THE BANK OF PUNJAB Contents
Corporate Information | 2 |
Directors' Review | 3 |
Auditors' Review Report | 6 |
Unconsolidated Condensed Interim Financial Statements of The Bank of Punjab | 7 |
Consolidated Condensed Interim Financial Statements of The Bank of Punjab | |
and its subsidiaries | 47 |
HALF YEARLY REPORT JANUARY - JUNE 2023
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Corporate Information
Board of Directors | Director |
Dr. Muhammad Amjad Saqib | |
Syed Ghazanfar Abbas Jilani | Director |
Mr. Mujahid Sherdil | Director |
Mr. Mohammad Mudassir Amray | Director |
Mr. Asif Reza Sana | Director |
Mr. Muhammad Naeem Khan | Director |
Mr. Zafar Masud | President & CEO |
Mr. Kamran Hafeez | Secretary to the Board |
Board Audit Committee | Chairman |
Mr. Mohammad Mudassir Amray | |
Syed Ghazanfar Abbas Jilani | Member |
Mr. Mohammad Naeem Khan | Member |
Mr. Mujahid Sherdil | Member |
Risk Management, Compliance | |
and NPL Review Committee (RMC&NRC) | Chairman |
Syed Ghazanfar Abbas Jilani | |
Mr. Mohammad Mudassir Amray | Member |
Dr. Muhammad Amjad Saqib | Member |
Mr. Mohammad Naeem Khan | Member |
Human Resource, Compensation,Performance | |
Evaluation and Nomination Committee (HRCPE&NC) | Chairman |
Mr. Asif Reza Sana | |
Dr. Muhammad Amjad Saqib | Member |
Syed Ghazanfar Abbas Jilani | Member |
Mr. Mujahid Sherdil | Member |
Strategy, Islamic and Priority | |
Sector Financing Committee (SI&PSFC) | Chairman |
Dr. Muhammad Amjad Saqib | |
Mr. Asif Reza Sana | Member |
Mr. Mohammad Naeem Khan | Member |
Mr. Mujahid Sherdil | Member |
Information Technology and | |
Communications Committee (ITCC) | Member |
Mr. Mohammad Mudassir Amray | |
Mr. Asif Reza Sana | Member |
Mr. Zafar Masud | Member |
Auditors | |
A.F. Ferguson & Co. | |
Chartered Accountants | |
Registered Office | |
BOP Tower, 10-B,Block-E-II, | |
Main Boulevard, Gulberg-III, Lahore. | |
Telephones: +92 42 35783700-10 | |
Fax No. +92 42 35783975 | |
UAN: 111 200 100 | |
Registrar | |
M/s. Corplink (Pvt) Limited | |
Wings Arcade, 1-K, Commercial, | |
Model Town, Lahore. | |
Telephones: +92 42 35916714, 35916719, 35839182 | |
Fax No. +92 42 35869037 | |
Website | |
www.bop.com.pk |
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Directors' Report
Half Yearly Financial Statements - June 30, 2023
On behalf of the Board of Directors, I am pleased to present Un-audited Unconsolidated Condensed Interim Financial Statements of The Bank of Punjab for the six months period ended June 30, 2023.
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8.2 billion and eased investor concerns over sovereign debt sustainability.
Macroeconomic conditions remained tough in FY2023 following the suspension of the IMF program in November
2022 P | U 3 | P R |
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levels of 38% in May 2023.
TP00 22H
of the year June 2023. As a result, credit to the private sector slowed down sharply with banks investing in risk-free government securities. GDP growth slowed down to 0.3% in FY2023, from 6% in FY2022 with the manufacturing sector posting an 8% decline in output. The government projects GDP growth to accelerate to 3.5% in FY2024
Financial Highlights: | Rs. in Million | |
Total Assets | 2,054,051 | |
Deposits | 1,369,862 | |
Gross Advances | 907,192 | |
Investments & Lending to FIs | 923,108 | |
P | 3 | 3 |
Taxation | 3 | 470.426 |
P | 3 2 | |
Earnings per share (Rupees) | 1.05 |
During the period, the Bank successfully implemented the strategies opted for ensuring sustained growth and stable earning streams. As at June 30, 2023, Bank's Balance Sheet size crossed Rs. 2.0 Trillion mark to stand on list of Large Banks in the industry. Accordingly, Total Assets registered YOY growth of 64%. The Deposits of the
R 3 0YOY 33 FA A
also touched the level of Rs. 889 billion registering a YOY growth of 22%. Loans & Advances stood at Rs. 907
YOYL FR 23
with a massive YOY growth of 65%. Bank's Capital Adequacy Ratio also registered substantial improvement and stood at 15.09% as against 12.62% as of June 30, 2022. Accordingly, Bank stood compliant with regulatory
AR R
During 1st Half 2023, Non-Markup/ Interest Income increased to Rs. 5.73 billion as against Rs. 3.60 billion
H 2022NNR 2 billion as against Rs. 15.86 billion during 1st Half 2022. However, Bank's investment portfolio has due potential for contributing substantial improvement in Bank's NIM on account of repricing of investments in Government Securities. Subsequent to close of half year, substantial portion of these investments has been repriced and
H
the year, Non-performing Portfolio to the extent of Rs. 3.3 Billion have been recovered/regularized, without
HR 3EEP
1st Half of year 2023 remained at Rs. 1.05 per share.
The Bank has been assigned long term entity rating of "AA+" by M/s PACRA with short term rating being at the highest rank of "A1+". The Bank currently has a network of 780 online branches, including 140 Taqwa Islamic Banking Branches and 16 sub-branches. Further, the Bank has a network of 744 ATMs providing 24/7 banking
including Branchless Banking, Mobile Banking, Internet Banking, Credit Card and Cash Management services.
On behalf of the Board, we are thankful to our valued customers and shareholders for their enduring support and also assure them that the Bank would maintain its growth trends. I also extend my gratitude to the Government of the Punjab and State Bank of Pakistan for their continuous support and guidance. Further, the Board also
For and on behalf of the Board
President/ CEO | Chairman |
HALF YEARLY REPORT JANUARY - JUNE 2023
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Bank of Punjab published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 07:34:23 UTC.
