BoP’s profit up by 146% in 1H of 2013

The Bank of Punjab (BoP) has posted 146 percent yearly increase to Rs 1.00 billion profit after tax (PAT) in first half of 2013 as compared to Rs 405.5 million PAT in the same period of last year. The company’s earnings per share (EPS) increased to Rs 1.90 in first half of 2013 as compared to EPS of 77 paisas in the corresponding period of 2012, according to the company’s notice sent to the Karachi Stock Exchange on Friday. The company announced its financial results for half year and second quarter period that ended on June 30, 2013, where the company’s board of directors has not recommended final cash dividend and bonus shares to its shareholders for the half-year period that ended on June 30, 2013. However, on quarterly basis the BoP witnessed a massive increase in profitability by 155 percent to Rs 672.9 million PAT with EPS of Rs 1.90 in second quarter (April to June) of 2013 as compared to Rs 268.1 million PAT with EPS of 51 paisas in the corresponding period of last years.

The deposits of the bank also jumped by 11 percent in first half 2013 to Rs 295.7 billion while it stood at Rs 266.1 billion in the corresponding half of 2012. Equity of the bank for the first half period that ended on June 30, 2013 stood at Rs 13.3 billion, registering a growth of 7.0 percent over the total equity in the first half 2012 of Rs 12.4 billion.

The bank’s profit before tax witnessed 66 percent increase in first half of 2013 to Rs 1.5 billion when compared to Rs 602.2 million in the same period last year. However, on quarterly basis it increased by 166 percent to Rs 1.1 billion in second quarter of 2013 if weighed against Rs 389.5 million in the same quarter

of 2012. (DT Report)

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