Union Bank nets Rs 238 million profit in six months

KARACHI (August 21 2003) : Union Bank Limited has announced its results for the half year ended 30th June 2003.

Profit before tax aggregated Rs 354 million, as against Rs 46 million for the same period last year.

Profit after tax, amounted to Rs 238 million, as compared to Rs 1 million, over the corresponding period last year.

The gross revenue for the period, at Rs 2.5 billion, has recorded a handsome increase of over 59 percent, as compared to last year.

When compared to December 31, 2002, deposits grew by 13 percent whereas advances recorded a growth of 9 percent.

The overall balance sheet stands at Rs 61 billion (USD 1.06 billion), at the period end, reflecting a 10 percent growth from December 31, 2002.

Union Bank has firmly established itself as one of the premier financial institutions in Pakistan, offering a wide array of financial products under one roof.

These products range from saving / current accounts such as Mahana Izaafa and Business Account, to financing facilities, such as Business Power, UniCar, My Home and Ready Cash, to the world's most respected American Express Credit and Charge Cards.

The Bank has a nation-wide network of 42 branches in 19 cities, offering a wide range of branch banking services to its customers. In addition, the Bank caters to the financial needs of a large portfolio of corporate clients through its Corporate Banking Group.

Union Bank also has a separate SME Banking Group, serving the specific needs of the SME segment.

The Bank has achieved notable success in the current calendar year in terms of acquisition, loyalty and retention of the customers.

The success of the above mentioned products and services can be directly attributed to the commitment of the management and the investment it has made in people, technology, and processes.

JCRVIS has declared Union Bank's credit rating at A+/A1 representing a stable outlook.

The Pakistan Credit Rating Agency (PACRA) has also recently upgraded Union Bank's long term rating from A- to A, while the short term rating has also improved from A2, to A1.

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