BOP announces 67pc growth in profit before tax in 1Q of 2024
LAHORE: A meeting of the Board of Directors of The Bank of Punjab was held on Friday to consider and approve the un-audited Financial Statements for the 1st quarter of year ended March 31, 2024.
During the meeting, the Board reviewed Bank’s performance for 1st quarter of the year 2024 against strategic business plan and appreciated the effort of BOP Management for showing a remarkable growth of 67% in profit before tax which is a testimony of the fact that the Bank has been moving in right direction.
During 1st quarter 2024, Bank’s Net Interest Margin (NIM) increased to Rs 8.55 billion as against Rs 7.77 billion during 1st quarter 2023. Non-Markup/ Interest Income also increased by 33 percent as against corresponding period last year. Accordingly, during 1st quarter of the year, the Bank before tax profit increased to Rs. 3.51 billion as against Rs 2.11 billion showing a remarkable growth of 67 percent. Earnings per Share (EPS) for the 1st quarter of year 2024 increased to Rs. 0.52 per share as against Rs. 0.37 per share during 1st quarter 2023.
As at March 31, 2024, Bank’s Total Assets improved to Rs. 2,075.45 billion as against Rs. 1,604.36 billion as of March 31, 2023 depicting a hefty growth of 29 percent. The Deposits of the Bank improved to Rs. 1,421.40 billion as against Rs. 1,189.22 billion as of March 31, 2023 registering a massive growth of 20 percent. The Investments and Gross Advances were recorded at Rs. 1,055.79 billion and Rs. 761.70 billion, respectively. Tier-1 Equity improved to Rs. 70.24 billion as against Rs 68.61 billion as on March 31, 2023 and Capital Adequacy Ratio (including ASM of TFC-III) stood at 17.15 percent against regulatory requirement of 11.50 percent.
During the 1st Quarter 2024, The Bank of Punjab Clinches “Best SME Bank in Pakistan” Title at Global SME Banking Innovation Awards 2024 by The Digital Banker. Further, the Bank was recognized as best bank in “Excellence in Financial Literacy Awards-PFLW 2024” by State Bank of Pakistan.
Copyright Business Recorder, 2024
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