BOP announced financial results for 1st half of year 2016

LAHORE: A meeting of the Board of Directors of The Bank of Punjab was held on August 29, 2016 to consider and approve unaudited Financial Statements of the Bank for the half year ended June 30, 2016. The Board, while approving financial results of the Bank, appreciated remarkable improvement in financial position of Bank and lauded the efforts made by the current management to salvage the institution from a great depression inherited from previous regime and taking it to new heights of success. During 1st half of the year 2016, The Bank of Punjab earned before tax profit of Rs. 4.2 billion. Similarly, the Earning per share (EPS) for the half year ended June 30, 2016 remained at Rs. 1.78. As on June 30, 2016, Bank’s Total Assets increased to Rs. 490 billion. The Deposits of the Bank touched the level of Rs. 430 billion as against Rs. 375 billion as on December 31, 2015. Similarly, the Advances and Investments remained at Rs. 279 billion and Rs. 167 billion, respectively. During the 1st half of the year 2016, Net Interest Margin (NIM) of the Bank improved to Rs. 5.9 billion as against Rs. 5.4 billion during corresponding period of last year. The Bank’s Non-Markup/ Interest Income for 1st half of year 2016 remained at the level of Rs. 3.2 billion. The Board also appreciated management’s initiative to take the brand name of the Bank to every corner of the Country and to ensure easy access to state of the art banking products and services for every segment of society. The Bank is expanding its outreach to unbanked areas of the Country under project “Sun Rise” and has planned to open 45 new smart branches. Currently, Bank has a network of 411 online branches, including 50 Islamic Banking Branches, on pan Pakistan basis.