The Bank of Punjab

Article excerpt

The Bank of Punjab, established under The Bank of Punjab Act, 1989, was given status of scheduled bank on September 19, 1994. The Bank is listed on Lahore, Karachi & Islamabad Stock Exchanges. The Government of Punjab is the major shareholder. The Bank has fully owned subsidiary M/s Punjab Modaraba Services (Pvt.) Ltd, which is profitably managing a modaraba company.

Since its incorporation the Bank has grown manifold showing remarkable growth in all aspects. Especially, after the current management took over the affairs of the bank in 2003 there has been tremendous growth in all its facets of operations as a result of application of prudent and pragmatic policies with futuristic approach. Owing to its significant performance, profitability, financial standing and market penetration the Bank has attained reputation of a responsible corporate citizen playing a pivotal role in economic and social development of the country.

Currently, the Bank of Punjab is regarded as one of the most profitable banks of the country both in absolute & real terms. Branch network of the bank consists of 266 branches, which is sixth largest network in Pakistan.

Sound financial footing, improved profitability and competent management are the key factors taken into consideration by PACRA, the credit rating agency, while assigning to the Bank highly credible ratings of AA for long-term and A1+ for short-term which is the highest rating in this category.

Recognizing the role of technology in effective/ efficient operations of financial sector BOP has computerized all its branches, which are inter connected vide online system on real time basis. …