The Bank of Punjab Reports 80% Growth in Pre-Tax Profit for 1st Half of 2024
Lahore, August 28, 2024 — The Board of Directors of The Bank of Punjab (BOP) met today to review and approve the unaudited Financial Statements for the first half of the year ending June 30, 2024. The meeting highlighted a significant 80% increase in profit before tax, reflecting the bank’s robust performance and strategic business execution.
For the first half of 2024, BOP reported a pre-tax profit of PKR 7.05 billion, up from PKR 3.92 billion during the same period in 2023. This growth is attributed to an impressive 73% rise in non-markup interest income, which reached PKR 9.93 billion compared to PKR 5.73 billion in the previous year.
The bank’s Net Interest Margin (NIM) stood at PKR 15.92 billion, while non-markup expenses were recorded at PKR 22.20 billion. Earnings per Share (EPS) improved to PKR 1.33 per share from PKR 1.05 per share in the first half of 2023.
As of June 30, 2024, BOP’s total assets increased by 10%, reaching PKR 2,269 billion, up from PKR 2,054 billion in the previous year. Deposits grew by 15%, amounting to PKR 1,582 billion compared to PKR 1,370 billion as of June 30, 2023. Investments and lending to financial institutions surged by 40%, totaling PKR 1,293 billion. Gross advances were recorded at PKR 705 billion. The bank’s equity rose to PKR 77 billion from PKR 67 billion in the previous year. The Capital Adequacy Ratio remained strong at 17.61%, surpassing the regulatory requirement of 11.50%.
The Bank of Punjab has been assigned a long-term entity rating of “AA+” by PACRA, with a short-term rating of “A1+”. The bank’s extensive network includes 822 online branches, comprising 163 Taqwa Islamic Banking branches and 15 sub-branches, along with 835 ATMs providing 24/7 banking services.
In addition to its core banking services, BOP continues to offer a comprehensive range of products and services, including branchless banking, mobile banking, internet banking, credit cards, and cash management solutions.
For more information, visit The Bank of Punjab’s website.
