Karachi April 28 2023: Bank of Punjab profitability plunged 42.8 percent in 1st quarter 2023 on higher interest expense and no provision reversal, according to bank filing to the exchange.
During 1st quarter 2023, Non-Markup/ Interest Income (excluding gains on securities) increased to PKR 2.68 billion as against PKR 1.80 billion during 1st quarter 2022 showing an increase of 49 percent. However, Bank’s Net Interest Margin (NIM) remained at PKR 7.77 billion as against PKR 8.11 billion during 1st quarter 2022. During 1st quarter of the year, the Bank posted before tax profit of PKR 2.11 billion and earnings per share (EPS) for the 1st quarter of year 2023 remained at PKR 0.40 per share.
As at March 31, 2023, Bank’s Total Assets improved to PKR 1,604.4 billion as against PKR 1,481.9 billion as of December 31, 2022. The Deposits of the Bank remained at PKR 1,189.2 billion, while Investments and Gross Advances were recorded at PKR 803.2 billion and PKR 612.1 billion, respectively. Tier-1 Equity improved to PKR 68.6 billion and Capital Adequacy Ratio (including ASM of TFC-III) stood at 12.91 percent against regulatory requirement of 11.50 percent.
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 780 online branches, including 140 Taqwa Islamic Banking Branches and 16 sub-branches. Further, the Bank has a network of 715 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.
