Bank of Punjab’s Assets Surge to Over Rs. 1 Trillion
Bank of Punjab has become the 9th bank in Pakistan to cross Rs. 1 trillion in assets. According to the financial report, the bank’s total assets stand at Rs. 1.018 trillion.
Previously, leading banks such as Habib Bank, United Bank, National Bank of Pakistan, MCB Bank Allied Bank, Bank Al-Habib, Meezan Bank, and Bank Alfalah have achieved this mark in the local industry.
The deposits of the bank reached Rs. 805.7 billion, while investments and gross advances were recorded at Rs. 497.7 billion and Rs. 431.4 billion, respectively. The Tier-I equity remained at Rs. 43.0 billion and Capital Adequacy Ratio (CAR) also improved to a highly comfortable level of 17.82% as of June 30, 2020, from 14.80% on December 31, 2019.
Bank of Punjab is a public sector bank acting as the bank of provincial and federal governments for collecting taxes and duties. It currently has a network of 624 online branches, including 100 Taqwa Islamic Banking Branches and 17 sub-branches, strategically located across the country.
BOP Profit Drop by Over 9% H1 2020
The profit of the Bank of Punjab dropped by 9.8% year-on-year in the first half of 2020 due to the adverse impact of the COVID-19 on its business and its operations.
According to the financial statement, the bank recorded a profit of Rs. 3.6 billion from January to June 2020 as compared to Rs. 4 billion recorded in the corresponding period of 2019. The bank’s earning per share dropped to Rs. 1.37 from Rs. 1.52 by June 2020.
During the 1st half of the year, the bank was able to minimize the impact of adverse economic conditions by opting for an investment strategy which resulted in substantial capital gains. The bank’s Net Interest Margin (NIM) remained at Rs. 11.5 billion compared to Rs. 13.1 billion during the corresponding period last year.
Non-Markup/ Interest Income increased to Rs. 6.9 billion as against Rs. 1.8 billion showing a substantial increase over the corresponding period last year.
Pre-provision profit improved to Rs. 9.8 billion versus Rs. 8.0 billion during the corresponding period last year registering a rise of 23%.