United Bank Limited (UBL) has won the coveted "Asiamoney" award for the "Best Domestic Bank in Pakistan 2007". The award has been conferred on the bank on the basis of polls conducted by the publication this year. The award is widely seen as an endorsement of an institution's professional excellence, outstanding performance and impeccable reputation.
The June 2007 issue of "Asiamoney," detailing the award categories and winners in Asia, has hit the news-stands across the world. According to the publication, UBL stands out as the "best-placed bank in Pakistan. It is the leading consumer asset generator in the market and, bearing in mind that consumer lending only started in 2002, it shows most promise."
The publication goes on to state that the balance sheet of the bank at Rs 432 billion (7.1 billion dollars) is robust and reflects a 22 percent year on year growth. Increase in net profit at 59 percent is also cited as a strong indicator of confidence in the bank's performance.
Other key indicators that clinched the award for UBL were the highest earnings per share growth at 59.2 percent as well as total income growth of 45.4 percent in 2006.
Asiamoney's forecast for UBL is very bullish and emphasises the fact that the bank "is increasing its deposit base the fastest [in the market], recording 16 percent year-on-year growth in 2006." Quoting an analyst, the publication states that "UBL has moved ahead with regard to product, space and infrastructure. It has been more aggressive [than rivals] in expanding through its deposit base."-PR
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