Bank of Punjab (BoP) has reported double-digit profit growth of 12 percent for the first three-quarters of 2019 compared with the same time period last year.
According to the financial results, the bank’s profit grew to Rs. 6.18 billion during the period, compared to a profit of Rs. 5.44 billion earned last year.
The bank’s profitability was driven by interest income, which surged to Rs. 19.8 billion from Rs. 14.1 billion. Similarly, the bank earned a decent income of Rs. 2.6 billion with the growth of nearly half a billion rupees from last year.
Moreover, the bank’s expenses grew significantly to Rs. 10.6 billion under the said period, up from Rs. 9 billion recorded last year. The earnings per share increased to Rs. 2.34 from Rs. 2.06.
The deposits of the bank recorded healthy growth as they increased to Rs. 640 billion from Rs. 595 billion. Its net investment also grew to Rs. 362 billion from Rs. 210 billion.
The financial performance of the bank has been impressive for the past one and a half years.
The bank is being operated by its acting CEO and President Khalid S. Tirmizey, however, the board of directors is currently looking for a new CEO.
Talib Rizvi was appointed earlier by the bank who was later disapproved by the central bank for lacking experience. He was given a chance to apply for another position at the bank other than the CEO.
The bank currently has a network of 587 online branches, including 76 Taqwa Islamic Banking Branches, across the country. The bank also has a vast network of 537 ATMs providing 24/7 banking services to the customers.