AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

LAHORE: A meeting of the Board of Directors of The Bank of Punjab (BOP) was held on Friday. During the meeting, annual audited Financial Statements of the Bank for the year ended December 31, 2021 were approved by the Board.

During the meeting, the Board reviewed Bank’s financial performance and appreciated the efforts of Management for exhibiting tremendous financial results in line with strategic business plan. Owing to prudent management of resources and aggressive business expansion, the Bank has been able to post highest ever before tax profit of Rs.18.4 billion during year 2021 showing a growth of 54 percent over last year.

During the year 2021, Bank’s Balance Sheet grew by 9 percent and remained at the level of Rs 1.2 trillion. First time in its history, as on December 31, 2021, Bank’s deposits also crossed the level of Rs 1.0 trillion mark.

Keeping in view robust business plan envisaging aggressive business growth and CAPEX commitment in the areas of information technology & digitalization, requiring strong capital base, the Board announced and recommended a stock dividend of 12.50 percent for shareholders for the year 2021 as against 10.0 percent cash dividend announced for the year 2020.

During the year 2021, Net Interest Margin (NIM) improved to Rs 29.9 billion as against Rs 23.3 billion showing an increase of 28 percent. Non-Markup/ Interest Income (excluding gains on securities) increased to Rs 6.1 billion as against Rs 4.6 billion showing a substantial increase of 34 percent. During the year, Bank’s NPLs reduced by Rs 5.2 billion on account of recovery/regularization. Further, a general provision of Rs 2.5 billion has also been maintained by the Bank.

The Bank posted after tax profit of Rs 12.4 billion as against Rs 6.9 billion during year 2020 showing a significant increase of 79 percent. Earnings per Share (EPS) for year 2021 also improved to Rs 4.71 per share against Rs 2.63 per share during year 2020.

On Deposits side, the Bank registered a growth of 20 percent and reached the level of Rs 1,003.0 billion as against Rs 835.1 billion as on December 31, 2020. Investments and Gross Advances were recorded at Rs 531.7 billion and Rs 534.2 billion, respectively. Book Value per share (excluding surplus on assets) improved to Rs 21.26 as against Rs 17.52 as on December 31, 2020. As on December 31, 2021, Bank’s Equity improved to Rs 54.8 billion.

In recognition of Bank’s strong financial position, The Pakistan Credit Rating Agency (PACRA) has upgraded Bank’s long term entity rating to “AA+” with short term rating being already at the highest rank of “A1+”. The Bank currently has a countrywide network of 662 online branches, including 114 Taqwa Islamic Banking Branches. Further, Bank also has a vast network of 647 ATMs providing 24/7 banking services to the customers.

Copyright Business Recorder, 2022

Comments

Comments are closed.

BoP earns Rs18.4bn profit before tax in 2021

PPP to send legal notice to Imran over Zardari assassination plot claims

PM Shehbaz terms Imran's remarks against Zardari dangerous, irresponsible

FM Bilawal to visit Russia on January 29-30

In 2 weeks: Indus Motor increases Toyota car prices again as rupee's fall bites

Terrorist killed in intelligence based operation in North Waziristan: ISPR

Gold surges to new peak on back of rupee depreciation, speculation

Two Indian air force jets crash, one pilot killed

'Believe in Ishaq Dar': Maryam says current finance minister to solve economic crisis

Sri Lanka economy could shrink by -3.5% to -4%, president says

Sabalenka wins Australian Open for first Grand Slam crown