32nd annual general meeting of Bank of Punjab held.
The 32nd annual general meeting of the members of The Bank of Punjab was held at a local hotel on Wednesday. The meeting was attended by members of the Board of Directors, bank's senior management and a large number of shareholders.
During the annual general meeting, a brief presentation on bank's financial performance was given to the shareholders. The participants were apprised that during the year 2022, bank's balance sheet grew by 24% and reached the level of Rs. 1.48 trillion. As on December 31, 2022, bank's deposits stood at the level of Rs.1.23 trillion showing a commendable growth of 22%. With prudent management of resources, aggressive business expansion and introduction of new products and services, the bank has been able to post before tax profit of Rs. 18.51 billion during year 2022. The effective tax rate increased by 10% over the corresponding period vide Finance Act 2022. Accordingly, the bank posted after tax profit of Rs. 10.83 billion. Earnings per share (EPS) for year 2022 remained at Rs. 3.64 per share against Rs. 4.18 per share during year 2021.
During the year 2022, net interest margin (NIM) improved to Rs. 30.76 billion as against Rs. 29.88 billion during year 2021. Non-markup/interest income (excluding gains on securities) increased to Rs. 10.23 billion as against Rs. 6.12 billion, showing a substantial increase of 67%. During the year, bank's NPLs reduced to Rs. 51.56 billion on account of recovery/regularization with net recoveries/reversal of Rs. 0.47 billion during the year. Investments and gross advances were recorded at Rs. 638.26 billion and Rs. 634.38 billion, respectively. Book value per share (excluding surplus on assets) improved to Rs. 22.65 as against Rs. 21.26 as on December 31, 2021. As on December...
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