Bank of Punjab earns Rs 5.6 billion profit-before-tax
Lahore: A meeting of the Board of Directors of The Bank of Punjab was held on Thursday. During the meeting, un-audited financial statements of the Bank for nine months ended September 30 were approved by the Board.
During first nine months of the year 2015, The Bank of Punjab earned before tax profit of Rs 5.6 billion as against Rs 3.1 billion earned during corresponding period of year 2014 thereby registering a massive rise of 81%. Similarly, the earnings per share (EPS) for the nine months ended September 30 showed phenomenal surge and touched the level of Rs 2.37 per share.
During first nine months of the year 2015, Net Interest Margin (NIM) of the bank improved significantly to Rs 8.1 billion as against Rs 4.7 billion during corresponding period of last year thereby registering a commendable growth of 72%. The Bank’s Non-Markup/ Interest Income also reached the level of Rs. 5.9 billion as against Rs. 1.9 billion during corresponding period of last year, showing a tremendous growth of 211%.
Bank’s total assets as on September 30, 2015 increased to Rs 456 billion as against Rs 420 billion as on December 31, 2014. The deposits of the bank touched the level of Rs 357 billion as against Rs 342 billion as on December 31, 2014. The net advances and investments were recorded at Rs 202 billion and Rs 189 billion, respectively.
With a view to take the brand name of the Bank to every corner of the country and ensure easy access of every segment of society to state of the art banking products and services, Bank is expanding its outreach to unbanked areas of the country. The Bank now has a network of 371 online branches, including 39 Islamic Banking Branches, spanned across the country. Further, Bank also has a vast network of 267 ATMs providing 24/7 banking services to the customers.