LAHORE — The Board of Directors of The Bank of Punjab met on August 28, 2024, to consider and approve the unaudited Financial Statements for the first half of the year, which ended June 30, 2024.
During the meeting, the Board reviewed the Bank’s performance for the first half of 2024 against its strategic business plan and appreciated the effort of BOP Management, which showed a remarkable growth of 80% in profit before tax and marked improvement in all facets of operations.
During 1st Half of 2024, the Bank earned a tax profit of Rs. 7.05 billion against 3.92 billion during 1st Half of 2023, showing a remarkable growth of 80%. Non-Markup/ Interest Income increased to Rs. 9.93 Billion against Rs. 5.73 Billion for the 1st Half of 2023, registering a significant growth of 73%. The bank’s Net Interest Margin (NIM) remained at Rs. 15.92 billion, while Non-Markup Expenses remained at 22.20 Billion. Earnings per Share (EPS) for the 1st Half of 2024 improved to Rs. 1.33 per share as against Rs. 1.05 per share during the 1st Half of 2023.
As of June 30, 2024, the Bank’s Total Assets improved to Rs. 2,269 billion against Rs. 2,054 billion as of June 30, 2023, depicting a growth of 10%. The bank’s deposits also improved to Rs. 1,582 billion as opposed to Rs. 1,370 billion as of June 30, 2023, registering a growth of 15%. Investments & Lending to FIs improved to Rs. 1,293 billion, registering an increase of 40% over June 30, 2023. Gross Advances were recorded at Rs. 705 billion. The bank’s Equity improved to Rs. 77 billion against Rs. 67 billion as of June 30, 2023, and the Capital Adequacy Ratio stood at 17.61% against the regulatory requirement of 11.50%.
The Bank has been assigned a long-term entity rating of “AA+” by M/s PACRA, with a short-term rating at the highest “A1+”. The Bank currently has a network of 822 online branches, including 163 Taqwa Islamic Banking Branches and 15 sub-branches. Further, the Bank has a network of 835 ATMs providing 24/7 banking services to customers. Besides, the Bank also offers its valued clients a wide range of products/services, including Branchless Banking, Mobile Banking, Internet Banking, Credit Card and Cash Management services.
