Bank of Punjab Reports First Quarter Financial Results for 2024

Lahore, The Bank of Punjab announced its financial results for the first quarter ended March 31, 2024, today. The Board of Directors, in a meeting held in Lahore approved the un-audited financial statements for the period.

The bank reported that no dividends, bonus shares, right shares, or any other entitlements were declared during the period. The financial performance highlights were shared, noting an increase in the bank’s earnings.

In the unconsolidated financial summary, the Bank of Punjab showed a marked increase in both mark-up/interest earned and mark-up/interest expensed compared to the same period in 2023. Net mark-up/interest income saw an increase from last year, and non-mark-up/interest income included fee and commission income, dividend income, and gains on securities among other items, contributing to a total non-mark-up/interest income.

Operating expenses and other charges under non-mark-up/interest expenses were also reported, with the bank achieving a profit before taxation and a net profit after taxation. Notably, the basic earnings per share increased from the previous year.

The consolidated financial statements mirrored these results, showing consistent growth in net mark-up/interest income and non-mark-up/interest income, with significant contributions from gains on securities and other incomes. After accounting for operating expenses and provisions, the consolidated profit before and after taxation reflected an improvement, with basic earnings per share also showing an increase.

The bank’s detailed quarterly report will be disseminated through PUCARS within the specified timeframe.