31ST ANNUAL GENERAL MEETING OF THE BANK OF PUNJAB
LAHORE ( Web News )
The 31st Annual General Meeting of the members of The Bank of Punjab was held at Avari Hotel, Shahra-e-Quaid-e-Azam, Lahore on Wednesday, 30th March 2022 at 11:30 a.m. The meeting was attended by Board of Directors, Bank’s Senior Management & a large number of shareholders.
During the Annual General Meeting, a brief presentation on Bank’s financial performance was given to the shareholders. The participants were apprised that during the year 2021, Bank posted highest ever before tax profit of Rs.18.4 billion showing a growth of 54% over last year. During the year 2021, Bank’s Balance Sheet grew by 9% and remained at the level of Rs. 1.2 Trillion. First time in its history, as on December 31, 2021, Bank’s deposits also crossed the level of Rs.1.0 Trillion mark.
During the year 2021, Net Interest Margin (NIM) improved to Rs. 29.9 billion as against Rs. 23.3 billion showing an increase of 28%. Non-Markup/ Interest Income (excluding gains on securities) increased to Rs. 6.1 billion as against Rs. 4.6 billion showing a substantial increase of 34%. During the year, Bank’s NPLs reduced by Rs. 5.2 billion on account of recovery/regularization. Further, a general provision of Rs. 2.5 Billion has also been maintained by the Bank.
The Bank posted After Tax Profit of Rs. 12.4 Billion as against Rs. 6.9 Billion during year 2020 showing a significant increase of 79%. Earnings per Share (EPS) for year 2021 also improved to Rs. 4.71 per share against Rs. 2.63 per share during year 2020.
On Deposits side, the Bank registered a growth of 20% and reached the level of Rs. 1,003.0 billion as against Rs. 835.1 billion as on December 31, 2020. Investments and Gross Advances were recorded at Rs. 531.7 billion and Rs. 534.2 billion, respectively. Book Value per share (excluding surplus on assets) improved to Rs. 21.26 as against Rs. 17.52 as on December 31, 2020. As on December 31, 2021, Bank’s Equity improved to Rs. 54.8 billion.
The participants were also informed that in recognition of Bank’s strong financial position, The Pakistan Credit Rating Agency (PACRA) has upgraded Bank’s long term entity rating to “AA+” with short term rating being already at the highest rank of “A1+”. President/CEO also updated the shareholders on Bank’s future business strategy. While Bank has planned to open 117 new branches in current year with special focus on unbanked areas and southern region of the Country, investment is also being made for introduction of technology based products & services. The Bank has already launched Internet Banking in year 2021, whereas Bank’s credit card operations shall also be commencing, shortly.
Thereafter, a question answer session was also held and all queries of the shareholders were satisfactorily responded by the Board and the Senior Management.
The shareholders were highly appreciative of Bank’s strong financial performance. In the end, the shareholders approved financial statements of the Bank for the year 2021 along with a Stock Dividend of 12.50% for shareholders. Further, appointment of M/s A.F. Ferguson, Chartered Accountants, as Bank’s Statutory Auditors for the year 2022 was also approved by the shareholders. The meeting ended with a vote of thanks to the chair.