Lahore September 17 2021: Bank of Punjab is likely to maintain its dividend in the ongoing fiscal year as Government of Punjab has estimated dividend receipt of PKR 1.5 bn equivalent to PKR 1.0 per share, as per budget documents available with Augaf.
During the previous year the bank has declared dividend of PKR 1 per share which was in line with the estimates made by the Government of Punjab.
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During 1st half of year 2021, Bank’s Net Interest Margin (NIM) improved to PKR 13.88 billion as against PKR 11.55 billion during 1st half 2020 registering a growth of 20%. Similarly, Non-Markup/ Interest Income, excluding Gain on Securities, increased to PKR. 2.77 billion as against PKR 2.13 billion during 1st half 2020 showing significant increase of 30%. During 1st half of the year, the Bank posted after tax profit of PKR 5.60 billion as against PKR 3.65 billion earned during 1st half of year 2020 with a growth of 53%. Earnings per Share (EPS) for the 1st half of year 2021 also improved to PKR 2.12 per share as against PKR 1.38 per share for 1st half of year 2020.
Bank’s Total Assets as at June 30, 2021 improved to PKR 1,167.36 billion as against PKR 1,095.45 billion as of December 31, 2020. The Deposits of the Bank improved to PKR 925.66 billion as against PKR 835.07 billion registering a growth of 11%. Investments improved to PKR 584.99 billion as against PKR 567.79 billion as on December 31, 2020 . Similarly, Gross Advances improved to PKR. 486.48 billion as against PKR 442.76 billion as on December 31, 2020 registering a growth of 10%. Equity improved to PKR. 52.47 billion and Capital Adequacy
Ratio (CAR) stood at 15.09% against regulatory requirement of 11.50%.
During 1st half of year 2021, Pakistan Credit Rating Agency (PACRA) upgraded Bank’s long term entity rating to “AA+” with short term rating being already at the highest rank of “A1+”. The Bank currently has a network of 640 online branches, including 105 Taqwa Islamic Banking Branches and 18 sub-branches. Further, the Bank has a network of 634 ATMs providing 24/7 banking services to the customers.