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

By MG News | April 26, 2024 at 03:42 PM GMT+05:00

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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.

Consolidated Profit and Loss Account for the quarter ended March 31, 2024 (Rupees in '000)
	Mar-24	Mar-23	% Change
Mark-up/return/interest earned	84,274,872	50,689,553	66.26%
Mark-up/return/interest expensed	75,690,112	42,907,230	76.40%
Net mark-up/return/interest income	8,584,760	7,782,323	10.31%
NON MARK-UP/INTEREST INCOME
Fee and commision income	2,091,129	1,726,428	21.12%
Dividend income	114,637	137,189	-16.44%
Foreign exchange (loss) income	207,500	780,381	-73.41%
Income/(loss) from derivatives
Gain / (loss) on securities - net	701,629	59,579	1077.64%
Other income-net	548,372	40,257	1262.18%
Total non mark-up/interest income	3,663,267	2,743,834	33.51%
Total Income	12,248,027	10,526,157	16.36%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	10,470,377	8,395,362	24.72%
Workers welfare fund	53,370	31,013	-
Other charges	158	597	-73.53%
Total non mark-up/interest expenses	10,523,905	8,426,972	24.88%
Profit before provisions	1,724,122	2,099,185	-17.87%
Provisions and write offs - net	-1,776,121	10,123	-17645.40%
Extra ordinary/unusual items	-	-	-
Profit before taxation	3,500,243	2,089,062	67.55%
Taxation	1,804,764	906,944	98.99%
Profit after taxation	1,695,479	1,182,118	43.43%
Earnings per share - Basic and Diluted (in Rupees)	0.5	0.35	-

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