Lahore: The Bank of Punjab has reported its financial results for the year ending December 2024, demonstrating a robust performance despite certain declines in key areas. The bank's total assets increased by 7% from December 2023 to December 2024, reaching Rs. 2.38 trillion. This growth is underpinned by a substantial rise in investments and lending to financial institutions, which soared by 26% to Rs. 1.34 trillion.

Deposits and other accounts saw an increase of 12%, totaling Rs. 1.71 trillion. This contributed to the bank's total liabilities, which also grew by 7% to Rs. 2.29 trillion. However, the bank's cash and balance with banks decreased by 5% to Rs. 104.03 billion, and advances-net fell by 4% to Rs. 777.40 billion. Additionally, fixed assets and others saw a significant decline of 33%.

According to information available from the Pakistan Stock Exchange (PSX), The Bank of Punjab's net assets rose by 15% to Rs. 92.53 billion. The bank's reserves increased by 18%, while the revaluation surplus saw a very large or significant move, skyrocketing by 335%. Concurrently, the unappropriated profit grew by 9%.

The profit and loss account revealed a 21% increase in total income, reaching Rs. 70.85 billion. This was driven by a 51% surge in non-markup income, although net interest income rose by a more moderate 8%. Despite the growth in income, total expenses climbed by 34% to Rs. 50.40 billion, leading to a 3% decline in profit before provisions. However, profit before tax increased by 16% to Rs. 24.57 billion, supported by a substantial rise in provisions by 7678%. Profit after tax subsequently rose by 18% to Rs. 13.38 billion, with earnings per share also increasing by 18% to Rs. 4.09.

The bank's key financial ratios reflected a mixed performance, with the Tier-1 Capital Adequacy Ratio (CAR) and Total CAR slightly down from June 2024 but still showing improvement compared to previous years. The cost-to-income ratio, however, reflected an increase to 71.1% from 63.9% in December 2023.

Overall, The Bank of Punjab's financial results indicate growth in several areas, despite challenges faced in managing costs and specific asset categories. The bank's ability to increase its total assets and equity demonstrates its resilience and strategic focus on navigating a complex financial landscape.