October 26, 2018 (MLN): As per an official report on its financial earnings for the 3 quarters ended on September 30, 2018, Bank of Punjab (BOP) successfully exceeded its profits over the corresponding period of last year, by over Rs.2.3 billion.
The report shows that sizeable upswing in Net mark-up/return/interest income and reversal of provision against non-performing advances, has prompted the net mark-up/return/interest income after provisions to rise by 67% on the whole.
However, gain on sale and redemption of securities dropped by almost 98% while administrative expenses rose by 20%, both marking a change of over Rs.1 billion each, in the downward direction.
Even so, BOP managed to pull up its bottom-line gains remarkably, up to Rs.5.5 billion.
The company’s basic and diluted earnings per share have logged in at Rs.2.08 per share for the nine-month period this year.
|
Profit and Loss Account for the nine months ended September 30th 2018 (Rupees in '000) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Mark-up/return/interest earned |
32,360,522 |
24,806,143 |
30.45% |
|
Mark-up/return/interest expensed |
18,256,584 |
13,721,262 |
33.05% |
|
Net mark-up/return/interest income |
14,103,938 |
11,084,881 |
27.24% |
|
(Reversal of provision)/Provision against non-performing advances – net |
(1,107,853) |
1,943,862 |
|
|
Provision/(reversal of provision) for diminution in the value of investments – net |
22,228 |
49,164 |
-54.79% |
|
Bad debts written off directly |
– |
– |
|
|
Net mark-up/return/interest income after provisions |
15,189,563 |
9,091,855 |
67.07% |
|
NON MARK-UP/INTEREST INCOME |
|
|
|
|
Fee, commission and brokerage income |
1,179,281 |
839,947 |
40.40% |
|
Dividend income |
53,576 |
59,816 |
-10.43% |
|
Income/ (loss) from dealing in foreign currencies |
193,607 |
44,246 |
337.57% |
|
Gain on sale and redemption of securities – net |
31,217 |
1,301,673 |
-97.60% |
|
Unrealized gain/(loss) on revaluation of investments classified as “held-for-trading” – net |
(4,372) |
1,470 |
|
|
Other income |
1,418,089 |
1,508,742 |
-6.01% |
|
Total non-mark-up/interest income |
2,871,398 |
3,755,894 |
-23.55% |
|
NON MARK-UP/INTEREST EXPENSES |
|
|
|
|
Administrative expenses |
9,027,489 |
7,483,612 |
20.63% |
|
Provision against other assets |
62,154 |
35,875 |
73.25% |
|
Other charges |
52,238 |
42,003 |
24.37% |
|
Total non-mark-up/interest expenses |
9,141,881 |
7,561,490 |
20.90% |
|
Extra ordinary/unusual items |
– |
– |
|
|
Profit before taxation |
8,919,080 |
5,286,259 |
68.72% |
|
Taxation |
3,411,110 |
2,120,436 |
60.87% |
|
Profit after taxation |
5,507,970 |
3,165,823 |
73.98% |
|
Earnings per share – Basic and Diluted (in Rupees) |
2.08 |
2.04 |
1.96% |
Copyright Mettis Link News
23904
