According to the financial statements released by the bank, its making Rs 5.5 Crore every day and Rs 6.5 Million in every working hour. It would be interesting to add that UBL introduced a controversial employee share bonus scheme worth Rs 25 Crore last month to intact its key and top performing bankers.
This is not something new to banking industry when all the major banks are performing extraordinarily well and these jumps in profits was triggered by the jump in non-interest income and a drop in band loans.
Although in case of UBL – these results even beats analysts’ expectation who were expecting a profit of Rs 420 Crore previously. The unexpected deviation results from higher than expected other income and lower than expected provisioning.
The result could not help the stock close in the green as all 23 listed banks closed in the red following news of prime minister’s conviction in the contempt of court case.
Earlier this week, Habib Bank and Allied Bank profits grew by 22% during the same period of January to March 2012. UBL, on other hand, alone shows growth of 50%.
UBL produced better dividend income from treasury and trading related led overall growth in non-interest income to Rs 410 Crore. The banking industry’s focus has recently shifted towards government securities rather than private sector dealing.
UBL is one of those only banks who are planning to aggressively pursue branchless banking through its’ UBL Omni and they recently takeover Khushhali Bank for this purpose.
- Habib Bank Posted PKR 2,226 Crore Profit
- Allied Bank on a Good Start with Rs 300 Crore in Profits in first three months of 2012
- Habib Bank is Making Rs 200 Crore Per Month in 2012
- MCB Bank Made PKR 1,667 Crore with a Modest Growth
- Mansha’s MCB Bank Made Rs 1,100 Crore in Six Months of 2012