Overall revenues of the bank amounted to Rs 53.8 billion which is highest in the banking industry, and is also 18.4 percent higher than the bank's revenues for the corresponding period last year. Growth is attributed to volumetric growth in earning assets, and increase in the discount rate over the period. During the period, the bank paid Rs 47.1 billion as profit to its depositors. On the back of increased deposits and higher profit rates thereon, the profit paid is 81.9 percent higher than Rs 25.9 billion paid for the half year ended June 30, 2018.
While net interest income increased by 18.0 percent to Rs 35.6 billion, the bank's non-fund income also increased by 19.3 percent to Rs 18.2 billion as against Rs 15.3 billion earned during the corresponding period last year. Complementing objectives of the government and SBP, the bank is aggressively promoting home remittances through banking channels. This has considerably increased the bank's market share in home remittances business as transaction volumes and remittances grew by 29 percent and 19 percent respectively from June '18.
Representing 13.8 percent of the banking industry's total assets, total assets of the bank stood at Rs 2,864.0 billion which is 2.3 percent higher than Rs 2,798.6 billion as at December 31, 2018. Strength of the bank's balance sheet is driven by the wide market outreach and branch banking network where the focus remains on low-cost deposit mobilization.
Representing 12.3 percent of the total banking industry loans, gross advances of the bank amounted to Rs 1,091.9 billion, marginally higher than Rs 1,059.5 billion as at December 31, 2018. However, compared to Rs 912.6 billion of June 2018, gross advances stand increased by Rs 179.2 billion or 19.6 percent. The bank's deposits amounted to Rs 2,093.4 billion, higher by Rs 82.0 billion or 4.1 percent as against Rs 2,011.4 billion as of December 31, 2018. This represents 79.0 percent of the bank's total liabilities and translates into 13.7 percent share of total banking industry deposits. Customer deposits that form 84.0 percent of the bank's funding pool remained stable during the period and amounted to Rs 1,758.0 billion which is 5.0 percent higher than Rs 1,674.1 billion as of December, 2018.
In its 70th year of service to the Nation, the bank is committed to delivering strong results. Its business strategy is evolving to ensure a focus on its "National Role" through reaching and supporting underserved sectors including SME, Microfinance, Agriculture Finance, and finance for Micro-Housing, all being developed with the highest standards. This is in addition to its dominant role in dealing with the public sector and its employees. Building a digital banking capability and a technology platform will be a central part of this strategy as will the development of a performance driven culture within the institution.-PR