The Bank of Punjab (BOP) observed an admirable increase of 75% in its half yearly profits during the current fiscal year, as compared to the half year period that ended on June 30th 2017.
In their Boards of Directors meeting held on August 17, 2018, BOP discussed its financial earnings for the six month period that ended on June 30th 2018, and issued a report of the same to PSX.
BOP’s Net mark-up/return/interest income increased by around 28% while Net mark-up/return/interest income after provisions rose by 79%.
Although Total non-mark-up/interest income reduced by 38% and Total non-mark-up/interest expenses increased by 19%, the company still managed to increase its overall profit after taxation for the period to Rs.3.9 billion from Rs.2.2 billion during the half year period ended in June 2017.
|
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% |
22685
