BOP RECORDED 50% GROWTH IN AFTER TAX PROFIT
THE BANK OF PUNJAB ANNOUNCED FINANCIAL RESULTS FOR NINE MONTHS OF YEAR 2021
LAHORE ( Web News )
A meeting of the Board of Directors of The Bank of Punjab was held on October 28, 2021 to consider and approve the un-audited Financial Statements for nine months of the year ended on September 30, 2021.
While reviewing Bank’s financial performance for the nine months’ period, the Board appreciated the efforts of Bank’s Management for improvement in all areas of operations and posting strong financial results.
During the period under review, Bank’s Net Interest Margin (NIM) significantly improved to Rs. 21.91 billion as against Rs. 17.15 billion during corresponding period last year, registering a growth of 28%. Similarly, Non-Markup Income, excluding Gain on Securities, increased to Rs. 4.42 billion as against Rs. 3.26 billion in same period of 2020 with a rise of 36%. Accordingly, the Bank posted after tax profit of Rs. 8.72 billion as against Rs. 5.83 billion earned during Jan-Sep 2020, with a substantial growth of 50%. Earnings per Share (EPS) for 9 months of 2021 also improved to Rs. 3.30 per share as against Rs. 2.20 per share for same period of last year.
Bank’s Total Assets as at September 30, 2021 increased to Rs. 1,121.55 billion as against Rs. 1,095.45 billion on December 31, 2020. Deposits grew to Rs. 884.39 billion as against Rs. 835.07 billion as on December 31, 2020. Investments stood at Rs. 544.08 billion as against Rs. 567.79 billion on December 31, 2020. Similarly, Gross Advances improved to Rs. 495.27 billion as against Rs. 442.76 billion as on December 31, 2020 registering a growth of 12%. Equity improved to Rs. 53.59 billion and Capital Adequacy Ratio (CAR) stood at 14.45% against regulatory requirement of 11.50%.
The Pakistan Credit Rating Agency (PACRA) has upgraded Bank’s long term entity rating to “AA+” with short term rating being already at the highest rank of “A1+”. The Bank currently has a network of 641 online branches, including 105 Taqwa Islamic Banking Branches and 16 sub-branches. Further, the Bank has a network of 640 ATMs providing 24/7 banking services to the customers.