Bank of Punjab maintains upward profit trend

MG News | April 22, 2025 at 03:35 PM GMT+05:00

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April 22, 2025 (MLN): The Bank of Punjab (PSX: BOP) revealed its results for the quarter ended March 31, 2025, wherein the bank’s profit after tax rose 5.83% to Rs1.79 billion [EPS: Rs0.53], compared to the Rs1.69bn [EPS: Rs0.5] profit recorded in the same quarter last year.

According to the income statement provided by the bank, net markup income saw a significant increase of 75.34% year-on-year (YoY), rising to Rs15.05bn from Rs8.58bn in 2024.

This growth was driven by a substantial reduction in interest expenses, which dropped by 28.76%, from Rs75.69bn in the same period last year to Rs53.92bn.

Despite a decrease in total mark-up interest earned, BOP was able to report higher profitability due to a notable 23.07% increase in non-markup interest income, which reached Rs4.51bn, compared to Rs3.66bn in 2024.

This was primarily driven by a sharp rise in foreign exchange income, which surged by 178.10%, and an increase in gain on securities, which rose by 9.79%.

The bank also recorded a net loss of Rs276.7 million on the derecognition of financial assets measured at amortized cost, compared to no such loss in the same quarter last year.

Meanwhile, other income experienced a significant decline, falling by 86.48%.

The profit and loss statement also showed that total non-mark-up interest expenses amounted to Rs14.54bn, up by 38.16% from Rs10.52bn in 2024.

Additionally, the bank reported a net credit loss allowance of Rs997.9m, a sharp reversal compared to the net write-back of Rs1.78bn in the prior period.

BOP tax expense for the quarter stood at Rs2.23bn, up 23.54% from Rs1.8bn in 2024.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED) (Rupees in '000)
Particulars	Mar-25	Mar-24	%Change
Mark-up / return / interest earned	68,975,451	84,274,872	-18.15%
Mark-up / return / interest expensed	53,922,860	75,690,112	-28.76%
Net mark-up / interest income	15,052,591	8,584,760	75.34%
NON MARK-UP / INTEREST INCOME
Fee and commission income	3,257,241	2,091,129	55.76%
Dividend income	106,546	114,637	-7.06%
Foreign exchange income	577,056	207,500	178.10%
Income / (loss) from derivatives	-	-
Gain on securities - net	770,313	701,629	9.79%
Net loss on derecognition of financial assets measured at amortised cost	(276,737)	-
Other income	74,132	548,372	-86.48%
Total non-markup / interest income	4,508,551	3,663,267	23.07%
Total income	19,561,142	12,248,027	59.71%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	14,413,480	10,470,377	37.66%
Workers' welfare fund	125,165	53,370	134.52%
Other charges	656	158	315.19%
Total non-markup / interest expenses	14,539,301	10,523,905	38.16%
Profit before credit loss allowance	5,021,841	1,724,122	191.27%
Credit loss allowance and write offs - net	997,898	(1,776,121)	-
Extra ordinary / unusual items	-	-
PROFIT BEFORE TAXATION	4,023,943	3,500,243	14.96%
Taxation - net	2,229,631	1,804,764	23.54%
PROFIT AFTER TAXATION	1,794,312	1,695,479	5.83%
PROFIT ATTRIBUTABLE TO:
Equity holders of the Bank	1,729,312	1,648,859	4.88%
Non controlling interest	65,000	46,620	39.43%
Total	1,794,312	1,695,479	5.83%
Basic earnings per share - Rupees	0.53	0.5	6.00%
Diluted earnings per share - Rupees	0.53	0.5	6.00%

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