Karachi: United Bank Limited (UBL) has announced its financial results for the nine months ending September 30, 2026, revealing substantial profit growth in a climate of increased operating expenses. The bank's Directors' Report, released on October 30, 2026, highlighted a Profit Before Tax (PBT) of Rs. 240.5 billion, marking an 8% year-on-year increase. Profit After Tax (PAT) for the standalone entity reached Rs. 115.2 billion, compared to Rs. 98.5 billion in the same period of the previous year. This resulted in an Earnings per Share (EPS) of Rs. 46.0, up from Rs. 39.55.

On a consolidated basis, UBL reported a PAT of Rs. 116.6 billion, improving from Rs. 100.1 billion in 9M'25, with a consolidated EPS of Rs. 46.54. The bank's Board of Directors declared an interim cash dividend of Rs. 8.0 per share during their meeting in Dubai on October 16, 2026.

UBL's gross revenues climbed to Rs. 376.9 billion, reflecting a year-on-year growth of 21%, driven by net mark-up income which increased to Rs. 282.9 billion. Non-markup income stood at Rs. 94.0 billion, supported by a broad-based growth across all revenue lines, including Rs. 22.8 billion from fees and commission income. Capital gains of Rs. 47.9 billion were recorded, capitalizing on market opportunities alongside strong foreign exchange income.

However, the bank faced a 53% increase in operating expenses, amounting to Rs. 136.1 billion. This was primarily due to a 49% rise in staff costs to Rs. 52.6 billion, while property-related expenses grew by 51% to Rs. 17.6 billion, and IT expenses rose by 28% to Rs. 10.1 billion. A net provision reversal of Rs. 4.5 billion was recorded, slightly down from Rs. 4.7 billion in the prior year, reflecting ongoing recovery.

According to information available from the Pakistan Stock Exchange (PSX), UBL maintained a consolidated Capital Adequacy Ratio (CAR) of 18.71% as of September 2026, down from 20.97% in December 2025, yet still 4.71% above the regulatory requirement. The Common Equity Tier 1 (CET-1) ratio was reported at 15.61%, with the Total Tier 1 Capital ratio at 15.95%.

VIS Credit Rating Company Limited reaffirmed UBL's entity rating at "AAA/A-1+" (Triple A/A-One Plus) as of June 30, 2026, with a 'Stable' outlook. The bank's Additional Tier-1 (ADT-1) TFC rating was reaffirmed at 'AA+' (Double A plus), reinforcing investor confidence in its financial stability.