Bank of Punjab declares 53% net profit growth

KARACHI: The Bank of Punjab on Friday declared 53 per cent growth in net profit for the half-year ended June 30, 2021, a bourse filing said.

The profit-after-tax of the bank increased to Rs5.59 billion for the first-half (January–June) 2021, compared with Rs3.65 billion in the same half of the last year.

The bank announced earnings per share (EPS) of Rs2.12 for the half-year under review, compared with the EPS of Rs1.38 during the same period of the last year.

During the first-half of 2021, the bank’s net interest margin (NIM) improved to Rs13.88 billion as against Rs11.55 billion during the first-half of 2020, registering a growth of 20 per cent.

Similarly, non-markup/interest income, excluding gain on securities, increased to Rs2.77 billion as against Rs2.13 billion during the first-half of 2020, showing a significant increase of 30 per cent.

The bank’s total assets as of June 30, 2021 improved to Rs1,167.36 billion as against Rs1,095.45 billion as of December 31, 2020.

The deposits of the bank improved to Rs925.66 billion as against Rs835.07 billion, registering a growth of 11 per cent. The investments improved to Rs584.99 billion as against Rs567.79 billion as of December 31, 2020.

Similarly, the gross advances improved to Rs486.48 billion as against Rs442.76 billion as of December 31, 2020, registering a growth of 10 per cent.

The equity improved to Rs52.47 billion and the capital adequacy ratio (CAR) stood at 15.09 per cent against the regulatory requirement of 11.50 per cent.

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