KARACHI-UBL delivered yet another solid performance generating a profit before tax (PBT) of Rs.68.3 billion for the year ended December 31, 2022, with a year on year growth of 31%. Profit after tax (PAT) was reported at Rs. 32.1 billion with earnings per share (EPS) at Rs. 26.19 (2021: Rs. 25.23). The bank declared dividends of Rs. 9.0 per share for the fourth quarter of 2022, taking the overall dividend distribution to Rs. 22.0 per share for the full year which is significantly higher than the Rs. 18.0 per share declared in 2021. Despite economic challenges this year, UBL remained resilient in sustaining its leading position in the Pakistan banking industry.
UBL remains one of the largest financial institutions of Pakistan with a footprint of 1,335 branches in Pakistan and an asset base of over Rs. 2.8 trillion. Serving 11 million customers, with deposits of over Rs. 1.84 trillion and gross advances of Rs. 1.01 trillion as at December 31, 2022, UBL is at the forefront of banking and financial services in Pakistan. The bank continues to build on its award-winning digital banking infrastructure which has repeatedly been recognized as one of the best in Pakistan in providing the most innovative banking solutions.
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Commenting on the results, Shazad G. Dada, President & CEO of UBL, said: “We are proud of our solid performance across all core segments and the resilience of our people and network in these challenging times. Our results reflect our focus on deepening and building customer relationships which reaped dividends with robust growth in fee income and a strong growth in deposits. Despite a high inflationary environment, we have worked diligently to contain costs which is evident from our low cost to income ratio. Our focus remains on investing in our branch network and our staff who are our two biggest assets, and with whom we serve our 11 million customers. As one of the systemically important financial institutions, we remain committed to fulfilling our responsibilities towards our customers, people and our shareholders. We are confident that with our honesty of purpose, commitment to excellence and the dedication of our staff, we will achieve even greater heights in 2023.”
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