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

Bank of Punjab records Rs11.25bn profit in 2023
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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%
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%
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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Posted on: 2024-02-20T13:24:12+05:00