DE Online Desk:
United Commercial Bank PLC (UCB), held its 501st Board meeting on recently at its corporate head office.
The meeting was presided over by the distinguished businessperson and Chairman of UCB Sharif Zahir, says a press release.
Md Shazzad Hossoin, vice-chairman of UCB; Md Yusuf Ali, chairman of the risk management committee; Obaidur Rahman, chairman of the audit committee; and Mohammad Mamdudur Rashid, managing director and CEO of UCB were all present in the meeting along with others from the senior management.
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In this meeting, the Board approved the financial statements of Q3’24. The statements have reported a significant 32 per cent increase in net profit for the first nine months of 2024.
The bank’s net profit after tax reached BDT 262 crore, up from BDT 199 crore in the same period last year, driven by higher interest income, investment gains, and increased commission and fee income.
The report shows that earnings per Share (EPS) rose to BDT 1.75 from BDT 1.33, while the Net Asset Value (NAV) per share increased to BDT 29.46 from BDT 28.08. As of September 30, 2024, the bank’s total assets were valued at BDT 74,775 crore.
UCB also saw its deposits grow by 6 per cent, reaching BDT 54,439 crore, and loans increase by 12 per cent to BDT 56,761 crore. The non-performing loan coverage ratio stands at a robust 68 per cent.
While the Board of Directors expressed satisfaction with the bank’s performance in a challenging industry, they called for continued growth in the upcoming quarter and reaffirmed UCB’s commitment to providing innovative banking solutions and ensuring sustainable growth, the release adds.
