Islamabad, Aug 29: The Bank of Punjab’s Board of Directors met to discuss and approve the unaudited Financial Statements for the first half of the year that ended on June 30, 2024. The Board examined the Bank’s performance in the first half of 2024 in comparison to the strategic business plan during the meeting, and they expressed gratitude to BOP Management for their efforts in demonstrating a notable 80% increase in profit before taxes and a notable improvement in all areas of the Bank’s operations.
The bank’s pre-tax profit for the first half of 2024 was Rs. 7.05 billion, a notable 80% increase over the 3.92 billion it made in the same period in 2023.Non-Markup/Interest Income climbed to Rs. 9.93 billion in the first half of 2023 from Rs. 5.73 billion, a noteworthy 73% rise. Non-Markup Expenses were still at 22.20 billion and the bank’s Net Interest Margin (NIM) was still at Rs. 15.92 billion. In the first half of 2024, earnings per share (EPS) increased to Rs. 1.33 from Rs. 1.05 in the same period in 2023.
The bank’s total assets increased by 10% to Rs. 2,269 billion as of June 30, 2024, from Rs. 2,054 billion on the same date in 2023. Additionally, the Bank’s deposits increased by 15% to Rs. 1,582 billion from Rs. 1,370 billion as of June 30, 2023. Investments and Lending to Financial Institutions increased to Rs. 1,293 billion, a 40% increase from June 30, 2023. A total of Rs. 705 billion was recorded in gross advances. By June 30, 2023, the bank’s equity had increased to Rs. 77 billion from Rs. 67 billion, and its capital adequacy ratio was 17.61%, compared to the legal minimum of 11.50%.
M/s PACRA has given the Bank a long-term entity rating of “AA+,” with a short-term rating at the top rank of “A1+.” Currently, the Bank operates a network of 822 online branches, comprising 15 sub-branch locations and 163 Taqwa Islamic Banking Branches. Additionally, the Bank offers its clients round-the-clock financial services through its network of 835 ATMs.Additionally, the bank provides its cherished customers with a vast array of goods and services, such as credit card, cash management, branchless banking, mobile banking, and online banking.
