BOP's profit declines by 36% YoY to Rs3.46bn in 1HCY23
MG News | August 25, 2023 at 10:13 AM GMT+05:00
August 25, 2023 (MLN): The Bank of Punjab (PSX: BOP) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs3.46 billion [EPS: Rs1.02], depicting a significant decline of 36.24% YoY, compared to Rs5.42bn [EPS: Rs1.64] in the same period last year (SPLY), bank’s filing on PSX showed today.
Going by the income statement, the bank witnessed an increase of 9.84% in its net interest income (NII) to stand at Rs17.43bn, compared to SPLY. The growth in NII is due to a jump in interest-earning (Rs126.83bn), up by 2.15x YoY.
Similarly, the bank’s total Non-Markup income rose by 57.90% YoY to Rs5.76bn with a rise in fee and commission income to clock in at Rs4.57bn as compared to Rs3.40bn in SPLY. Furthermore, the Foreign exchange income increased by 13.23% to Rs776.50 million in 1HCY23.
On the expense side, the total non-markup expenses rose to Rs18.83bn in 1HCY23 compared to Rs14.15bn in SPLY, depicting an increase of 33.08%.
The bank incurred higher expenses as the operating costs rose by 34.25% to Rs18.75bn in the respective period.
In addition, the bank incurred a provision reversal of Rs482.94m during the review period compared to a provision expense of Rs2.94bn in the corresponding period last year.
The bank paid Rs422.76m on the tax front, 85.62% lower than the amount paid in 1HCY22.
| Consolidated Profit and Loss Account for the half year ended June 2023 (Rupees in '000) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Mark-up/return/interest earned | 126,832,901 | 58,937,443 | 115.20% |
| Mark-up/return/interest expensed | 109,400,712 | 43,015,246 | 154.33% |
| Net mark-up/return/interest income | 17,432,189 | 15,922,197 | 9.48% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee and commision income | 4,565,377 | 3,403,914 | 34.12% |
| Dividend income | 245,869 | 221,549 | 10.98% |
| Foreign exchange (loss) income | 776,495 | 685,798 | 13.23% |
| Income/(loss) from derivatives | |||
| Gain / (loss) on securities - net | 39,741 | (861,011) | -104.62% |
| Other income-net | 133,769 | 198,440 | -32.59% |
| Total non mark-up/interest income | 5,761,251 | 3,648,690 | 57.90% |
| Total Income | 23,193,440 | 19,570,887 | 18.51% |
| NON MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 18,754,808 | 13,970,580 | 34.25% |
| Workers welfare fund | 68,966 | 147,071 | |
| Other charges | 8,630 | 33,794 | -74.46% |
| Total non mark-up/interest expenses | 18,832,404 | 14,151,445 | 33.08% |
| Profit before provisions | 4,361,036 | 5,419,442 | -19.53% |
| Provisions/(reversals) and write offs - net | 482,943 | (2,940,463) | |
| Extra ordinary/unusual items | - | - | |
| Profit before taxation | 3,878,093 | 8,359,905 | -53.61% |
| Taxation | 422,776 | 2,940,314 | -85.62% |
| Profit after taxation | 3,455,317 | 5,419,591 | -36.24% |
| Earnings per share - Basic and Diluted (in Rupees) | 1.02 | 1.64 | - |
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 138,412.25 167.69M | 0.32% 447.43 |
| ALLSHR | 85,702.96 423.92M | 0.15% 131.52 |
| KSE30 | 42,254.84 82.09M | 0.43% 180.24 |
| KMI30 | 194,109.59 84.37M | 0.15% 281.36 |
| KMIALLSHR | 56,713.67 217.03M | 0.03% 16.37 |
| BKTi | 37,831.34 13.04M | 1.62% 603.62 |
| OGTi | 27,440.63 3.93M | -0.09% -23.70 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 118,635.00 | 118,705.00 117,905.00 | 1015.00 0.86% |
| BRENT CRUDE | 73.47 | 73.63 71.75 | 0.96 1.32% |
| RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
| ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
| USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 70.36 | 70.37 70.18 | 0.36 0.51% |
| SUGAR #11 WORLD | 16.46 | 16.58 16.37 | -0.13 -0.78% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|