Bank earns Rs4.2b before tax profit
Lahore—A meeting of the Board of Directors of The Bank of Punjab was held on Monday to consider and approve un-audited Financial Statements of the Bank for the half-year ended June 30, 2016. The Board, while approving financial results of the Bank, appreciated remarkable improvement in financial position of Bank and lauded the efforts made by the current management to salvage the institution from a great depression inherited from previous regime and taking it to new heights of success.
During 1st half of the year 2016, The Bank of Punjab earned before tax profit of Rs4.2 billion. Similarly, the Earning per share (EPS) for the half year ended June 30, 2016 remained at Rs1.78. As on June 30, 2016, Bank’s Total Assets increased to Rs490 billion. The Deposits of the Bank touched the level of Rs430 billion as against Rs375 billion as on December 31, 2015. Similarly, the Advances and Investments remained at Rs279 billion and Rs167 billion, respectively.
During the 1st half of the year 2016, Net Interest Margin (NIM) of the Bank improved to Rs5.9 billion as against Rs5.4 billion during corresponding period of last year. The Bank’s Non-Markup/Interest Income for 1st half of year 2016 remained at the level of Rs3.2 billion.