KARACHI - UBL posted profit before tax of Rs. 26.4billion for the nine months ended September 30, 2020. The profit after tax stood at Rs. 16 billion with 12% growth over last year. The Bank maintained its momentum across core businesses as gross revenues were recorded at Rs. 71 billion, up 14%. Earnings Per Share (EPS) stood at Rs. 13.13 for the nine months ended Sep 30th 2020. The Bank’s capital ratios remained strong with the overall Capital Adequacy Ratio (CAR) at 22.8% as at September 30, 2020, well above the minimum regulatory requirement of 12.5%.

Domestic bank leads with strong earnings

The Bank has a large and growing customer base of over 10 million, led by branch banking which remains the cornerstone of the franchise. The domestic business recorded profits before tax of over Rs. 36 billion in the current period, up 36% from last year. The depth and coverage of the UBL branch network across Pakistan continues to pay strong returns as the deposit base stood at Rs. 1.35 trillion, growing by 11% over Dec’19. Financial inclusion across all segments of society is one of the core pillars of UBL’s strategy as it acquired close to 400,000 new current accounts.

The current quarter has already witnessed a rebound to pre-Covid levels across core segments with the resumption of business activity across the country. All core fee lines - ATMs commissions, commercial trade, bancassurance, consumer, etc. are up by an aggregate of 22% vs the last quarter. This is a very positive sign as transaction flows are now heading back to pre-Covid levels. With 1,361 branches and 1,455 ATMs nationwide, UBL is one of the largest private sector banks operating in Pakistan. The Bank maintains a strong presence in the SME space, as a reliable partner with its operations extending across all the major trade hubs of the country. The Bank shall continue to play a leading role in the economic recovery of the country as industrial sectors gear up for future growth and expansion. 

UBL leads with largest home remittance market share 

UBL maintained its leadership position in the home remittances space with a market share of approx. 24%. Over USD 6 billion of remittances have been channeled to Pakistan in the last one year through UBL. The Bank remains the most trusted partner for overseas Pakistanis with its presence in the GCC for over 50 years. UBL believes that expanding the suite of services for Non Resident Pakistanis (NRPs) is a key strategic initiative for the country and the Bank shall remain at the forefront of deposit mobilization under the ‘Roshan Digital’ account. UBL is committed to make a valuable contribution to the Naya Pakistan Housing initiative. The Bank believes this will provide affordable housing for all Pakistanis and also create a mortgage market which in the long term will re-lay the foundations of the economy. 

UBL’s aspiration is a “Digitally enabled Pakistan”

UBL was declared Pakistan’s Best Digital Bank for 2020 by Asiamoney, an associate of Euromoney. The award recognizes UBL’s contribution in extending financial services through digital channels and its leading role as one of the most progressive and innovative banks in the country. The‘UBL Digital’ app has been gaining a very positive response as the digital customer base stands at 1.2 million as at September 30, 2020, with around 20% of the Bank’s branch customers now conducting transactions through the platform. Its branchless banking proposition, UBL Omni, maintains a large network allowing customers to make payments in a secured manner at over 37k ‘Omni dukaans’ throughout major cities as well as small towns and also in remote regions of the country.

“Our most valuable 

asset is the UBL Team”

As the Bank announced its resultsfor the nine months ended Sep 30, 2020, Mr. Shazad Dada, UBL’s President & CEO stated, “Customers remain at the heart of our corporate philosophy. Wewill continue to invest in and develop innovative and technologically superior solutions. We aim to create operational efficiencies within our businesses with a clear approach to deliver ‘Simpler, Better, Faster’ across all channels. We believe that a well-motivated and diverse workforce is crucial to drive excellence and infuse the ‘where you come first’ spirit. A number of strategic initiatives are underway which will have a strong impact on core and emerging business segments, in the medium to long term. Strengthening compliance and control standards in line with international best practices is an ongoing journey where we remain fully committed as an organization. While we reinvest and grow the domestic business, repositioning international remains a strategic priority for the Bank”.