The meeting of the Union Bank Limited board of directors was held on February 15, 2005 in Lahore which was chaired by its chairman Mueen Afzat. The board reviewed financial results and showed its satisfaction over the performance of the bank and its financial achievement during the year. During 2004, the bank's pre-tax profit crossed Rs 1 billion amounted to Rs 1,410 million showing an increase of over 149 percent on 2003.

After tax profit increased by 94 percent from Rs 428 million in 2003 to Rs 830 million. The net revenue of Rs 4,457 million earned in 2004 represents an increase of 28.7 percent over 2003 (Rs 3,464 million).

Total assets of the bank have grown to Rs 77.7 billion compared to Rs 67.3 billion in 2003.

Earning per share has grown to Rs4.22 from Rs2.17 in 2003. The board also recommended 15 percent bonus share and 10 percent cash dividend.

Total advances have increased by 26 percent to Rs 51.1 billion as compared to Rs 40.4 billion last year. Similarly, deposits have increased by 25 percent to Rs 62.9 billion from Rs 50.4 billion in 2003.

The bank's fund based income grew from Rs 1.77 billion to Rs 2.85 billion in 2004.-PR

Copyright Business Recorder, 2005