UBL's strong momentum continues as PBT rises 30pc in Q1.

UBL declared Profit Before Tax (PBT) of Rs. 15.8 billion for the quarter ended March 31, 2022, which represents an increase of 30% in the bottom line. Earnings per Share (EPS) was measured at Rs. 7.78 (Q1'21: Rs. 6.05). The Bank maintained the healthy payouts to its shareholders with the first dividend of the year declared at Rs. 5.0 per share. UBL's capital base remains strong as the Capital Adequacy Ratio (CAR) stood at 21.7% as at Mar'22, an excess of 9.2% over regulatory minimum requirements.

UBL records 25% growth in the revenue top line

The Bank's gross revenues stood at Rs. 28.3 billion, growing by 25%, driven by the buildup in the deposit base over last year, healthy loan growth and well positioned investment portfolio. Non-markup income was recorded at Rs. 6.8 billion for Q1'22, up 17% as all major fee based revenues depicted a solid pick up in business with strong growth in foreign exchange flows. The cost to income ratio further improved to 42% from 44% last year. Provisioning expense remained controlled with enhanced risk vigilance and strong focus on recoveries across both domestic and international.

Serving a customer base of over 10 million

UBL remains one of largest private banks in Pakistan with a branch network of 1,340 branches spread across both urban and rural geographies and 1,439 ATMs across the country. The physical network is well supported by the industry's leading Digital Banking services and our branchless banking proposition UBL Omni which serves even in the remotest locations across Pakistan. Our strength is an increasing and diverse customer base nationwide, as we continue to build on our agenda of financial inclusion and providing access to finance across all segments of society. Domestic deposits averaged Rs. 1.5 trillion for Q1'22, with strong growth of 11% in current accounts and a very profitable CASA ratio of 88%. The Bank continues to expand its customer base, particularly within current deposits, as it on-boarded 162,000 new current account relationships in the first quarter.

UBL remains an active participant in all the major economic initiatives of the Government of Pakistan and the State Bank of Pakistan (SBP). We are one of the key partners in the SBP's Roshan Digital initiative, having opened over 78,000 accounts, with inflows of over USD 532 million. The Bank continues to play its role in the Mera Pakistan Mera Ghar initiative, with disbursements of Rs. 3.5 billion. Furthermore, we are at the...