LAHORE: The Bank of Punjab (BoP) has managed to recover Rs55 billion from defaulters, including Haris Steel Mills, and expedited the process of recovering Rs40bn from another 100 defaulters.
BoP President Naeemuddin told APP here on Thursday that the bank bridged its Rs16bn losses and is now running into profit.
The BoP deposits have substantially increased and the bank introduced new products, he added.
He said the bank’s business has now scaled up to Rs400bn, and this year it would provide Rs80bn for the purchase of wheat in Punjab.
Naeemuddin said the Yellow Cab Scheme under Punjab Chief Minister’s Apna Rozgar Programme was under way successfully with 99 per cent recovery ratio. This year, another 50,000 cabs would be provided to deserving applicants, he added.
BoP is also establishing a 100MW solar power plant in Bahawalpur at a cost of Rs13bn.