After-tax profit of
In the fourth quarter of 2013, the bank’s profit grew 22% quarter-on-quarter to
The bank’s board of directors also announced a final cash dividend of
“We attribute the decline in net interest income to the low banking spread scenario, which averaged 6.24% in 2013 as opposed to 7.02% in 2012,” it said.
The minimum discount rate, which was previously fixed at 6%, is now linked with the SBP repo rate, causing an increase in the cost of savings deposits across the sector. But, according to
“UBL has shown improvement in its loan book during 2013 (with) the gross non-performing loans ratio improving to 12.61% in
“UBL is likely to attract growth in this head going forward due to improving revenues from UBL Omni and commission from home remittances,” it said.
As for the sharp earnings growth on a quarterly basis,
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