BOP posts Rs3.57bn profit before tax

LAHORE: A meeting of The Bank of Punjab Board of Directors was held recently to consider and approve the unaudited financial statements for the 1st quarter of the year ending March 31, 2019.

The meeting was presided by BOP Board Chairman Dr Pervez Tahir, who paid rich tributes to Acting President Khalid Tirmizey and his team for their efforts in maintaining the profitable growth of the bank during the transition period.

He said the board was looking forward to the newly appointed President Syed Muhammad Talib Rizvi to take the bank to new heights.

During the 1st quarter of 2019, the bank posted a before-tax profit of Rs3.57 billion as against Rs3.01 billion earned during the 1st quarter of 2018, depicting a rise of 19pc. Net Interest Margin (NIM) of the bank improved to Rs6.52 billion as against Rs4.68 billion in the corresponding period of 2018, showing a massive rise of 39pc. Non-Markup/ Interest Income remained at the level of Rs0.8 billion.

Similarly, the earnings per share (EPS) for the 1st quarter of 2019 remained at Rs0.74 per share.

The bank’s total assets during the period under review remained at Rs704 billion. Deposits of the bank touched the level of Rs593 billion, while investments and gross advances were recorded at Rs203.8 billion and Rs428.9 billion respectively.

The tier-I equity remained at Rs34.5 billion and Capital Adequacy Ratio (CAR) also improved to 13.35pc. As on March 31, 2019, the bank stands fully compliant with the state bank’s prescribed requirement of CAR.

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