Bank of Punjab registers Rs 8.36 billion profit in 1st half of 2022

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A meeting of the Board of Directors of The Bank of Punjab was held on August 17, 2022, to review the Bank’s performance for 1^sthalf of the year 2022 and found that all financial indicators are well aligned as per the Bank’s strategic goals and current positive momentum shall drive the Bank to desired annual business targets. 

The intention of the meeting was to consider and approve the un-audited Financial Statements for the 1^st half of the year ended on June 30, 2022. 

According to the sources, the Bank recorded before tax profit of Rs 8.36 billion during 1^sthalf of the year compared to Rs 7.37 billion produced during the 1^st half of 2021 with a growth of 13%. 

Bank’s Net Interest Margin (NIM) surged to Rs.15.86 billion when compared to Rs 13.88 billion during the 1^st half of 2021, recording an increase of 14%. In the same way, Non-Markup/ Interest Income exempting gains on securities surged to Rs.4.46 billion as against Rs.2.77 billion during the 1^st  half of 2021, registering a growth of 61%. 

Read more: Bank of Punjab (BOP) becomes Market Maker for debt securities on PSX

Moreover, profit after tax remained at Rs.5.42 billion compared to Rs.5.60 billion during 1^st half 2021while Earnings per Share (EPS) remained at Rs.1.82 per share compared to Rs.1.88 per share for 1^st Half of 2021. 

Bank’s Total Assets since June 30, 2022, showed an increase of Rs.1, 254.4 billion compared to Rs1, 197.0 billion as of December 31, 2021. The Deposits of the Bank also showed a surge of Rs.1,032.0 billion as against Rs.1,003.0 billion from December 31, 2021. 

In addition, Investments and Gross Advances were registered at Rs.524.2 billion and Rs.571.2 billion, respectively. Equity moved to Rs.56.9 billion and Capital Adequacy Ratio (CAR) stood at 12.62% against the regulatory requirement of 11.50% while Leverage Ratio stood at 3.27% against the requirement of 3.00%. 

M/s PACRA has assigned the Bank a long-term entity rating of “AA+,” whereas the short-term rating is at the highest level of “A1+.” Currently, the Bank operates a network of 688 online branches. (including 121 Taqwa Islamic Banking Branches and 16 sub-branches).