BOP's profit declines by 36% YoY to Rs3.46bn in 1HCY23

MG News | August 25, 2023 at 10:13 AM GMT+05:00

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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	-

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