Bank of Punjab announces financial results

LAHORE  -  The Board of Directors of The Bank of Punjab (BOP) convened on February 20, 2024, to review and approve the bank’s annual audited financial statements for the year ended December 31, 2023. In reflecting on the bank’s financial per­formance, the Board commended the management team for delivering re­markable results despite the challeng­ing macroeconomic environment. The bank’s performance remained stead­fastly in line with its strategic business plan, garnering recognition from stake­holders and market evaluators alike.

Throughout 2023, BOP expanded its product and service offerings to meet the evolving needs of its diverse clientele, with a particular focus on strengthening its Islamic Banking foot­print through the establishment of ded­icated Taqwa Islamic Banking Branches and Islamic banking windows in con­ventional branches. As a result of these efforts, the bank’s balance sheet wit­nessed a robust 50% growth, reaching Rs. 2.2 trillion by December 31, 2023. Deposits surged to Rs. 1.5 trillion, marking a commendable 24% growth. With prudent resource management, aggressive business expansion, and the introduction of new products and ser­vices, the bank achieved a before-tax profit of Rs. 21.2 billion in 2023, with an after tax profit of Rs. 11.3 Billion. Earnings per share (EPS) for the year stood at Rs. 3.47 per share, compared to Rs. 3.31 per share in 2022.

Noteworthy financial metrics in­clude a 33% increase in Net Interest Margin (NIM) to Rs. 40.9 billion and a 67% rise in Non-Markup/Interest In­come to Rs. 17.7 billion. Investments and Gross Advances reached Rs. 913.2 billion and Rs. 849.5 billion, respec­tively, while equity improved to Rs. 80.8 billion by December 31, 2023. Despite economic challenges, BOP managed to enhance its risk profile and raise ADT-1 and Tier-1 capital ag­gregating to Rs. 15.5 billion in 2023, indicative of market confidence in its financial strength. The bank’s capital adequacy ratio (CAR) significantly im­proved to 18.37%, with a Leverage Ra­tio of 3.38%. In line with its Strategic Business Plan, emphasizing aggressive growth and CAPEX commitments in In­formation Technology & Digitalization, the Board proposed cash dividend of 10% for the shareholders for the year ended December 31, 2023.

ePaper - Nawaiwaqt