BOP records significant growth in 1H profit

LAHORE: A meeting of the Board of Directors of The Bank of Punjab was held to consider and approve the unaudited Financial Statements for the 1sthalf of year ended June 30, 2021.

While reviewing Bank’s financial performance for the first six months of the year 2021, Board appreciated the efforts of Bank’s Management for registering marked improvement in all areas of operations as all key financial indicators remained aligned with Bank’s business plan.

During 1st half of year 2021, Bank’s Net Interest Margin (NIM) improved to Rs. 13.88 billion as against Rs. 11.55 billion during 1st half 2020 registering a growth of 20%.

Similarly, Non-Markup/ Interest Income, excluding Gain on Securities, increased to Rs. 2.77 billion as against Rs. 2.13 billion during 1st half 2020 showing significant increase of 30%. During 1st half of the year, the Bank posted after tax profit of Rs. 5.60 billion as against Rs. 3.65 billion earned during 1st half of year 2020 registering a growth of 53%.

Earnings per Share (EPS) for the 1st half of year 2021 also improved to Rs. 2.12 per share as against Rs. 1.38 per share for 1st half of year 2020.

Bank’s Total Assets as at June 30, 2021 improved to Rs. 1,167.36 billion as against Rs. 1,095.45 billion as of December 31, 2020. The Deposits of the Bank improved toRs. 925.66 billion as against Rs. 835.07 billion registering a growth of11%. Investments improved to Rs. 584.99 billion as against Rs. 567.79 billion as on December 31, 2020.

Similarly, Gross Advances improved to Rs. 486.48 billion as against Rs. 442.76 billion as on December 31, 2020 registering a growth of 10%. Equity improved to Rs. 52.47 billion and Capital Adequacy Ratio (CAR) stood at 15.09% against regulatory requirement of 11.50%.