mainly due to
focus on trade business during the year. Income from dealing in
foreign currencies also increased sharply by 53% and stood at Rs0.7
billion, due to the weakening of the rupee, which created
opportunities for effective arbitrage. The profit after tax grew by
36% over last year to Rs3.8 billion (2002: Rs1.5 billion),
translating into an EPS of Rs7.38 per share (2002: Rs0.62 per share)
and a return on equity of 26% (2002: 17%).
Deposits grew by
25% in comparison to the last year and stood at Rs237 billion (2002:
Rs162.7 billion). Our dedicated field staff once again demonstrated
their ability to exceed expectations.
achieved a 51% growth in advances to Rs150 billion as compared with
last year, which is one of the highest growth rates amongst the
large network of banks. The advances have doubled since the year of
rose sharply by 31% to Rs189.5 billion whereas home remittances also
increased by 12% to Rs22.7 billion as compared to last year.
performance of the Bank resulted in upgrading of the Bank's
long-term credit rating to "A+" from "A" and short-term rating to
"A-1+" from "A-1" by the JCR-VIS Credit Rating Company. This has
assisted in increasing the depositor's confidence in the Bank.
increasing demand of credit in the economy and the expansion of the
consumer business, there has been an increasing pressure on bank's
capital. To mitigate this, the Bank effectively raised supplementary
capital through the issuance of listed, rated, unsecured and
subordinated Term Finance Certificates amounting to Rs4 billion,
split between two issues. The first issue was closed successfully in
August 2004, whereas the second issue will be offered to the general
public in February 2005. The capital adequacy ratio on a
consolidated basis stood at 12.94% for December 2004.
2004 has been a
year of major initiatives for the Bank. Four new consumer loan
products were launched viz. UBL Drive, UBL Cashline, UBL Address and
UBL Business Line. UBL Address and UBL Drive captured bulk of the
market share within the first few months of their launch and are
market leaders in their segments. UBL's Visa credit card is expected
to be launched in February 2005. It is the first EMV-chip enabled
credit card in South Asia.
The year 2004
also saw the launch of UBL Wallet ATM card and UBL Business Partner
— current account. In addition, the bank introduced e-banking
services for its customers through the launch of You First Net
UBL aims to broaden its network through ATMs and e-banking products.
Following the establishment of a 24x7 call center, UBL plans to
supplement its service and focus on quality improvement. The Bank's
investment in human resource, premises and technology reflects its
commitment to enhance customer satisfaction through world-class
products and services.
UBL'S VISA CHIP CREDIT CARD
Limited (UBL) recently announced that UBL is the first bank in
Pakistan and South Asia to launch the Visa Chip Credit Card.
Privileged UBL chip credit cardholders will now benefit from many
exciting rewards & payment options and services besides enhanced
security, protection and convenience.
privatization the Bank has emerged to become one of Pakistan's most
dynamic and aggressive financial institutions, which has launched a
number of leading consumer financing products including auto,
housing and personal financing. UBL's massive customer base of
existing branch customers of 3.5 million and a vast reach of more
than 1000 branches all over Pakistan is an advantage," said UBL's
President & CEO Atif Bokhari.
He further added
"As the first bank in Pakistan and South Asia to launch an EMV Chip
Credit Card, UBL is now set to lead the way in this key area of
consumer banking. This move is very significant for us as it
provides unending opportunities and an enhanced lifestyle to our
customers as well."
chip-enabled credit card will offer special exciting features to
customers combined with greater security and protection. UBL can now
provide its customers with a product-based on real value and options
to enhance their lifestyle. With the introduction of this product we
are truly set to change the cards industry forever."
elaborating on the product, M.A. Mannan, Group Executive Consumer
and Commercial Banking, said "With Pakistan's first chip credit
card, the consumer can now enjoy complete freedom without the worry
and hassle of cash-based transactions. It guarantees global
acceptability in more than 22 million locations worldwide in more
than 130 countries and in more than 12,000 outlets within Pakistan.
In line with our You First Vision, for the first time in Pakistan
UBL introduces CHIP rewards on its credit card. The way as a
privileged UBL Credit Card customer, the user will have the option
of exciting instant chip rewards versus traditional point-based
We are also
launching "RoadMiles" for the first time in Pakistan whereby the
more you spend on your card you get free Petrol every month. Another
first is TalkTime whereby the more you spend on your card you get
free TalkTime/Minutes in addition to a free connection."
"We also have
the Low Balance Transfer Rate facility which gives the user the
opportunity of paying off balances at only 1.52% per month on the
same balance. The user can withdraw cash through UBL Credit Card's
instant cash advance facility from any designated UBL 'Cards
Payments' Branch nationwide, and at more than 700,000 ATMs and
financial institutions worldwide displaying the VISA/PLUS logo," he
The UBL credit
card launch comes after the successful launch of a series of
products within the year, which include UBL Wallet ATM/Debit Card,
UBL Drive, UBL Address, You First Net Banking and UBL CashLine. It
has also to its credit the first complete drive-through branch in