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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