The Bank of Punjab announced Financial results for 1st Quarter 23
LAHORE ( Web News )
A meeting of the Board of Directors of The Bank of Punjab was held on April 28, 2023 to consider and approve the un-audited Financial Statements for the 1st quarter of year ended March 31, 2023.
During the meeting, the Board reviewed Bank’s performance for 1st quarter of the year 2023 and expressed its satisfaction on overall financial performance of the Bank in the prevailing operating environment.
During 1st quarter 2023, Non-Markup/ Interest Income (excluding gains on securities) increased to Rs. 2.68 billion as against Rs. 1.80 billion during 1st quarter 2022 showing an increase of 49%. However, Bank’s Net Interest Margin (NIM) remained at Rs. 7.77 billion as against Rs. 8.11 billion during 1st quarter 2022. During 1st quarter of the year, the Bank posted before tax profit of Rs. 2.11 billion and Earnings per Share (EPS) for the 1st quarter of year 2023 remained at Rs. 0.40 per share.
As at March 31, 2023, Bank’s Total Assets improved to Rs. 1,604.4 billion as against Rs. 1,481.9 billion as of December 31, 2022. The Deposits of the Bank remained at Rs. 1,189.2 billion, while Investments and Gross Advances were recorded at Rs. 803.2 billion and Rs. 612.1 billion, respectively. Tier-1 Equity improved to Rs. 68.6 billion and Capital Adequacy Ratio (including ASM of TFC-III) stood at 12.91% against regulatory requirement of 11.50%.
The Bank has been assigned long term entity rating of “AA+” by M/s PACRA with short term rating being at the highest rank of “A1+”. The Bank currently has a network of 780 online branches, including 140 Taqwa Islamic Banking Branches and 16 sub-branches. Further, the Bank has a network of 715 ATMs providing 24/7 banking services to the customers. Besides, Bank is also offering a wide range of products/services to its valued clients including Branchless Banking, Mobile Banking, Internet Banking, Credit Card and Cash Management services.