BoP reports massive improvement in net income due to presence of tax rebates

MG News | March 04, 2019 at 01:50 PM GMT+05:00

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March 4, 2019 (MLN): The Bank of Punjab has declared net profits of Rs. 7.6 billion (EPS: Rs. 2.85) for the year ended December 31, 2018, as compared to losses of Rs. 3.3 billion incurred last year. BoP was successfully able to transit its losses from last year into positive gains due to positive change in total income, absence of provisions and write-offs, and tax rebates.

The impact of increase in total interest expenses by 25% (Rs. 2.5 billion) was effectively countered by increase in total income by 18% (Rs. 3.5 billion).

Moreover, as opposed to last year, BoP had no net provisions and write-offs this year. Instead, it enjoyed provision reversals amounting to Rs. 1.2 billion.

Tax rebates of Rs. 4.6 billion played a major role in improving the profitability of the bank.

Profit and loss account for the year ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Mark-up / return / interest earned	46,958,070	34,749,428	35.13%
Mark-up / return / interest expensed	26,837,368	19,094,707	40.55%
Net mark-up / interest income	20,120,702	15,654,721	28.53%
NON MARK-UP / INTEREST INCOME
Fee and commission income	3,266,117	2,817,820	15.91%
Dividend income	82,083	91,361	-10.16%
Foreign exchange income	226,675	109,173	107.63%
Income / (loss) from derivatives
Gain on securities - net	27,767	1,316,235	-97.89%
Other income - net	97,092	269,128	-63.92%
Total non-markup / interest income	3,699,734	4,603,717	-19.64%
Total income	23,820,436	20,258,438	17.58%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	12,716,976	10,174,996	24.98%
Workers welfare fund
Other charges	53,565	43,003	24.56%
Total non-markup / interest expenses	12,770,541	10,217,999	24.98%
Profit before provisions	11,049,895	10,040,439	10.05%
(Reversals) / provisions and write offs - net	-1,222,149	14,736,584
Extra ordinary / unusual items
PROFIT / (LOSS) BEFORE TAXATION	12,272,044	-4,696,145
Taxation - net	4,650,666	-1,379,069
PROFIT / (LOSS) AFTER TAXATION	7,621,378	-3,317,076
Earnings per share-Basic and Diluted	2.85	-1.65

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