LAHORE: The 32nd Annual General Meeting of the members of The Bank of Punjab was held at a local hotel on Wednesday. The meeting was attended by members of the Board of Directors, Bank’s senior management and a large number of shareholders.

During the Annual General Meeting, a brief presentation on Bank’s financial performance was given to the shareholders. The participants were apprised that during the year 2022, Bank’s Balance Sheet grew by 24 percent and reached the level of Rs 1.48 trillion.

As on December 31, 2022, Bank’s deposits stood at the level of Rs 1.23 trillion showing a commendable growth of 22 percent. With prudent management of resources, aggressive business expansion and introduction of new products and services, the Bank has been able to post before tax profit of Rs 18.51 billion during year 2022. The effective tax rate increased by 10 percent over the corresponding period vide Finance Act 2022.

Accordingly, the Bank posted after tax profit of Rs 10.83 billion. Earnings per Share (EPS) for year 2022 remained at Rs 3.64 per share against Rs 4.18 per share during year 2021.

During the year 2022, Net Interest Margin (NIM) improved to Rs 30.76 billion as against Rs 29.88 billion during year 2021. Non-Markup/Interest Income (excluding gains on securities) increased to Rs 10.23 billion as against Rs 6.12 billion showing a substantial increase of 67 percent. During the year, Bank’s NPLs reduced to Rs 51.56 billion on account of recovery/regularization with net recoveries/reversal of Rs 0.47 billion during the year.

Investments and Gross Advances were recorded at Rs 638.26 billion and Rs 634.38 billion, respectively. Book Value per share (excluding surplus on assets) improved to Rs 22.65 as against Rs 21.26 as on December 31, 2021. As on December 31, 2022, Bank’s equity improved to Rs 65.05 billion as against Rs 54.83 billion as on December 31, 2021.

The Bank, during the year, managed to improve its risk profile despite the economy being besieged by severe challenges. In addition, BOP was also able to raise Tier 1 capital via TFC issue of Rs 8.02 billion exhibiting the faith the market has in BOP’s financial strength. Bank’s CAR and LR stood at 13.11 percent and 3.46 percent respectively as of December 31, 2022.

The shareholders were apprised that keeping in view Bank’s Strategic Business Plan envisaging aggressive business growth and further CAPEX commitment in the areas of information technology & digitalization, requiring strong capital base, the Board announced and recommended a stock dividend of 10 percent for shareholders for the year 2022 as against 12.50 percent stock dividend announced for the year 2021.

The shareholders were also informed that in recognition of Bank’s strong financial position, The Pakistan Credit Rating Agency (PACRA) has maintained Bank’s long term entity rating at “AA+” with short term rating being already at the highest rank of “A1+”.

The Bank currently has a countrywide network of 780 online branches, including 140 Taqwa Islamic Banking Branches. Further, the Bank is providing 24/7 banking services to the customers through its vast network of 706 ATMs and other digital banking services. During the year 2022 the bank expanded its branch network by 116 branches and is targeting further expansion of network with increased emphasis on Islamic branches.

The shareholders were apprised that BOP has been awarded with 11 prestigious domestic and international awards and accreditations during one year which is unprecedented and exceptional in the industry, including; the Corporate Finance House of the Year 2021 – Fixed Income award from the CFA society of Pakistan, and PBA’s Best Bank for Small & Medium Enterprises 2022 Award.

Copyright Business Recorder, 2023


Comments are closed.