UBL declares profit of Rs. 25bn for 2018, delivers strong returns to shareholders

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KARACHI: UBL has posted a standalone Profit Before Tax (PBT) of Rs. 25 billion for Full Year 2018. Excluding a one-off extraordinary pension charge for prior years, PBT reached Rs. 31.6 billion, one of the highest in the industry. The Bank maintained its strong payout, declaring dividends of Rs. 13.5 billion (Rs. 11 per share) in total to shareholders during the year. The Bank remains well capitalized as the Capital Adequacy Ratio (CAR) improved from 15.4% in Dec’17 to 17.7% in Dec’18.

UBL is deeply embedded across core segments, serving over 5.3 million customers through its network of 1,364 countrywide branches, 1,451 ATMs and 36,000 branchless banking agents. During the year, UBL launched its banking app, “UBL Digital”.

The app is equipped with enhanced security and unique features such as QR code payments, facial recognition and augmented reality. This year the Bank also launched ‘digital client on-boarding’.

With this facility, customers can request to open a UBL bank account anytime, anywhere through the UBL Digital App. The app has received a positive response as the subscriber base stood at 300,000 at the end of the year.

Building on the strong momentum of its domestic branch banking franchise, UBL added 586,000 new current accounts during the year. Current deposits closed at Rs. 508 billion at Dec’18 with 15% growth over last year.

Resultantly, current to total deposits ratio improved from 43% in 2017 to 46% in 2018. Domestic deposits reached Rs. 1.1 trillion at Dec’18, a 9% growth over last year.