01/12/2023
U Bank Posts Profit after Tax Rs. 1.4 bln for first half 2023. Alhamdolillah Rated A + Long term and A -1 Short term with Stable outlook and backed by 100% shareholding of PTCL rated AAA long term and A-1+ Short Term. https://lnkd.in/d9euwskZ Background: It is very wisely said "Fitna Qatal Se Baddtar Hai" - this was unfortunatly true in our case. Where people with vested interests deliberatly tried to induce a disastor on the best performing MFB last month on back of fake malified campaign on fronts (equity has wipped out due to loses, management shown the door etc etc) U Bank's, growth by way of branch expansion, increasing the secured loans and other diversified advances and soverign grade investments has been at heart of our plans since 2020. Aim has to be to diversify and be sustainable in all segments. Our newly appointed auditor for 2023 wanted to as a part of normal review to revisit recaliberate 2022 and 2023 IFRS 9 assumptions (as this is a new standard and to be proactively prudent) and after all of this on 30-06-2023 Alhamdolillah our Profit after tax is 1.4 bln and CAR of more than 15%. Our funding base is diverse and growing on back of organic cashflows, deposits and borrowings and growing. U bank, Alhamdolillah is enroute to post a thundering results at end 30-09-2023 and year end 2023 In shaa Allah. Our heartfelt thank you is to valued customers and stakeholders who stood by us like a rock wall in thick and thin. Your bank will keep making you proud. A big thank you to our Sponsor Share holders PTCL for their trust and support, Etisalat (E&) and Govt of Pakistan. Depositors, lenders and regulators thank you for your trust and support. Big thanks to 4600 strong U Bank staff and their families your text book resolve in wake of adversity will be remembered. Now to the haters, pseudo analysts, and Whatsapp Warriors ... well no comments, keep simmering in your own mediocrity:) watch us grow. Plus we still hv about Rs. 3.2 bln additional tier 1 and Tier II on our balance sheet in case u missed that in ur elementary elevator analysis :) We will continue to serve for financial inclusion aim in Pakistan IA. "Tunndey Baad E Mukhalif Se Na Ghabra Aey Auqab Ye tou Chalti hai tujhee ouncha Uraney ke liye"
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