Staff Reporter
Lahore
A meeting of the Board of Directors of The Bank of Punjab was held on October 28, 2020 to consider and approve the un-audited Financial Statements for the nine months period ended September 30, 2020.
The Board reviewed the Bank’s financial performance and expressed its satisfaction on prudent management of resources through which negative impact of Covid-19 related economic slowdown has been managed to a great extent.
The Board appreciated the efforts of management team and staff members for ensuring provision of seamless banking services to Bank’s valued customers in a very challenging operating environment.
During nine months period ended September 30, 2020, the Bank was able to minimize the impact of adverse economic conditions by opting investment strategy which resulted in substantial capital gains on books of the Bank and Non-Markup Interest Income increased to Rs. 11.56 billion as against Rs. 2.80 billion showing a substantial increase of 313%. However, Net Interest Margin (NIM) remained at Rs. 17.15 billion.
Accordingly, during nine months period ended September 30, 2020, pre-provision profit improved to Rs. 15.87 billion as against Rs. 11.99 billion during corresponding period last year thereby registering a rise of 32%.
However, in view of prevalent economic situation, in addition to subjective assessment, the Bank also opted to create general provision against loans and advances on prudent basis.
