BOP reaps profits worth Rs2.16bn in 1QCY22

By MG News | April 22, 2022 at 12:24 PM GMT+05:00

0:00

April 22, 2022 (MLN): The profitability of Bank of Punjab (BOP) has increased to Rs2.16 billion for 1QCY22, up by 17.84% compared to Rs1.8bn profit reaped in the same period last year, bank’s filing on PSX showed today.

The significant increase in profitability was attributed to reversals of provisions and higher net mark-up income.

During 1QCY22, BOP’s interest income moved up by 38% to stand at Rs26.81bn, while interest expense surged by 49% YoY to clock in at Rs18.67bn. Consequently, Net Interest Income (NII) was at Rs8.14bn as compared to Rs6.8bn in 1QCY22; up by 18.18% YoY.

The total non-interest income of the bank posted a decline of 33.24% YoY primarily due to a loss incurred on securities. Meanwhile, dividend income and other income during the period managed to post around 3x YoY and 5x YoY increase.

The bank’s non-interest expenses surged by 34.58% YoY led by higher operating costs associated with year-end spending as seen historically.

The bank also booked a reversal of Rs1bn in provisioning expenses during the review period.

Profit and Loss Account for the 1st Quarter ended March 2022 (Rupees in '000)
	Mar-22	Mar-21	% Change
Mark-up/return/interest earned	26,819,842	19,428,257	38.05%
Mark-up/return/interest expensed	18,676,928	12,538,042	48.96%
Net mark-up/return/interest income	8,142,914	6,890,215	18.18%
NON MARK-UP/INTEREST INCOME
Fee and commision income	1,394,320	1,124,394	24.01%
Dividend income	164,143	55,821	194.05%
Foreign exchange (loss) income	128,844	74,717	72.44%
Gain / (loss) on securities - net	(123,680)	1,262,147	-109.80%
Other income-net	133,264	24,887	435.48%
Total non mark-up/interest income	1,696,891	2,541,966	-33.24%
Total Income	9,839,805	9,432,181	4.32%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	7,349,729	5,444,741	34.99%
Workers welfare fund	62,105	65,526
Other charges	4,014	150	2576.00%
Total non-mark-up/interest expenses	7,415,848	5,510,417	34.58%
Profit before provisions	2,423,957	3,921,764	-38.19%
(Reversal)/Provisions and write offs - net	(1,063,925)	850,569	-225.08%
Profit before taxation	3,487,882	3,071,195	13.57%
Taxation	1,324,227	1,235,170	7.21%
Profit after taxation	2,163,655	1,836,025	17.84%
Earnings per share - Basic and Diluted (in Rupees)	0.81	0.69	17.39%

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