Lahore February 18 2022: Bank of Punjab announced its financial result today where the Bank posted profit after tax of PKR 12,316 million increased by significantly 81 percent YoY.
It is highest profit earned by the bank in any financial year.
The primary reason for the yearly upsurge in earnings was the reversals in provisions along with jump in the Net Interest Income of the Bank.
Net interest income of the bank increased by 28 percent to PKR 30,028 million during CY21 compared to PKR 23,424 million during CY20.
The bank booked reversal in its provision of PKR 1,611 million during CY21 compared to provisioning expense of PKR 6,870 million during CY20.
The Bank of Punjab was constituted pursuant to The Bank of Punjab Act, 1989. It was given the status of a scheduled bank by the State Bank of Pakistan (SBP) on September 19, 1994. It is principally engaged in commercial banking and related services. The majority shares of the Bank are held by Government of the Punjab (GoPb).
