Financial results for Q1, 2022: BoP posts Rs2.16bn after tax profit

LAHORE: A meeting of the Board of Directors of The Bank of Punjab was held on April 21, 2022 to consider and approve the un-audited Financial Statements for the 1st quarter of year ended March 31, 2022.

During the meeting, the Board reviewed Bank’s performance for 1st quarter of the year 2022 in comparison with the set business targets. The Board expressed satisfaction on overall financial performance of the Bank and noted that Bank is moving in right direction for achievement of strategic business targets.

During 1st quarter of year 2022, Bank’s Net Interest Margin (NIM) improved to Rs8.11 billion as against Rs6.87 billion during 1st quarter 2021 registering a growth of 18%. Similarly, Non-Markup/ Interest Income (excluding gains on securities) increased to Rs1.80 billion as against Rs1.27 billion during 1st quarter 2021 showing an increase of 41%. During 1st quarter of the year, the Bank posted after tax profit of Rs2.16 billion as against Rs1.83 billion earned during 1st quarter of year 2021 with a growth of 18%. Earnings Per Share (EPS) for the 1st quarter of year 2022 also improved to Rs0.82 per share as against Rs0.69 per share for 1st quarter 2021.

Bank’s Total Assets as at March 31, 2022 improved to Rs1,264.3 billion as against Rs1,197.0 billion as of December 31, 2021. The Deposits of the Bank also improved to Rs1,018.6 billion, while Investments and Gross Advances were recorded at Rs596.9 billion and Rs553.4 billion, respectively. Equity improved to Rs55.9 billion and Capital Adequacy Ratio (CAR), including advance subscription of ADT-1, stood at 12.28% against regulatory requirement of 11.50%.

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 664 online branches, including 115 Taqwa Islamic Banking Branches and 16 sub-branches. Further, the Bank has a network of 651 ATMs providing 24/7 banking services to the customers. Besides that, Bank is also offering Branchless Banking, Mobile Banking, Internet Banking and Cash Management services to its clients.