Lahore October 31 2024: Bank of Punjab profit increased by 32.1 percent during the first nine months of 2024 to PKR 7.91 billion compared to PKR 5.98 billion last year due to gain on sale of securities and hefty reversal, according to banks filing to the exchange.
Share price of the bank surge 4.16 percent in today’s trading at Pakistan Stock Exchange.
During first nine months of 2024, Bank earned before tax profit of PKR 14.10 billion as against 8.94 billion during first nine months of 2023 showing an impressive growth of 58 percent. Non Markup/ Interest Income increased to PKR 15.74 Billion as against PKR 8.77 Billion for first nine months of 2023 registering a significant growth of 80 percent. Bank’s Net Interest Margin (NIM) improved to PKR 29.24 billion while Non-Markup Expenses remained at PKR 34.36 Billion.
Bank booked gain on sale of securities of PKR 4.91 billion while reversed provisioning of PKR 3.48 billion during the period.
Earnings per Share (EPS) for the first nine months of 2024 improved to PKR 2.42 per share as against PKR 1.83 per share during first nine months of 2023.
As at September 30, 2024, Bank’s Total Assets stood at PKR 2,136 billion as against PKR 2,259 billion as of September 30, 2023. The Deposits of the Bank improved to PKR 1,574 billion as against PKR 1,393 billion as of September 30, 2023. Investments & Lending to FIs improved to PKR 1,224 billion. Gross Advances were recorded at PKR 682 billion. Bank’s Equity improved to PKR 84 billion as against PKR 74 billion as on September 30, 2023 with a growth of 13 percent. Capital Adequacy Ratio significantly improved to 20.23 percent as against 17.08 percent as of September 30, 2023, while Leverage Ratio also improved to 3.62 percent as against 2.98 percent as on September 30, 2023.
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 “A1+”. The Bank currently has a network of 861 online branches, including 180 Taqwa Islamic Banking Branches and 16 sub-branches. Further, the Bank has a network of 851 ATMs providing 24/7 banking services to the customers. Besides, Bank is also offering a wide range of products/services to its valued clients including Branchless Banking, Mobile Banking, Internet Banking, Credit Card and Cash Management services.
