United Bank Limited reports strong results for H1'23.

United Bank Limited (UBL) declared a Consolidated Profit Before Tax (PBT) of Rs. 52.0 billion for the half year ended June 30th 2023, with an impressive growth of 50% over last year. Profit After Tax (PAT) was reported at Rs. 27.5 billion, with a two-fold increase. Earnings per Share (EPS) was measured at Rs. 22.01 (H1'22: Rs. 9.77). The ROE for the current period was reported at 26% (HI'22: 13%).

The asset base has crossed Rs. 3.4 trillion, deposits have reached Rs. 2.4 trillion and advances were recorded at Rs. 916 billion as at Jun'23. The Bank's gross revenues stood at Rs. 85.5 billion, growing by 36%, driven by the buildup in the deposit base and well positioned investment portfolio. Net-markup income (NII) increased by a robust growth of 54% to Rs. 72.3 billion for H1'23. The Bank's Non-Fund Income (NFI) was reported at Rs. 13.1 billion for H1'23.

Domestic CASA deposits averaged Rs. 1.5 trillion for H1'23, with a growth of 13% year on year and a portfolio increase of Rs. 167 billion. The average CASA to total deposits ratio continued to strengthen and was measured at 90% in H1'23 (H1'22: 87%). Islamic banking remains a key priority and UBL continues to expand within this fast-growing segment. UBL Ameen's branch network stands at over 150 branches with 500 Islamic Banking Windows (IBWs) all across Pakistan. The bank sees the Islamic segment as a tremendous growth opportunity and will continue to build on the UBL Ameen footprint.

UBL has embraced the digital age by offering a comprehensive range of digital banking services. UBL's digital banking platform has revolutionized...