ISLAMABAD: Bank of Punjab (BoP) witnessed up to 117 percent increase in deposits in last six years while 39 online branches under title ‘Taqwa Islamic Banking’ are serving the people across the country.
This was stated by BoP President Naeemuddin Khan, while talking to media. Khan said that sound economical policies transformed the bank from a loss-making entity to a huge profit-earning unit during last few years.
“The bank has witnessed up to 117 percent increase in deposits in last six years while 39 online branches under title ‘Taqwa Islamic Banking’ are serving the people across the country,” he said.
“We have transformed the bank from a loss-making entity to a healthy bank within last few years,” he added. He revealed that in 2008, the BoP suffered loss of around Rs 17 billion, whereas it generated Rs 5.7 billion profit last year.
The president said that the BoP provided Rs 1.2 billion financing for Lahore metro project which had been fully paid back. Similarly Rs 1.37 billion were provided for Islamabad metro project out of which around Rs 1 billion was outstanding while same was the case with Quaid-e-Azam solar power park’s financing.
Moreover, Rs 8.44 billion has been provided for Orange Line project against a government guarantee of Rs 10.7 billion. The remaining amount would be dispersed when required for the project.
He said that during the period of 2009-2015, bank deposits witnessed a growth of 117 percent and reached Rs 356.6 billion. The bank was also able to drastically cut the cost of deposits to 5.32 from 10.8 percent as compared to the previous years.
