UCB holds its 501st board meeting

United Commercial Bank PLC Limited (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. Md Shazzad Hossain, 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.

In this meeting, the Board approved the financial statements of Q3'24. The statements have reported a significant 32% increase in net profit for the first nine months of 2024. The bank's net profit after tax reached Tk262 crore, up from Tk199 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 Tk1.75 from Tk1.33, while the Net Asset Value (NAV) per share increased to Tk29.46 from Tk28.08. As of 30 September, 2024, the bank's total assets were valued at Tk74,775 crore.

UCB also saw its deposits grow by 6%, reaching Tk54,439 crore, and loans increase by 12% to Tk56,761 crore. The non-performing loan coverage ratio stands at a robust 68%.

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.