Bank of Punjab's half yearly profits surge by 75%

Profit and Loss Account for the Half Year Ended on June 30th 2018 (Rupees in '000)

Jun-18

Jun-17

% Change

Mark-up/return/interest earned

                     20,236,417

                     16,048,956

26.09%

Mark-up/return/interest expensed

                     11,022,200

                       8,846,104

24.60%

Net mark-up/return/interest income

                       9,214,217

                       7,202,852

27.92%

(Reversal of provision)/Provision against non-performing advances - net

                     (1,107,317)

                       1,451,676

Provision/(reversal of provision) for diminution in the value of investments - net

                             14,298

                                   777

1740.15%

Bad debts written off directly

                                      -  

                                      -  

Net mark-up/return/interest income after provisions

                     10,307,236

                       5,750,399

79.24%

NON MARK-UP/INTEREST INCOME

Fee, commission and brokerage income

                           662,597

                           570,448

16.15%

Dividend income

                             35,362

                             42,752

-17.29%

Income from dealing in foreign currencies

                           130,668

                             47,447

175.40%

Gain on sale and redemption of securities - net

                             23,211

                       1,184,862

-98.04%

Unrealized gain/(loss) on revaluation of investments classified as "held-for-trading" - net

                             (5,040)

                                 (939)

436.74%

Other income

                           998,617

                       1,172,354

-14.82%

Total non-mark-up/interest income

                       1,845,415

                       3,016,924

-38.83%

NON MARK-UP/INTEREST EXPENSES

Administrative expenses

                       5,895,100

                       4,886,114

20.65%

Provision against other assets

                             41,356

                             33,382

23.89%

Other charges

                                      -  

                             44,675

Total non-mark-up/interest expenses

                       5,936,456

                       4,964,171

19.59%

Extra ordinary/unusual items

                                      -  

                                      -  

Profit before taxation

                       6,216,195

                       3,803,152

63.45%

Taxation

                       2,366,035

                       1,611,491

46.82%

Profit after taxation

                       3,850,160

                       2,191,661

75.67%

Earnings per share - Basic and Diluted (in Rupees)

                                  1.46

                                  1.41

3.55%