The Board of Directors of The Bank of Punjab (BOP) on Friday announced the bank’s annual audited financial statements for the year ended December 31, 2019.
The board appreciated the efforts of the management team for achieving remarkable financial results during the year 2019, as the bank posted the highest-ever annual profit in its history.
The tremendous financial performance is a testimony to the great transformation the bank has undergone in the last few years. The board also announced and recommended a cash dividend of 7.5pc for shareholders for the year 2019.
While the bank has achieved all business targets for the year 2019, its Net Interest Margin (NIM) improved significantly from Rs20.06 billion last year to Rs26.76 billion, thereby reflecting a spectacular growth of 33pc. The bank’s non-markup/interest income remained at the level of Rs3.94 billion. Accordingly, the bank earned before tax profit of Rs14.04 billion as against Rs12.21 billion last year. Further, the bank’s earnings per share (EPS) improved to Rs3.12 per share.