The Board of Directors of The Bank of Punjab (BOP) met on February 20, 2024, to review and approve the Bank’s annual audited Financial Statements for the year ended December 31, 2023. Despite facing challenges within the macroeconomic environment, the Management team received commendation for delivering outstanding results that were in line with the Bank’s strategic business plan. These results earned recognition from various stakeholders and market evaluators.

Throughout 2023, The Bank of Punjab received several local and international awards, highlighting its commitment to excellence and innovation in the banking sector:

1. EFP Disability Inclusion Excellence Award: Recognized for fostering a workplace culture of inclusivity.
2. Employer of Choice Award: Acknowledged as a top employer for gender diversity among Pakistan’s leading corporations.
3. SBP’s Banking on Equality Rating: Ranked number one in Pakistan for promoting gender equality in banking.
4. MasterCard Market Leader in the New Segment Award: Recognized for leadership in a new market segment.
5. Best Public Sector Bank for Islamic Retail Banking: Honored for excellence in Islamic retail banking services.
6. Best Bank for Small & Medium Businesses: Awarded twice at the Pakistan Banking Awards for outstanding support to SMEs.
7. MasterCard ‘Driving Contactless In-Transit Payments’ Award: Recognized for innovation in contactless payments.
8. AsiaMoney’s Best Bank for SMEs in Pakistan: Acknowledged for excellence in serving small and medium-sized enterprises.

In addition to receiving accolades, The Bank of Punjab expanded its product and service offerings in 2023, with a focus on strengthening its Islamic banking footprint. This expansion contributed to robust financial growth, with the Bank’s Balance Sheet reaching Rs. 2.2 Trillion, deposits surging to Rs. 1.5 Trillion, and before-tax profit reaching Rs. 21.2 billion.

Key financial metrics included a 33% increase in Net Interest Margin (NIM) and a 67% rise in Non-Markup/Interest Income. Investments and Gross Advances reached Rs. 913.2 billion and Rs. 849.5 billion, respectively, while Equity improved to Rs. 80.8 billion.

Despite economic challenges, The Bank of Punjab enhanced its risk profile and raised capital, resulting in improved Capital Adequacy Ratio (CAR) and Leverage Ratio. The Board proposed a Cash Dividend of 10% for shareholders, reflecting confidence in the Bank’s financial strength.

Furthermore, The Pakistan Credit Rating Agency (PACRA) maintained the Bank’s long-term entity rating at “AA+” and its short-term rating at “A1+,” affirming its robust financial position.

Currently, BOP operates a nationwide network of 815 online branches, including 160 Taqwa Islamic Banking Branches, and provides 24/7 banking services through 794 ATMs and digital banking channels. The Bank plans to continue its branch expansion in 2024, with a focus on Islamic banking services.