Bank of Punjab reports 12% growth in its net profit

MG News | October 21, 2019 at 10:44 AM GMT+05:00

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October 21, 2019 (MLN): The Bank of Punjab (BOP) has announced its financial results for the nine months ended on September 30, 2019, as per which, it has posted its net earnings of Rs. 6.1 billion (EPS: Rs. 2.33), up by 12.07% YoY.

The profitability of the bank was attributable to an increase in Net Interest Income (NII), up by 40%, from Rs.14 billion to Rs. 19.8 billion.

The bank massively gained on securities by 304% which provided a cushion to total non-interest income.

However, operating expenses and other charges rose by 16.79% and 103.05% respectively, YoY. Provisioning expenses increased to Rs. 1.4 billion owing to accretion in non-performing loans.

Moreover, the tax expenses increased by 27.09% in the corresponding period last year.

Profit and Loss Account for the nine months ended September 30th, 2019 (Rupees in '000)
	Sep-19	Sep-18	% Change
Mark-up/return/interest earned	57,187,813	32,684,007	74.97%
Mark-up/return/interest expensed	37,302,709	18,490,263	101.74%
Net mark-up/return/interest income	19,885,104	14,193,744	40.10%
NON MARK-UP/INTEREST INCOME
Fee and commission income	2,622,496	2,537,432	3.35%
Dividend income	75,221	53,576	40.40%
Foreign exchange (loss) income	(32,377)	183,245
Income/(loss) from derivatives	-	-
Gain / (loss) on securities - net	108,523	26,845	304.26%
Other income-net	47,580	60,321	-21.12%
Total non-mark-up/interest income	2,821,443	2,861,419	-1.40%
Total Income	22,706,547	17,055,163	33.14%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	10,636,686	9,107,316	16.79%
Workers welfare fund	-	-
Other charges	106,067	52,238	103.05%
Total non-mark-up/interest expenses	10,742,753	9,159,554	17.28%
Profit before provisions	11,963,794	7,895,609	51.52%
Provisions/(reversals) and write offs - net	1,455,918	(1,023,471)
Extra ordinary/unusual items	-	-
Profit before taxation	10,507,876	8,919,080	17.81%
Taxation	4,335,128	3,411,110	27.09%
Profit after taxation	6,172,748	5,507,970	12.07%
Earnings per share - Basic and Diluted (in Rupees)	2.33	2.08	12.02%

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