A meeting of the Board of Directors of The Bank of Punjab was held on Friday to consider and approve the un-audited Financial Statements for the half year ended June 30, 2019. The meeting was chaired by, Dr Pervez Tahir, Chairman of the Board of Directors of the Bank.
While reviewing the Financial Statements of the Bank for the half year ended June 30, 2019, the Board highly appreciated highest level of professionalism shown by the Bank's Management team which enabled the Bank to maintain its growth trajectory despite prevalent challenging macroeconomic situation.
Maintaining the growth trends, during 1sthalf of the year 2019, the Bank posted before tax profit of Rs 6.93 billion as against Rs 6.15 billion earned during 1st half of year 2018 depicting a rise of 13 percent.
Net Interest Margin (NIM) of the Bank improved to Rs 13.08 billion as against Rs 9.19 billion in corresponding period of year 2018 showing a substantial rise of 42 percent.
Non-Markup/ Interest Income remained at the level of Rs 1.84 billion. Similarly, the earnings per share (EPS) for the 1st half of year 2019 improved to Rs 1.52 per share as against Rs 1.43 for corresponding period last year.
The Bank's total assets, as at June 30, 2019,improved to Rs 802.2 billion. The Deposits of the Bank reached the level of Rs 665.2 billion, while investments and gross advances were recorded at Rs 302.5 billion and Rs 425.4 billion, respectively.
The Tier-I equity remained at Rs 36.5 billion and Capital Adequacy Ratio (CAR) also improved to 13.40 percent. As on June 30, 2019, the Bank stands fully
compliant with the SBP's prescribed requirement of CAR.
The Bank has been assigned long term entity rating of "AA" by The Pakistan Credit Rating Agency (PACRA) with short term rating being at the highest rank of "A1+".-PR
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