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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Posted on: 2024-04-26T15:42:36+05:00
