A tremendous rise of 61pc in BoP’s profit in first half

Lahore: A meeting of the Board of Directors of The Bank of Punjab was held on August 17, 2018 to consider and approve un-audited Financial Statements of the Bank for the half year ended June 30, 2018.

The landmark achievement of discharging Letters of Comfort (LOCs) issued by Government of Punjab as on December 31, 2017 has well and truly set the tone for a prosperous year 2018 for the Bank. Reaping the benefits of growth trends achieved and recovery efforts, the Bank’s profit before tax for the half year 2018 reached the level of Rs. 6.1 billion witnessing a hefty growth of 61% over the corresponding period of last year.

During the 1st half of the year 2018, Net Interest Margin (NIM) of the Bank significantly improved to Rs. 9.2 billion as against Rs. 7.2 billion during corresponding period of last year showing a phenomenal growth of 28%. The Bank’s Non-Markup/ Interest Income remained at the level of Rs. 1.8 billion. Accordingly, the Bank earned before tax profit of Rs. 6.1 billion during 1st half of year 2018, registering a rise of 61% over the figure of Rs. 3.8 billion for corresponding period last year. Earnings Per Share (EPS) for the half year remained at Rs. 1.43.***