Bank of Punjab board expresses satisfaction over robust growth
The Bank of Punjab (BoP) Board of
Directors met on Wednesday to review and approve the unaudited financial
results for the first nine months ending September 30, 2024. The Board
expressed satisfaction with the Bank's robust growth across all operational
areas and commended management for achieving a 58% increase in profit before
tax compared to the same period in 2023.
For the first nine months of 2024,
BoP reported a profit before tax of Rs. 14.10 billion, up from Rs. 8.94 billion
in the previous year, reflecting a significant 58% growth. Non-markup/interest
income surged to Rs. 15.74 billion, marking an 80% increase from Rs. 8.77
billion for the same period last year.
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of Punjab emerges as top mid-sized bank in commercial banking industry
The Bank’s Net Interest Margin (NIM)
rose to Rs. 29.24 billion, while non-markup expenses totaled Rs. 34.36 billion.
Earnings per Share (EPS) improved to Rs. 2.42, up from Rs. 1.83 in the same
period last year.
As of September 30, 2024, BoP’s
total assets stood at Rs. 2,136 billion, with deposits reaching Rs. 1,574
billion, up from Rs. 1,393 billion in 2023. Investments and lending to
financial institutions increased to Rs. 1,224 billion, and gross advances
amounted to Rs. 682 billion. The Bank’s equity grew to Rs. 84 billion, a 13%
rise from Rs. 74 billion in 2023.
The Bank’s Capital Adequacy Ratio
(CAR) improved to 20.23%, up from 17.08% last year, while the Leverage Ratio
increased to 3.62% from 2.98%. BoP maintained its “AA+” long-term entity rating
and “A1+” short-term rating, the highest possible, assigned by PACRA.
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of Punjab secures title of "Best SME Bank in Pakistan"
BoP operates a network of 861
branches, including 180 Taqwa Islamic Banking branches and 16 sub-branches, and
offers 24/7 service through 851 ATMs. The Bank provides a diverse range of
products, including branchless banking, mobile banking, internet banking,
credit cards, and cash management services, catering to a wide customer base
across Pakistan.
Source: Pakistan Observer