BoP Balance Sheet grew by 26pc

Staff Reporter

In view of prevailing Covid-19 situation, the 30th Annual General Meeting of the members of The Bank of Punjab was held on Tuesday virtually through Zoom Webinar / Video Link to protect well-being of shareholders.

The meeting was attended by Board members, Bank’s senior management and shareholders.

A brief synopsis of the Bank’s financial performance was presented before the shareholders.

It was apprised that during the year 2020, Balance Sheet grew by 26% and the Bank now stood among the banks with total assets of over Rs. 1.0 Trillion.

During the year 2020, the Bank opted to capitalize on substantial capital gains. Consequently, Non-Markup/ Interest Income increased to Rs. 13.0 billion as against Rs. 3.9 billion showing a substantial increase of 233%. Whereas, Net Interest Margin (NIM) remained a little subdued and was recorded at Rs. 23.3 billion. During the year 2020, pre-provision & tax profit improved to Rs. 18.9 billion as against Rs. 15.8 billion during last year thereby registering a rise of 20%.

However, in view of risks of shocks in the Covid-19 aftermath, in addition to subjective assessment, the Bank also opted to create general provision against loans and advances on prudent basis.

uring the year, provision against advances amounting to Rs. 1.7 Billion has been recorded on account of subjective classification on self-assessment basis for the first time in the history of the Bank.