Bank of Punjab (BoP) Board of Directors has approved the bank's quarterly accounts of the Bank for the period ended September 30, in which the Bank maintained its pace of excellent performance and earned a pre-tax profit of Rs 2662 million as against Rs 1401 million for the corresponding period of the year 2004, reflecting an increase of 90 percent.

According to a bank's spokesman here on Wednesday, the Board of Directors met on October 25, which reviewed the quarterly accounts of the Bank. During the period ended September 30, after-tax profit was Rs 2000 million as against comparative figure of Rs 1055 million last year.

The earning per share for the period before issuance of bonus shares works out to Rs 11.07 as against Rs 5.84 for the same period of last year.

However, after taking into account interim announcement for issuance of 30 percent stock dividend in June 2005, the EPS comes to Rs 8.51 as against Rs 4.49 in September 2004.

Deposits and Advances of the bank grew by 63 percent and 65 percent to Rs 70,836 million and Rs 50,011 million respectively over September 30, 2004.

Equity of the Bank increased to Rs 11,547 million as against Rs 6,303 million on corresponding date of last year.

Copyright Business Recorder, 2005