Bank of Punjab records Rs11.25bn profit in 2023, declares dividend

By MG News | February 20, 2024 at 01:24 PM GMT+05:00

0:00

February 20, 2024 (MLN): The Bank of Punjab (PSX: BOP) announced its results for 2023, wherein the bank’s profit after tax rose 5.49% YoY to Rs11.25 billion [EPS: Rs3.39] compared to Rs10.67bn [EPS: Rs3.25] profit recorded in the same period last year (SPLY).

Along with the 2023 financial result, the Board of Directors (BoD) of BOP has recommended a final cash dividend for 2023 at Rs1/- per share i.e. 10%.

Going by the income statement made available by the company on the PSX, the bank’s net markup income soared by 32.7% YoY, to clock in at Rs40.99bn against Rs30.89bn recorded in 2022.

Similarly, the bank’s total non-markup interest income improved by 67.44% YoY to Rs17.75bn as compared to Rs10.6bn in SPLY.

This was primarily due to a major gain on securities of Rs5.25bn recorded in 2023, substantially higher than the gain of Rs343.16m in 2022.

However, under the non-markup income, the foreign exchange income dropped by 84.24% YoY to Rs297.51m in 2023.

The profit and loss statement further shows that the total non-mark-up/interest expenses stood at Rs37.68bn, up by 34.61% YoY.

During 2023, the bank incurred a provision expense of Rs67.23m, compared to a provision expense worth Rs4.88bn reported in the SPLY, reducing the burden on the bank’s profit.

On the taxation front, the bank incurred a tax of Rs9.88bn, 28.11% YoY lower than the tax of Rs7.71bn recorded in SPLY.

Consolidated Profit and Loss Account for the year ended December 31, 2023 (Rupees in '000)
	Dec-23	Dec-22	% Change
Mark-up/return/interest earned	327,235,740	137,297,645	138.34%
Mark-up/return/interest expensed	286,243,908	106,407,334	169.01%
Net mark-up/return/interest income	40,991,832	30,890,311	32.70%
NON MARK-UP/INTEREST INCOME
Fee and commision income	7,460,079	7,356,373	1.41%
Dividend income	568,777	708,954	-19.77%
Foreign exchange (loss) income	297,507	1,887,347	-84.24%
Income/(loss) from derivatives
Gain / (loss) on securities - net	5,254,622	343,156	1431.26%
Other income-net	4,172,011	306,755	1260.05%
Total non mark-up/interest income	17,752,996	10,602,585	67.44%
Total Income	58,744,828	41,492,896	41.58%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	37,304,167	27,663,459	34.85%
Workers welfare fund	323,580	288,535	-
Other charges	54,909	42,931	27.90%
Total non mark-up/interest expenses	37,682,656	27,994,925	34.61%
Profit before provisions	21,062,172	13,497,971	56.04%
Provisions and write offs - net	-67,230	-4,879,430	-98.62%
Extra ordinary/unusual items	-	-	-
Profit before taxation	21,129,402	18,377,401	14.97%
Taxation	9,875,573	7,708,765	28.11%
Profit after taxation	11,253,829	10,668,636	5.49%
Earnings per share - Basic and Diluted (in Rupees)	3.39	3.25	-

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