Bank of Punjab reports 12% growth in its net profit

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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Posted on: 2019-10-21T10:44:00+05:00

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