May 20, 2020 (PPI-OT)

BOP: 1QCY20 EPS disappoints with 23% YoY decline

Bank of Punjab (BoP) announced its 1QCY20 result today posting a PAT of Rs1.5bn (EPS: Rs0.57), down 23% YoY, below our expectations. The bank's Net Interest Income (NII) registered 9% YoY decline on higher Interest Expenses. On the other hand, Rs1bn capital gains took Non-Interest Income up by 2x YoY. Higher provisioning expenses at Rs686mn limited the bottom-line growth. Sequentially, bottom-line earnings decreased by 27% QoQ.

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