BANK OF PUNJAB’S FIRST QUARTER PERFORMANCE UNDERSCORES REMARKABLE GROWTH
Lahore, April 26, 2024 – The Board of Directors of The Bank of Punjab convened on Friday to deliberate on the un-audited Financial Statements for the 1st quarter ending March 31, 2024.
The session saw a thorough review of the Bank’s performance against its strategic business plan, with particular commendation extended to the BOP Management for steering the institution towards a commendable growth trajectory. Notably, the Bank witnessed a remarkable 67% surge in profit before tax, affirming its alignment with strategic objectives.
During the 1st quarter of 2024, the Bank reported a significant increase in its Net Interest Margin (NIM), soaring to Rs 8.55 billion compared to Rs 7.77 billion in the corresponding period of 2023. Non-Markup/Interest Income also surged by 33%, further bolstering the Bank’s financial position. As a result, the Bank’s profit before tax surged to Rs. 3.51 billion, marking a substantial growth of 67% from Rs. 2.11 billion in the previous year. Earnings per Share (EPS) for the 1st quarter of 2024 rose to Rs. 0.52 per share, compared to Rs. 0.37 per share during the same period in 2023.
As of March 31, 2024, the Bank’s Total Assets exhibited an impressive growth, reaching Rs. 2,075.45 billion, up from Rs. 1,604.36 billion in the previous year, reflecting a robust 29% increase. Deposits also witnessed a substantial rise, climbing to Rs. 1,421.40 billion from Rs. 1,189.22 billion in March 2023, marking a 20% increase. Additionally, Investments and Gross Advances stood at Rs. 1,055.79 billion and Rs. 761.70 billion, respectively. Tier-1 Equity strengthened to Rs. 70.24 billion compared to Rs. 68.61 billion as of March 31, 2023, while the Capital Adequacy Ratio (including ASM of TFC-III) stood strong at 17.15%, surpassing the regulatory requirement of 11.50%.
In a noteworthy achievement, The Bank of Punjab was conferred with the esteemed title of “Best SME Bank in Pakistan” at the Global SME Banking Innovation Awards 2024 by The Digital Banker during the 1st Quarter of 2024. Furthermore, the Bank was lauded as the best bank in the “Excellence in Financial Literacy Awards-PFLW 2024” by the State Bank of Pakistan.
The Bank of Punjab’s robust performance in the 1st quarter of 2024 underscores its unwavering commitment to excellence and innovation in the banking sector, setting a benchmark for industry peers.
