Lahore August 29 2024: Bank of Punjab reported profit of PKR 4.35 billion for the first half 2024 due to reversals of PKR 3.41 billion after implementation of IFRS-9 standards, according to filing to the Pakistan Stock Exchange.
Share price of the bank dropped 22 paisa or 4.12 percent after the announcement at exchange.
The bank reported reversals of PKR 3.41 billion during the first half compared to provision expense of PKR 494 million in the same period last year.
The bank earned before tax profit of PKR 7.05 billion as against 3.92 billion during first six months of 2023 showing a remarkable growth of 80 percent.
NonMarkup/ Interest Income increased to PKR 9.93 billion as against PKR 5.73 billion for first six months of 2023 registering a significant growth of 73%. Bank’s Net Interest Margin (NIM) remained at PKR 15.92 billion while Non-Markup Expenses remained at 22.20 billion.
Earnings per Share (EPS) for the first six months of 2024 improved to PKR 1.33 per share as against PKR 1.05 per share during first six months of 2023.
As at June 30, 2024, Bank’s Total Assets improved to PKR 2,269 billion as against PKR 2,054 billion as of June 30, 2023 depicting a growth of 10 percent. The Deposits of the Bank also improved to PKR 1,582 billion as against PKR 1,370 billion as of June 30, 2023 registering a growth of 15 percent. Investments & Lending to FIs improved to PKR 1,293 billion registering a growth of 40 percent over June 30, 2023.
Gross Advances were recorded at PKR 705 billion. Bank’s Equity improved to PKR 77 billion as against PKR 67 billion as on June 30, 2023 and Capital Adequacy Ratio stood at 17.61 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 822 online branches, including 163 Taqwa Islamic Banking Branches and 15 sub-branches. Further, the Bank has a network of 835 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
