October 30, 2023 (MLN): The Board of Directors (BoD) of The Bank of Punjab (PSX: BOP) considered and approved the un-audited Financial Statements for the nine months period ended September 30, 2023 during their meeting held on October 28,2023.
During the meeting, the BoD reviewed overall performance vis-a-vis budgeted position and appreciated management’s efforts for successfully implementing the strategies opted for ensuring sustained growth and stable earning streams.
During 3rd quarter 2023, the Bank earned Before Tax Profit of Rs5.03 billion as against Rs1.81 bn during 2nd quarter 2023, registering a massive rise of 178%.
Similarly, Net Interest Margin (NIM) also improved to Rs10.68bn as against Rs9.65bn during 2nd quarter 2023, while Non-Markup/ Interest Income remained at Rs3.04bn.
Bank’s Non-Markup Expenses also reduced by 14% to Rs8.87bn as against Rs10.36bn during 2nd quarter 2023.
During Jan-Sep 2023, the Net Interest Margin improved to Rs28.09bn as against Rs22.88bn during corresponding period last year registering a growth of 23%. Similarly, Non-Markup Income also improved to Rs8.77bn with a YOY growth of 38%, while Profit Before Provisions improved to Rs9.25bn as against Rs8.59bn for Jan-Sep 2022 and Profit Before Tax remained at the level of Rs8.94bn.
Bank’s investment portfolio has due potential for contributing substantial improvement in Bank’s NIM on account of repricing of investments in Government Securities.
Substantial portion of these investments has already been repriced during this quarter, benefits of which will continue to surface accordingly.
During 1st nine months of the year 2023, Non-performing Portfolio to the extent of Rs3.73bn have been recovered/regularized, without the support of large-one-offs and due efforts are also in progress for substantial recovery in coming periods.
During the period, the Bank successfully implemented the strategies opted for ensuring sustained growth and stable earning streams.
As at September 30, 2023, Bank’s Balance Sheet Size was recorded at Rs2.26 Trillion to achieve new height among the list of Large Banks of the Country.
Accordingly, Total Assets registered remarkable YOY growth of 72%. The Deposits of the Bank also increased to Rs1,393bn with a significant YOY growth of 34%.
Further, Bank’s CASA Deposits also touched the level of Rs868bn registering a YOY growth of 19%. Loans & Advances stood at Rs909bn with a significant YOY growth of 52%.
Similarly, Investments & Lending to FlS improved to Rs1,142bn with a massive YOY growth of 95%.
Bank’s Capital Adequacy Ratio also registered substantial improvement and stood at 17.08% as against 14.14% as of September 30, 2022.
Accordingly, Bank very comfortably stood compliant with regulatory capital requirements of CAR & MCR with a sufficient margin over the regulatory requirements.
A testament of strong financial trajectory for the future and well on course to meet its ambitious profitability growth targets for 2023 and subsequent years.
The Bank has been assigned long term entity rating of “AA+” by M/s PACRA with short term rating being at the highest rank of “A1+” The Bank currently has a network of 780 online branches, including 140 Taqwa Islamic Banking Branches and 16 sub-branches.
Further, the Bank has a network of 783 ATMs providing 24/7 banking services to the customers. Besides, Bank is also offering a wide range of products/services to its valued clients including Branchless Banking, Mobile Banking, Internet Banking, Credit Card and Cash Management services.
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Posted on: 2023-10-30T15:40:52+05:00
