BOP earns Rs1.7bn in 1QCY24, up 43.4% YoY

April 26, 2024 (MLN): The Bank of Punjab (PSX: BOP) announced its results for the quarter ended March 31, 2024, wherein the bank’s profit after tax rose 43.43% YoY to Rs1.7 billion [EPS: Rs0.5] compared to Rs1.18bn [EPS: Rs0.35] profit recorded in the same quarter last year (SPLY).

Going by the income statement made available by the bank on the PSX, the bank’s net markup income increased by 10.31% YoY, to clock in at Rs8.58bn against Rs7.78bn recorded in 1QCY23.

Similarly, the bank’s total non-markup interest income improved by 33.51% YoY to Rs3.66bn as compared to Rs2.74bn in SPLY.

This was primarily due to a major rise in Fee and commission income that was recorded at Rs2.09bn, up by 21.22% YoY.

However, both dividend and foreign exchange income, components under the non-markup income, experienced a decline during the review quarter.

The profit and loss statement further shows that the total non-mark-up/interest expenses stood at Rs10.52bn, up by 24.88% YoY.

During 1QCY24, the bank incurred a provision expense of Rs1.18bn, compared to a provision reversal worth Rs10.12m reported in the SPLY.

The bank incurred a tax expense of Rs1.80bn during the quarter, 98.99% YoY higher than the tax of Rs906.94m recorded in 1QCY23.

Copyright Mettis Link News