Bank of Punjab (BoP), Chairman, Hafeez Akhtar Randhawa has said that the Bank would expand its network up to district level to bring in to the loop all the transactions related to wheat, cotton, milk, sugarcane and other crops.
He was speaking at the Annual General Meeting (AGM) of the Bank here on Wednesday. Among others, BoP Managing Director, Hamesh Khan, Directors, General Managers and majority of the shareholders attended the meeting.
Secretary Board presented the audited accounts as of December 31, 2003 and those were unanimously approved by the shareholders.
According to this, stock dividend of 25 percent would be paid to all shareholders.
The Bank made a profit of more than Rs 1 billion in the financial year ending December 31, 2003, which is 132 percent higher than the previous year.
The earning per share of the bank has also increased from Rs 2.83 to Rs 6.86.
The Bank's deposits and advances have increased by 47 177 percent respectively, which are Rs 34,938 million and Rs 18,344 million, respectively.
Chairman BoP said that the policies initiated by the new management were bold and in line with the current market realities and were clearly evidenced from the phenomenal results of last year.
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