The meeting of the Board of Directors of The Bank of Punjab approved the unaudited financial accounts for the first half of the year.
Reviewing the performance of the first six months of the fiscal year 2020, the Board commended the efforts of the management and staff of the Bank in ensuring banking services to the customers in the extremely harsh operating environment created by the epidemic of COVID 19. The Board expressed satisfaction over the overall financial performance of the Bank in the current economic scenario. The Bank’s Net Interest Margin stood at Rs. 11.5 billion as against Rs. 13.1 billion during the same period last year. However, the bank’s non-mark-up / interest income increased significantly to Rs 6.9 billion from Rs 1.8 billion in the same period last year.
During the first half of the year, pre-projected profit increased by 23% to Rs 9.8 billion as against Rs 8.0 billion during the same period last year. However, the bank’s after-tax profit stood at Rs 3.6 billion as against the first quarter of last year. It was Rs 4.0 billion during the first half of the year.
The bank’s Tier 1 equity stood at Rs 43.0 billion while the capital advisory ratio (CAR) improved to 17.82 per cent from 14.80 per cent on December 31, 2019. On June 0, 2020, the Bank has met the required level of CAR. Pakistan Credit Rating Agency PACRA has given long term and short-term credit ratings of “AA” and “A1 +” to the bank respectively. The Bank is providing 24/7 banking facilities to its customers through its 563 ATM network.
Extracted from City42 News
