LAHORE - A meeting of the Board of Directors of The Bank of Punjab was held the other day. During the meeting, un-audited financial statements of the Bank for nine months ended September 30, 2017 were approved by the Board.

During first nine months of the year 2017, net interest margin (NIM) of the Bank significantly improved to Rs.11.0 billion as against Rs.8.9 billion earned during corresponding period of last year. The Bank’s Non-Markup/ Interest Income remained at the level of Rs.3.7 billion. Accordingly, the Bank earned profit of Rs.6.0 billion before capital gains & provisions as against Rs.4.5 billion for corresponding period last year. However, profit before tax for first nine months of current year remained at the level of Rs.5.3 billion and earnings per share (EPS) remained at Rs.1.70.

As on September 30, 2017, deposits of the Bank reached the level of Rs.505.2 billion as against Rs.453.2 billion as on December 31, 2016 and Bank’s total assets increased to Rs.614.4 billion. Similarly, the gross advances and investments remained at Rs.333.1 billion and Rs.228.3 billion, respectively. The Bank’s Tier-I equity also improved to Rs.33.4 billion as against Rs.24.2 billion as on December 31, 2016.