The Union Bank Limited has announced its results for the Quarter 1, 2004. The bank's operating profit before provisions for the quarter jumped by 70 percent to Rs 362 million as against Rs 213 million in the same period last year.
Total advances have increased by 44 percent to Rs 42.6 billion as compared to Rs 29.6 billion for quarter ended March 31, 2003. Similarly, the deposits have increased by 40 percent to Rs 53 billion from Rs 37.9 billion in the same quarter last year.
Total Assets of the bank have also recorded a substantial growth of 30 percent at Rs 67.2 billion as compared to Rs 51.7 billion in quarter 1, 2003.
The net mark-up recorded an increase of 112 percent whereas the total gross revenue aggregated Rs 919 million as compared to Rs 772 million in quarter 1, 2003, recording an increase of 19 percent.
The profit before-tax recorded an increase of over 15 percent amounting to Rs 188.8 million, as compared to Rs 164.1 million in the 1st quarter 2003. In line with the bank's commitment to reduce the expenses, administrative expenses have been curtailed and a number of initiatives are being undertaken to improve productivity in the organisation.
The Union Bank's product portfolio covers a wide range of branches, corporate and consumer banking products catering to the lifestyle needs for its target customers.
The bank offers a variety of deposit products for banking consumers, such as Mahana Izaafa, a savings account with monthly profit payment and Business Account, a current account offering a host of services, including inter-branch transactions.
The bank also offers one of the widest range of consumer banking products, including home loans, auto loans and mortgage finance products. In addition, the bank has a running finance product for individuals with the name of Ready Cash.
The Union Bank is also the sole issuer of American Express Credit, Charge and Corporate Cards in Pakistan, and has a merchant acquiring network catering to American Express, Visa and MasterCard.
It is also the first bank in Pakistan to introduce programme-based financing products for small and medium enterprises (SMEs).
The Union Bank has firmly entrenched itself as a premier financial institution in Pakistan with a growing network of 42 branches in 19 cities.-PR
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