LAHORE: A meeting of the Board of Directors of The Bank of Punjab (BOP) was held on
17 August 2018 to consider and approve un-audited Financial Statements of the Bank
for the half year ended 30 June 2018.
The landmark achievement of discharging Letters of Comfort (LOCs) issued by
the government of Punjab as on 31 December, 2017 has well and truly set the tone for a
prosperous 2018.
Reaping the benefits of growth trends achieved and recovery efforts, the Bank’s profit before tax for the half year 2018 reached the level of Rs6.1 billion witnessing a hefty growth of 61 per cent over the corresponding period of last year.
During the 1st half of the year 2018, Net Interest Margin (NIM) of the Bank significantly
improved to Rs9.2 billion as against Rs7.2 billion during corresponding period of last
year showing a phenomenal growth of 28 per cent. The Bank’s Non-Markup/ Interest Income remained at the level of Rs1.8 billion.
Accordingly, the Bank earned before tax profit of Rs6.1 billion during 1st half of year 2018, registering a rise of 61 per cent over the figure of Rs3.8 billion for the corresponding period last year. Earnings Per Share (EPS) for the half year remained at Rs1.43.
As on 30 June, 2018, Bank’s Total Assets increased to Rs691.1 billion. The Deposits
of the Bank reached the level of Rs592.7 billion as against Rs556.3 billion as on
31 December, 2017.
Similarly, the Advances and Investments remained at Rs404.1 billion and Rs220.7 billion, respectively. The Bank’s Tier-I equity improved to Rs30.8 billion as against Rs26.8 billion as on 31 December, 2017.
The Bank now stood compliant with SBP’s Capital Adequacy Ratio (CAR) requirement which remained at 12.66 per cent as on 30 June, 2018 against the required level of 11.275 per cent.
In recognition of Bank’s strong financial position, the Bank has been assigned long term
entity rating of “AA” with short term rating being at highest rank of “A1+” by The
Pakistan Credit Rating Agency (PACRA).
While standing fully compliant with SBP’s Regulatory Capital and provisioning
requirements, the Bank is all set on the course of progress and prosperity with a vast
and rapidly growing country wide network of 544 online branches, including 70 Taqwa
Islamic Banking Branches. Further, Bank also has a network of 479 ATMs providing
24/7 banking services to the customers.
