year-on-year.

The fee and commission income earned by UBL during the year amounted to Rs21.5 billion, an increase of over 9% against Rs19.8 billion earned in the same period last year.

In addition, the bank saw massive gains on securities to the tune of Rs42.59 billion in 2024, in comparison to a meagre gain of Rs532.7 million in 2023, a jump of nearly 79x.

During the period, the bank saw its non-interest income jump by 132% YoY, clocking in at Rs83.7 billion. Consequently, UBL’s total income stood at Rs257.24 billion in 2024, as compared to Rs185.04 billion in 2023.

UBL’s operating expenses clocked in at Rs97.1 billion in 2024, up 39% against Rs70.1 billion in 2023.

Consequently, the bank profit-before-tax stood at Rs145.04 billion in 2024, an increase of 31%, compared to Rs110.6 billion in 2023.