Punjab Bank proposes 25 percent stock dividend

Board of Directors of Bank of Punjab has proposed a stock dividend at the rate of 25 percent for its stockholders.
According to a bank's spokesman, a meeting of the board held on Tuesday chaired by bank's Chairman Hafeez Akhtar Randhawa.
The board also approved the audited accounts of the bank for the year ended December 31, 2003, which were also reviewed during the meeting.
The meeting was told that the bank earned a pre-tax profit of Rs 1,002 million during the year 2003 as against Rs 432 million in the year 2002, reflecting an increase of 132 percent.
The earning per share for the period works out to Rs 6.86 as against Rs 2.83 last year.
Deposits and advances of the bank grew by 47 percent and 177 percent to Rs 34,938 million and Rs 18,344 million, respectively.