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
Posted on: 2023-08-25T10:13:57+05:00
