May 30, 2019 (MLN): The Bank of Punjab (BOP) has announced its financial results for the first quarter of the current year ended on March 31st 2019, as per which the bank has reported a stagnant earnings as its profit after tax increased marginally by 1.36% to lock in at Rs 1.96 billion from Rs 1.942 billion in the same period last year.
During the period, the bank witnessed a remarkable growth in in Net Interest Income (NII), as it grew by 39% to Rs 6.5 billion.
However, the higher effective tax rate due to the recognition of super tax provisions, net provisioning expense of Rs 245.9 million and higher operating expenses which grew by 28%YoY offset the impact of impressive NII growth during the quarter.
Meanwhile, the bank witnessed a decline in non mark-up income by 10%YoY owing to loss from foreign exchange activities and decline in gains on sale and redemption of securities by 46%.
Moreover, the bank did not announce any cash dividend for the quarter ended on March 31st 2019.
|
Profit and Loss Account for the quarter ended March 31st 2019 (Rupees in '000) |
|||
|---|---|---|---|
|
|
Mar-19 |
Mar-18 |
% Change |
|
Mark-up/return/interest earned |
16,108,362 |
9,799,764 |
64.37% |
|
Mark-up/return/interest expensed |
9,569,958 |
5,110,885 |
87.25% |
|
Net mark-up/return/interest income |
6,538,404 |
4,688,879 |
39.44% |
|
NON-MARK-UP/INTEREST INCOME |
|
|
|
|
Fee, commission and brokerage income |
774,388 |
768,111 |
0.82% |
|
Dividend income |
28,205 |
20,183 |
39.75% |
|
Income/ (loss) from dealing in foreign currencies |
(2,690) |
67,806 |
|
|
Gain on sale and redemption of securities – net |
13,990 |
26,048 |
-46.29% |
|
Other income |
6,054 |
38,614 |
-84.32% |
|
Total non-mark-up/interest income |
819,947 |
920,762 |
-10.95% |
|
total Income |
7,358,351 |
5,609,641 |
31.17% |
|
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
|
Operating expenses |
3,532,989 |
2,754,618 |
28.26% |
|
Other charges |
1,021 |
– |
|
|
Total non-mark-up/interest expenses |
3,534,010 |
2,754,618 |
28.29% |
|
Profit before provisions |
3,824,341 |
2,855,023 |
33.95% |
|
Provisions/(reversals) and write off- net |
245,993 |
(156,538) |
|
|
Profit before taxation |
3,578,348 |
3,011,561 |
18.82% |
|
Taxation |
1,609,218 |
1,068,866 |
50.55% |
|
Profit after taxation |
1,969,130 |
1,942,695 |
1.36% |
|
Earnings per share – Basic and Diluted (in Rupees) |
0.74 |
0.73 |
1.37% |
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