A meeting of the Board of Directors of The Bank of Punjab was held on May 19, 2020 to consider and approve the un-audited Financial Statements for the 1st quarter of the year ended March 31, 2020.
During the 1st quarter of the year 2020, Bank’s Net Interest Margin (NIM) remained a little subdued at Rs 5.9 billion as against Rs 6.3 billion last year, due to the strategy of the bank to focus on avenues of investments other than the traditional interest income of loans & advances.
Accordingly, Non- Markup/Interest Income increased to Rs 2.0 billion as against Rs 0.8 billion showing a substantial increase of 150 percent. Keeping in view the prevailing economic situation, Bank opted to create provisions against certain loans & advances on a prudent basis. Therefore, during the 1st quarter of the year, the Bank posted an after-tax profit of Rs 1.5 billion as against Rs 1.9 billion earned during the 1st quarter of the year 2019. Earnings per Share (EPS) for the 1st quarter of the year 2020 remained at the level of Rs 0.57 per share.
The Bank’s Total Assets as of March 31, 2020 improved to Rs 899.1 billion as against Rs 868.9 billion as of December 31, 2019. The Deposits of the Bank touched the level of Rs 716.1 billion, while Investments and Gross Advances were recorded at Rs 387.9 billion and Rs 417.5 billion, respectively. The Tier-I equity remained at Rs 40.9 billion and Capital Adequacy Ratio (CAR) also improved to 16.69 percent from 14.80 percent as on December 31. 2019. As on March 31, 2020, the Bank stands fully compliant with the SBP’s prescribed requirement of CAR.
The Bank currently has a network of 624 online branches, including 100 Taqwa Islamic Banking Branches, strategically located across the Country. Further, Bank also has a vast network of 563 ATMs providing 24/7 banking services to the customers.
