UCB posts 32% profit growth in Q3

United Commercial Bank (UCB) PLC has reported a 32 percent year-on-year profit growth in the July-September quarter of 2024, driven by higher interest income, investment gains, and increased commission and fee income.

The announcement came at the bank's board meeting at its head office in Dhaka today just after the approval of financial statements of the July-September quarter of 2024, according to a press release.

The bank's net profit after tax reached Tk 262 crore, up from Tk 199 crore in the same period last year.

Sharif Zahir, chairman of the bank, presided over the meeting.

Earnings per share rose to Tk 1.75 from Tk 1.33, while the net asset value per share increased to Tk 29.46 from Tk 28.08.

As of September 30, 2024, the bank's total assets were valued at Tk 74,775 crore.

The bank also saw its deposits grow by 6 percent, reaching Tk 54,439 crore, and loans increased by 12 percent to Tk 56,761 crore.

The non-performing loan coverage ratio stands at a robust 68 percent.

The board of directors of the bank expressed satisfaction with the bank's performance in a challenging industry.

They also called for continued growth in the upcoming quarter and reaffirmed the bank's commitment to providing innovative banking solutions and ensuring sustainable growth.

Other directors of the bank, and managing director, along with the senior management team of the lender, were present.