31st AGM of BOP held
LAHORE – The 31st annual general meeting of the members of The Bank of Punjab was held at Avari Hotel, Shahra-e-Quaid-e-Azam, Lahore on Wednesday. The meeting was attended by board of directors, bank’s senior management & 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 2021, bank posted highest ever before tax profit of Rs.18.4 billion, showing a growth of 54% over last year. During the year 2021, bank’s balance sheet grew by 9% and remained at the level of Rs. 1.2 trillion. First time in its history, as on December 31, 2021, bank’s deposits also crossed the level of Rs.1.0 trillion mark. During the year 2021, Net Interest Margin (NIM) improved to Rs. 29.9 billion as against Rs. 23.3 billion, showing an increase of 28%. Non-Markup/Interest Income (excluding gains on securities) increased to Rs. 6.1 billion as against Rs. 4.6 billion, showing a substantial increase of 34%. During the year, bank’s NPLs reduced by Rs. 5.2 billion on account of recovery/regularization. Further, a general provision of Rs. 2.5 billion has also been maintained by the bank. The bank posted after tax profit of Rs. 12.4 billion as against Rs. 6.9 billion during year 2020, showing a significant increase of 79%. Earnings per Share (EPS) for year 2021 also improved to Rs. 4.71 per share against Rs. 2.63 per share during year 2020.
On deposits side, the bank registered a growth of 20% and reached the level of Rs. 1,003.0 billion as against Rs. 835.1 billion as on December 31, 2020. Investments and gross advances were recorded at Rs. 531.7 billion and Rs. 534.2 billion, respectively. Book value per share (excluding surplus on assets) improved to Rs. 21.26 as against Rs. 17.52 as on December 31, 2020. As on December 31, 2021, bank’s equity improved to Rs. 54.8 billion. The shareholders were highly appreciative of bank’s strong financial performance. In the end, the shareholders approved financial statements of the bank for the year 2021 along with a stock dividend of 12.50% for shareholders. Further, appointment of M/s A.F. Ferguson, Chartered Accountants, as Bank’s Statutory Auditors for the year 2022 was also approved by the shareholders.