United Bank Limited posted a 47 percent increase in its CY21 net profit, due to 29 percent increase in its Non funded income and provisions reversals.
Interest earned of the bank decreased by 2 percent YoY during CY21 while interest expense witnessed a decline of 1 percent YoY.
A L S O || R E A D
OGDCL posted highest ever profit of PKR 68.8 billion during 1HFY22: PSX
The Board has approved final cash dividend of PKR 6.00 per share (60%) bringing the total dividend pay-out for the CY2021 to PKR 18.00 (180%) per share as PKR 12.00 per share (120%) interim cash dividend was already paid for the nine months.
The Bank’s non-funded income recorded a 29 percent growth to PKR 24.3 billion mainly contributed by increase in capital gains, fee and commission income, dividend income and foreign exchange income which rose by 470 percent, 15 percent, 80 percent and 8 percent respectively.
Dividend income of the banks increased to PKR 3,478 million during CY21 compared to PKR 610 million during CY20
The Bank’s operating and other expenses also increased by 9 percent to PKR 48.7 billion.
United Bank Limited is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. The Bank is a subsidiary of Bestway (Holdings) Limited which is a wholly owned subsidiary of Bestway Group Limited.
