{"id":1490,"date":"2024-10-31T06:02:15","date_gmt":"2024-10-31T06:02:15","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1490"},"modified":"2025-01-16T15:49:39","modified_gmt":"2025-01-16T15:49:39","slug":"bop-announces-remarkable-growth-of-58-in-profit","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1490","title":{"rendered":"BOP announces remarkable growth of 58% in Profit Before Tax in First 9 Month-2024"},"content":{"rendered":"\r\n

Lahore:<\/em> The Board of Directors of The Bank of Punjab (BOP)<\/a> convened on Wednesday to review and approve the Bank\u2019s unaudited financial results for the first nine months ending September 30, 2024. The Board expressed satisfaction with the Bank\u2019s strong performance and commended the management for delivering notable growth across all key financial metrics.<\/p>\r\n\r\n\r\n\r\n

BOP reported a significant 58% increase in profit before tax, which rose to Rs. 14.10 billion from Rs. 8.94 billion in the corresponding period of 2023. Non-markup\/interest income surged by 80%, reaching Rs. 15.74 billion, up from Rs. 8.77 billion the previous year. The Bank\u2019s Net Interest Margin (NIM) also saw a robust increase, totaling Rs. 29.24 billion, while non-markup expenses were recorded at Rs. 34.36 billion.<\/p>\r\n\r\n\r\n\r\n

Earnings per share (EPS) improved to Rs. 2.42, compared to Rs. 1.83 in the same period last year, reflecting the Bank\u2019s enhanced profitability.<\/p>\r\n\r\n\r\n\r\n

As of September 30, 2024, BOP\u2019s total assets stood at Rs. 2,136 billion, with deposits climbing to Rs. 1,574 billion, a 13% increase from Rs. 1,393 billion in 2023. The Bank\u2019s investments and lending to financial institutions also grew, reaching Rs. 1,224 billion, while gross advances amounted to Rs. 682 billion.<\/p>\r\n\r\n\r\n\r\n

BOP\u2019s equity rose to Rs. 84 billion, marking a 13% increase year-on-year from Rs. 74 billion. Additionally, the Capital Adequacy Ratio (CAR) improved to 20.23%, up from 17.08% in 2023, and the Leverage Ratio increased to 3.62% from 2.98%, reflecting the Bank\u2019s strengthened financial stability.<\/p>\r\n\r\n\r\n\r\n

PACRA has reaffirmed BOP\u2019s long-term entity rating at \u201cAA+\u201d and short-term rating at \u201cA1+,\u201d the highest possible ranking, indicating strong creditworthiness. Currently, BOP operates a network of 861 branches, including 180 dedicated Taqwa Islamic Banking branches and 16 sub-branches, alongside 851 ATMs nationwide, ensuring 24\/7 service accessibility.<\/p>\r\n\r\n\r\n\r\n

The Bank continues to expand its service offerings with a diverse range of financial products, including branchless banking, mobile banking, internet banking, credit cards, and cash management services.<\/p>\r\n\r\n\r\n\r\n

With this solid performance, BOP remains well-positioned to support its clients and stakeholders while advancing its mission to drive financial growth and inclusion.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Lahore: The Board of Directors of The Bank of Punjab (BOP) convened on Wednesday to review and approve the Bank’s unaudited financial results for the first nine months ending September 30, 2024. The Board expressed satisfaction with the Bank’s strong performance and commended the management for delivering notable growth across all key financial metrics. BOP […]<\/p>\n","protected":false},"author":1,"featured_media":1054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[31,402,836,14],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t