April 28, 2023 (MLN): The bottom line of the Bank of Punjab (PSX: BOP) has shrunk by 45.36% YoY in 1QCY23 ended March 31, 2023, to stand at Rs1.18 billion [EPS: Rs0.39], compared to Rs2.16bn [EPS: 0.72] in 1QCY22, bank’s filing on PSX revealed today.
Going by the income statement sent to PSX, the bank’s net interest income (NII) decreased by 4.43% YoY to stand at Rs7.78bn.
During the period under review, the bank’s non-funded income (NFI) jumped by 61.7% YoY to Rs2.74bn mainly due to higher FX income of Rs780.38 million up 6.06x YoY on the back of the rupee devaluation. Moreover, fee and commission income increased by 23.82% YoY to Rs1.72bn during 1QCY23
It is pertinent to mention that the bank recorded a 14.23% YoY rise in operating expenses to stand at Rs8.39bn in 1QCY23, compared to Rs7.34bn in the same period last year, this put pressure on the profitability of the bank.
On the tax front, the bank paid 31.51% YoY lesser taxes worth Rs906.94m in 1QCY23.
|
Consolidated Profit and Loss Account for the quarter ended March 31, 2023 (Rupees in '000) |
|||
|---|---|---|---|
|
|
Mar-23 |
Mar-22 |
% Change |
|
Mark-up/return/interest earned |
50,689,553 |
26,819,842 |
89.00% |
|
Mark-up/return/interest expensed |
42,907,230 |
18,676,928 |
129.73% |
|
Net mark-up/return/interest income |
7,782,323 |
8,142,914 |
-4.43% |
|
NON-MARK-UP/INTEREST INCOME |
|
|
– |
|
Fee and commission income |
1,726,428 |
1,394,320 |
23.82% |
|
Dividend income |
137,189 |
164,143 |
-16.42% |
|
Foreign exchange (loss) income |
780,381 |
128,844 |
505.68% |
|
Income/(loss) from derivatives |
– |
– |
– |
|
Gain / (loss) on securities – net |
59,579 |
(123,680) |
– |
|
Other income-net |
40,257 |
133,264 |
-69.79% |
|
Total non-mark-up/interest income |
2,743,834 |
1,696,891 |
61.70% |
|
Total Income |
10,526,157 |
9,839,805 |
6.98% |
|
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
|
Operating expenses |
8,395,362 |
7,349,729 |
14.23% |
|
Workers welfare fund |
31,013 |
62,105 |
-50.06% |
|
Other charges |
597 |
4,014 |
-85.13% |
|
Total non-mark-up/interest expenses |
8,426,972 |
7,415,848 |
13.63% |
|
Profit before provisions |
2,099,185 |
2,423,957 |
-13.40% |
|
(Reversal) / Provisions and write-offs – net |
10,123 |
(1,063,925) |
– |
|
Extraordinary/unusual items |
– |
– |
– |
|
Profit before taxation |
2,089,062 |
3,487,882 |
-40.11% |
|
Taxation |
906,944 |
1,324,227 |
-31.51% |
|
Profit after taxation |
1,182,118 |
2,163,655 |
-45.36% |
|
Earnings per share – Basic and Diluted (in Rupees) |
0.39 |
0.72 |
– |
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Posted on: 2023-04-28T12:50:58+05:00
