A meeting of the board of directors of the Bank of Punjab was held on April 27, 2017, to consider and approve unaudited financial statements of the bank for the 1st quarter of the year ended March 31, 2017.
Continuing the growth momentum, during the 1st quarter of the year 2017, Bank of Punjab earned a profit before tax Rs 2.4 billion as against Rs. 2.2 billion earned during the 1st quarter of the year 2016. Similarly, the Earnings per Share (EPS) for the 1st quarter of the year 2017 remained at the level of Rs. 1.00 per share.
During the 1st quarter of the year 2017, Net Interest Margin (NIM) of the bank improved to Rs 3.3 billion as against Rs 2.7 billion in the corresponding period of the year 2016. The Bank’s Total Assets as at March 31, 2017, remained at Rs 551.9 billion. The deposits of the bank touched the level of Rs 459.8 billion, while the gross advances and investments were recorded at Rs 303.4 billion and Rs 207.8 billion, respectively. The Tier-I equity also improved to Rs 25.9 billion as against Rs 24.2 billion as on December 31, 2016.
The bank has been assigned the long-term entity rating of “AA” by The Pakistan Credit Rating Agency (PACRA) with the short-term rating being at the highest rank of “A1+”.
The bank currently has a network of 453 online branches, including 50 Taqwa Islamic Banking branches, spanned across the country. Further, the bank also has a vast network of 274 ATMs providing 24/7 banking services to the customers.
