Lahore: The Board of Directors of The Bank of Punjab (BOP)
convened on February 20, 2024, to review and approve the
Bank’s annual audited Financial Statements for the year ended
December 31, 2023.
In reflecting on the Bank’s financial performance, the Board
commended the Management team for delivering remarkable
results despite the challenging macroeconomic environment.
The Bank’s performance remained steadfastly in line with its
strategic business plan, garnering recognition from stakeholders
and market evaluators alike.
In the year 2023, The Bank of Punjab was honored with
numerous local and international awards and accreditations,
underscoring its commitment to excellence:
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- In recognition of commitment to fostering a workplace where
everyone belongs, The Bank of Punjab was awarded the “EFP
Disability Inclusion Excellence Award” for 2023. - “Employer of Choice” Award at Gender Diversity Awards
- It is the sole public sector institution among Pakistan’s top
ten corporations to receive this recognition. - BOP ranks Number One on SBP’s Banking on Equality Rating.
The Bank of Punjab secured the number one position with the
highest score and green rating amongst all commercial banks,
including large, mid, and small-sized banks in Pakistan, on the
State Bank of Pakistan’s Banking on Equality Scorecard. - MasterCard Market Leader in the New Segment Award.
- Best Public Sector Bank for Islamic Retail Banking in Pakistan
2023. - Best Bank for Small & Medium Businesses at Pakistan Banking
Awards. The Bank of Punjab has been honored with the Best
Bank for Small & Medium Businesses award twice, in December
2022 and November 2023, respectively, at the Pakistan Banking
Awards.
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- MasterCard ‘Driving Contactless In-Transit Payments’
Award. The Bank of Punjab has been honored with the ‘Driving
Contactless In-Transit Payments’ award by MasterCard at the
EDGE 2023 event in Dubai, UAE. - The Bank of Punjab has been awarded the “Best Bank for SMEs
in Pakistan” by Asia money in June 2023.
Throughout 2023, BOP expanded its product and service
offerings to meet the evolving needs of its diverse clientele, with
a particular focus on strengthening its Islamic Banking footprint
through the establishment of dedicated Taqwa Islamic Banking
Branches and Islamic banking windows in conventional
branches.
As a result of these efforts, the Bank’s Balance Sheet witnessed a
robust 50% growth, reaching Rs. 2.2 Trillion by December 31,
- Deposits surged to Rs. 1.5 Trillion, marking a
commendable 24% growth. With prudent resource
management, aggressive business expansion, and the
introduction of new products and services, the Bank achieved a
before-tax profit of Rs. 21.2 billion in 2023, with an After Tax
Profit of Rs. 11.3 Billion. Earnings per Share (EPS) for the year
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stood at Rs. 3.47 per share, compared to Rs. 3.31 per share in
2022.
Noteworthy financial metrics include a 33% increase in Net
Interest Margin (NIM) to Rs. 40.9 billion and a 67% rise in Non-
Markup/Interest Income to Rs. 17.7 billion. Investments and
Gross Advances reached Rs. 913.2 billion and Rs. 849.5 billion,
respectively, while Equity improved to Rs. 80.8 billion by
December 31, 2023.
Despite economic challenges, BOP managed to enhance its risk
profile and raise ADT-1 and Tier-1 capital aggregating to Rs. 15.5
billion in 2023, indicative of market confidence in its financial
strength. The Bank’s Capital Adequacy Ratio (CAR) significantly
improved to 18.37%, with a Leverage Ratio of 3.38%. In line with
its Strategic Business Plan, emphasizing aggressive growth and
CAPEX commitments in Information Technology &
Digitalization, the Board proposed Cash Dividend of 10% for the
Shareholders for the year ended December 31, 2023.
The Bank’s robust financial position is further affirmed by The
Pakistan Credit Rating Agency (PACRA), maintaining its long-
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term entity rating at “AA+” with a short-term rating at the
highest rank of “A1+”. BOP currently operates a nationwide
network of 815 online branches, including 160 Taqwa Islamic
Banking Branches, and provides 24/7 banking services through
794 ATMs and other Digital Banking channels. In 2023, the Bank
expanded its branch network by 35 branches and aims to open
85 branches in 2024, with a heightened focus on Islamic banking
expansion.
