UBL income up 28pc

ABU DHABI The Chairman of United Bank Limited (UBL), third largest Pakistani bank,

By A Staff Reporter

Published: Sun 16 Mar 2003, 12:30 PM

Last updated: Thu 4 Jul 2024, 2:47 PM

Shaikh Nahyan bin Mubarak Al Nahyan announcing the results of his bank since its three months buy out and mangement take over, said the UAE would help make Pakistan a haven for investors.

Shaikh Nahyan said that the bank had shown a 28 per cent increase in total net income, an 88 per cent rise in pre-tax profit, while the profit after taxation increased by 635 per cent.

He said that other items of the balance sheet also showed strong growth with customer deposits up 15 per cent, total assets up by 14 per cent, and share holders equity up 407 per cent increase. Shaikh Nahyan said that it is because of the management business strategy which they couldn't be implement under the bureaucratic set up before.

He said the UBL buy-out was a model for other foreign investors to look into the Pakistani economy.

Shaikh Nahyan said that at present bank was under going consolidation and upgrading its human resources and would yield better results in the current year .

He said that he has talked to officials in various countries in the Gulf about the expansion of the bank. He said that bank's logo and branch outlook is also being changed, to give a new look.

He said in the UAE the bank had an eight branch network, and his instructions are to improve the quality of services.

He said: "We are focusing on new technology, and greater improvement of human resources".

Speaking about his group interests in the massive privatisation programme being launched in Pakistan, Shaikh Nahyan said UAE has made huge investments in petrochemical and other areas. The group had confidence in the vibrance of the economy of Pakistan as the economic indicators have shown great improvement and his group would continue investing there.

He said the bank has entered into the agriculture sector by giving loans for grain procurement and enhancing storage capacities for farm produces, creating new business and giving loans to farmers.