The Board of Directors of the Bank of Punjab (BoP) has given its approval to the bank to establish a Wholesale Banking Unit (WBU) in the Kingdom of Bahrain and a representative office in United Arab Emirates (UAE).

The bank shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

“The BoD of the Bank of Punjab in their meeting held on July 01, 2024 have approved the business plan to establish a WBU in the Kingdom of Bahrain and a representative office in UAE, subject to approval from the State Bank of Pakistan (SBP) and other regulators,” read the notice.

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It is pertinent to mention that wholesale banking refers to banking services sold to large clients, such as other banks, other financial institutions, government agencies, large corporations, and real estate developers. It is the opposite of retail banking, which focuses on individual clients and small businesses.

Meanwhile, the bank said following the approval from the SBP, the BoP will approach other regulatory authorities to establish a wholesale banking branch in Bahrain and a representative office in UAE.

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As per BoP’s latest financial results, the bank for the 1st quarter of year ended March 31, 2024 showed a growth of 67% in profit before tax, which clocked in at Rs3.51 billion against Rs2.11 billion in same period last fiscal.

During 1st quarter 2024, the bank’s Net Interest Margin (NIM) increased to Rs8.55 billion as against Rs7.77 billion. Non-Markup/ Interest Income also increased by 33 percent as against corresponding period last year.

Earnings per Share (EPS) for the 1st quarter of year 2024 increased to Re0.52 per share as against Re0.37 per share during 1st quarter 2023.