Bank of Punjab announces financial results for Q1 BOP posts before tax profit Rs3.57 billion

Staff Reporter

Lahore

A meeting of the Board of Directors of The Bank of Punjab was held here to consider and approve the un-audited Financial Statements for the 1st quarter of year ended March 31, 2019. The meeting was presided by the Chairman of the Board, Dr. Pervez Tahir.
He paid rich tributes to Khalid Tirmizey, Acting President, and his team for their efforts in maintaining the growth in profitability of the Bank during the transition period. He said the Board was looking forward to the newly appointed President, Syed Muhammad Talib Rizvi, to takeover and take the Bank to new heights.
During 1st quarter of the year 2019, the Bank posted before tax profit of Rs. 3.57 billion as against Rs. 3.01 billion earned during 1st quarter of year 2018 depicting a rise of 19%. Net Interest Margin (NIM) of the Bank improved to Rs. 6.52 billion as against Rs. 4.68 billion in corresponding period of year 2018 showing a massive rise of 39%. Non-Markup/ Interest Income remained at the level of Rs. 0.8 billion. Similarly, the Earnings per Share (EPS) for the 1st quarter of year 2019 remained at the level of Rs. 0.74 per share.
The Bank’s Total Assets as at March 31, 2019 remained at Rs. 704.0 billion. The Deposits of the Bank touched the level of Rs. 593.0 billion, while Investments and Gross Advances were recorded at Rs. 203.8 billion and Rs. 428.9 billion, respectively.

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