LAHORE - The Bank of Punjab President Naeemuddin Khan has resigned from his post one month before the expiry of his second term. Naeemuddin served the bank as president for around 10 years after taking the charge in 2008. He has over 30 years diversified international banking experience.

He had been at the helm of BoP affairs since the last one decade, overseeing the turnaround of the bank from the brink of bankruptcy and converted it into a profitable entity.

He said in his resignation the day had come that he could leave the bank proudly and hand over the helm of affairs to someone else who can further the progress of the bank.

Naeemuddin Khan said that he took over the management of the bank at the time when the bank was in the worst-ever crises since its incorporation. In his resignation, he said that despite all odds, the achievements under his control manifestly established that the bank was stable, growing and regaining public confidence. When he took the charge, the bank was facing deficit of Rs 17 billion and now when he is leaving it is in profit and earning billions of rupees. According to State Bank of Pakistan regulations, Naeem will serve a one-month notice and vacate his post two weeks before his extended term concludes on December 19th, 2018.

Bank of Punjab officials said that the financial viability was created through capital management measures and superb performance of the Bank in the past few years. During the last calendar year of 2017, Net Interest Margin of the Bank improved significantly to Rs15.6 billion as against Rs12.2 billion during last year thereby reflecting a healthy growth of 28%. The Bank earned operational profit of Rs.8.7 billion during the year 2017. However, the Bank charged additional provision of Rs. 12.3 billion against loans covered under LOCs and registered after tax loss of Rs3.3 billion for the year 2017. As on December 31, 2017, the deposits of the Bank stood at the level of Rs. 556.3 billion as against Rs. 453.2 billion last year, thereby showing a healthy growth of 23%.

The gross advances and investments stood at Rs. 341.7 billion and Rs. 242.5 billion, respectively. The Bank’s total assets as on December 31, 2017 stood at Rs. 649.5 billion as against Rs. 545.2 billion as on December 31, 2016.