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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Posted on: 2025-04-22T15:35:21+05:00
