In comparison to the PAT of Rs. 12.44 billion recorded in the prior year, Bank of Punjab (BoP) reported an unconsolidated profit after tax (PAT) of Rs. 10.83 billion in calendar year 2022 (CY22) (CY21).
image credit : Pro Pakistani
The bank’s balance sheet increased by 24 percent in CY22 to reach Rs. 1.48 trillion. Bank deposits as of December 31, 2022, were at a level of Rs. 1.23 trillion, an increase of 22%. During CY22, the bank reported a before-tax profit of Rs. 18.51 billion. For the year 2022, earnings per share (EPS) were Rs. 3.64 per share.
Net Interest Margin (NIM), which was 29.88 billion rupees in 2021, increased to 30.76 billion rupees in 2022. Non-Markup/Interest Income grew by 67 percent to Rs. 10.23 billion from Rs. 6.12 billion (excluding gains on securities).
Net Interest Margin (NIM), which was 29.88 billion rupees in 2021, increased to 30.76 billion rupees in 2022. Non-Markup/Interest Income grew by 67 percent to Rs. 10.23 billion from Rs. 6.12 billion (excluding gains on securities).
Due to recovery and regularisation, the bank’s NPLs decreased to Rs. 51.56 billion throughout the year, with net recoveries and reversals totaling Rs. 0.47 billion.
Gross Advances totaled Rs. 634.38 billion, while Investments totaled Rs. 638.26 billion. Compared to December 31, 2021, Book Value per share (excluding surplus on assets) increased to Rs. 22.65 from Rs. 21.26.
The super floods of 2022 caused losses of $30 billion to the country’s fragile economy and to the livelihoods of more than 30 million citizens, and the board, while reviewing the bank’s financial performance, praised management’s efforts for showing remarkable financial results despite extremely difficult economic and political conditions.
In addition to BOP Naaz and BOP@Work, BOP debuted a number of products and services in 2022, including a credit card, the Digibop mobile app, internet banking, and the charitable employee volunteering initiative “BOP Madadgar.” BOP Select was introduced to broaden BOP’s Khaas offering, and NIFT ePay Services were made available to boost the use-case possibilities for its mobile app.
The creation of the ground-breaking Area Yield Index Insurance, Electronic Warehouse Receipt Financing, and a brand-new Card Management System with Euronet are a few more prominent product introductions.
To improve the delivery of digital services by the Bank, a simple Customer Lifecycle Management system was also put into place.