Lahore October 30 2022: Bank of Punjab equity improved to Rs. 64.4 billion and Capital Adequacy Ratio (CAR) stood at 14.14% against regulatory requirement of 11.50% and 12.27% at December 2021. Whereas, Leverage Ratio stood at 3.89% as against requirement of 3.00%, according to information provided by Bank of Punjab.
Share price of the bank decline 39.43% since start of this calendar year to close Friday trading at Rs 5.13 at Pakistan Stock Exchange as the bank continue to skip dividends to meet regulatory requirements.
"I highly appreciate our valued customers and shareholders for their enduring support and also assure all stakeholders that the Bank shall continue to make progress in line with its strategic business plan. I am also thankful to the Government of the Punjab and State Bank of Pakistan for their support and guidance. Further, the Board also recognizes the efforts of Bank's management and staff for achieving set business and growth targets." says Chief Executive Officer Zafar Masud
During nine months of the year, the Bank posted before tax profit of Rs. 12.45 billion as against Rs. 12.36 billion earned during 1st nine months of 2021. Bank's Net Interest Margin (NIM) improved to Rs. 22.88 billion as against Rs. 21.91 billion during 1st nine months of 2021. Similarly, Non-Markup/ Interest Income (excluding gains on securities) increased to Rs. 7.19 billion as against Rs. 4.42 billion during 1st nine months of 2021 showing an increase of 63%.
Profit after tax remained at Rs. 7.60 billion, after absorbing increase in effective taxability by 10% for Tax Year 2023, as against Rs. 8.72 billion during 1st nine months of 2021. Similarly, Earnings per Share (EPS) remained at Rs. 2.55 per share as against Rs. 2.93 per share for 1st nine months of 2021.
Bank's Total Assets as at September 30, 2022 improved to Rs. 1,309.5 billion as against Rs. 1,197.0 billion as of December 31, 2021. The Deposits of the Bank also improved to Rs. 1,040.5 billion as against Rs. 1,003.0 billion as on December 31, 2021. Investments and Gross Advances were recorded at Rs. 576.2 billion and Rs. 598.4 billion, respectively.
The Bank has been assigned long term entity rating of "AA+" by M/s PACRA with short term rating being at the highest rank of "Al+". The Bank currently has a network of 722 online branches (including 132 Taqwa Islamic Banking Branches and 16 sub-branches). Further, the Bank has a network of 682 ATMs providing 24/7 banking services to the customers. Besides that, Bank is also offering Credit Card, Branchless Banking, Mobile Banking, Internet Banking and Cash Management services to its clients.