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 half 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 percent. 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 percent.

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 percent. 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 to Rs 925.66 billion as against Rs 835.07 billion registering a growth of 11 percent. 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 percent. Equity improved to Rs 52.47 billion and Capital Adequacy Ratio (CAR) stood at 15.09 percent against regulatory requirement of 11.50 percent.

During 1st half of the year 2021, Pakistan Credit Rating Agency (PACRA) 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 network of 640 online branches, including 105 Taqwa Islamic Banking Branches and 18 sub-branches. Further, the Bank has a network of 634 ATMs providing 24/7 banking services to the customers.—PR

Copyright Business Recorder, 2021